JetBlue's new loan struggles to take flight
CLO managers had less appetite for JetBlue’s new loan after the airline was downgraded to B3 and B- 

Loan repricings continue to flood the primary market ahead of August lull
The US primary loan market has seen a steady flow of well-bid deals this week that were either upsized or priced tighter

Proskauer poaches pair of credit partners from Milbank
Proskauer Rose continues to build out its team with the addition of Eric Reimer and Gayle Berne as partners in the global finance practice

Stunning January rally means CLOs are back in business
Longtime observers of the CLO market tell Creditflux they have “never seen the market move so quickly” after a rip-roaring January saw a spectacular rally in both loans and CLO debt.

Mini loan recovery helps primary pipeline re-emerge
Better than expected inflation numbers at the start of November lifted loan prices to an extent that the primary market for leveraged loans opened up, allowing for a number of regular new issue deals to clear the market

Banks are motivated sellers of loans and CLOs can benefit, says Eagle Point
Banks offloading loans long held on their balance sheets are providing CLOs with the opportunity to pickup primary market assets at deeply discounted prices, Tom Majewski, managing partner at Eagle Point Credit Management said on a company earnings call on Tuesday

Up to 40% more US loan supply will hit primary market next year: Barclays
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index

Private equity firms are becoming CLO converts: TwentyFour
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense"

Investors tipped to take on key role in growth of CFOs
It’s early days in the renaissance of the market for collateralised fund obligations (CFOs), but market participants are looking forward to how the product will evolve.

Blackstone scores record with century of US CLOs
Blackstone Credit has become the first manager to price 100 US CLOs, following the printing of Storm King Park CLO in August

"There is ample time and flexibility on the pathway from warehouse to securitisation"
A big loan sell-off does not mean CLO warehouses will be forced to liquidate  

The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Short duration CLOs are putting reset risk in the post: Barclays
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned

Euro loans with FX hedging offer better value than US: Barclays
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
It is possible to hit a home run with a print and sprint CLO, but execution is difficult  

Past returns: Ramp-up failings
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios.

CLOs aim to pick up pieces as fear drives dip in loans
Leveraged loan investors grew skittish in June, with prices slipping as the likelihood of a US recession increased, according to market sources.

Manager selection stakes are heightening as CLO pain points intensify: Barclays
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists

CLO investors show more signs of optimism than other ABS: Barclays
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

US managers open new CLO warehouses at rapid rate
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Think of the arb, say US CLO panelists after big loan drop
Far from being a cause for alarm, falling loan prices have brought a welcome opportunity in new CLO issuance for managers and investors, according to speakers at the Creditflux Symposium in London today