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CLO managers eye bonds as short-dated loan universe shrinks
4 years ago
European CLO managers that focus on bonds say they had flexibility in the first quarter as the new issue loan pipeline ramped up -
Loan pipeline builds to fuel US CLO production into Q2
4 years ago
US CLO new issuance, already on a high, is set to be spurred on by a healthy loan pipeline over the second quarter of 2021 -
BlackRock shaves top but widens rest of stack with Euro CLO reset
4 years ago
BlackRock has reset a 2016 vintage CLO, pricing the triple A tranche inside the average for new issue European deals but widening lower rated tranches from where they refinanced in 2019 -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
4 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
4 years ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
The cost — a few basis points — is modest compared to the potency of bond buckets
4 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Managers brave covid-hit sectors to drum up returns
4 years ago
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance -
CLO rally keeps primary market flowing for most prolific issuers
4 years ago
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics -
Sovereign wealth funds empower direct lenders
4 years ago
Sovereign wealth funds are turning toward the booming private credit market, with three massive partnerships formed this year -
Ticked off: European loan docs turn aggressive
4 years ago
Documentation for European loans tightened in the immediate aftermath of the March sell-off, with lender-friendly terms around additional debt baskets, dividend levels and acquisition thresholds. But aggressive terms are creeping back into the market -
Credit Rendezvous: record fiscal stimulus provides pick-me-up
4 years ago
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market -
CLO managers push for deeper triple C buckets
4 years ago
CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March -
Loan slump brings managers closer
5 years ago
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
Four managers join forces on gigantic £1.9 billion unitranche
5 years ago
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility -
Europe’s newcomers find ways to stand out
5 years ago
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data -
A different kind of crisis
5 years ago
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests -
Legacy CLO warehouses brought into scope of Fed's talf programme
5 years ago
The US Federal Reserve has published an updated term sheet and FAQ for its term asset-backed securities loan facility programme with amendments to allow a greater scope of CLOs as eligible collateral -
Four managers eye breakthrough new issue European CLOs
5 years ago
The European primary CLO market is showing signs of revival with four managers eyeing deals -
CLO warehouses trigger draw stops as loan market tanks
5 years ago
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge. -
Lenders look at MAC clauses amid revolver demand
5 years ago
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers. -
We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par5 years ago -
We’ve survived before, we can do so again
5 years ago
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par -
Silver lining: credit investors provided with lower entry points than Q4 2018
5 years ago
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them -
Ellington sells large chunk of assets from European CLO warehouse
5 years ago
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources -
CLO new issues shut down as market digests fiscal stimulus measures
5 years ago
The CLO and loan pipelines have dried up as managers and investors shift their focus to trading, according to market sources
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