High yield markets win big in 2022’s love-letter to CDS
Tradeable credit assets have suffered a rough year for liquidity and returns, but credit derivatives are among a small group of products defiantly enjoying a bumper year. 

New US CLOs brace for EU’s Article 7 reporting requirements
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide.

Nochu turns tables after experiencing CLO walkouts
Norinchukin Bank’s retreat from global CLO investing — having agreed to take down the senior notes of several upcoming CLOs — has disappointed market participants. However, although they don’t condone such actions, sources say there were mitigating circumstances

Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo

CLOs at a glance (November 2022)
A listing of CLOs that have priced in the last month

Ares targets today for European CLO pricing
Ares Management is targeting today to price its new issue European CLO, Ares European CLO XVI

Double, double, but no toil and trouble as Neuberger and Oaktree deliver Euro CLO treats
The primary CLO market was revived yesterday after two managers brewed new European deals, taking new issue 2022 volumes to just over €22 billion

Ares markets first 2022 CLO in Europe
Ares Management is targeting Wednesday to price a new issue European CLO 

Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform

CQS returns to Euro market with first new CLO since 2015
CQS has priced its first European CLO in seven and a half years, opting for a short reinvestment and non-call period

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"

CVC markets another Euro CLO following Nochu-withdrawal
CVC Credit is wasting no time in getting back to the Euro CLO arena and marketing a full five-year reinvestment European CLO, CVC Cordatus Loan Fund XXVI. The firm had originally had originally lined up CVC Cordatus Loan Fund XXV via Citi to print first, but lost triple A anchor investor Norinchukin earlier this month

Sofr away from me – basis puts new CLO triple As in dire straits
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business

Oaktree rejigs cap stack and cuts reinvestment on upcoming European CLO
Jefferies is targeting next week to price Arbour CLO IX, with changes to the reinvestment period and a smaller overall deal. As expected, price talk has widened since September marketing 

Barings gets short-dated Euro CLO over line with fixed triple A and delayed single B tranches
Goldman Sachs arranged the €301.5 million deal, which as a one-year reinvestment and one-year non-call

European CLO primary re-awakens to tune of Adagio X
Axa Investment Managers priced a European CLO on Friday (a few days before anticipated), printing a €324.75 million static deal via Barclays

It's Nochu it's me: bank backs out of CLO triple A tranche as it takes sideline
Triple A CLO investor Norinchukin is understood to be taking a pause from investing 

Euro CLO league tables: elements combine to give Redding Ridge new issuance lead
Do you remember, the 16th night of September? What a time to be a European CLO manager... 

Global CLO league tables - September YTD
Global CLO league tables - September YTD

One-year CSOs come to fore as investors predict widening
With credit spreads entering the fourth quarter at much the same elevated levels they began Q3, investors are increasingly looking to bespoke tranches as a way of taking advantage while mitigating the market’s tail risks.

Patchy primary market slows European take-outs
European CLO issuance is reaching a crossroads, with several warehouses ramped while the path to the primary market is hazardous.

CLOs at a glance (October 2022)
A listing of CLOs that have priced in the last month  

Points up front: Form an orderly queue. Or follow the celebs
If we have learned one thing over the past month, it’s that queuing in an orderly manner is very important to the British public. No matter your status, you simply must wait your turn.

Euro CLO triple As reach year's widest disclosed levels at 220bp
European CLO triple As have reached the widest disclosed levels of 2022 at 220 basis points over Euribor amid market volatility