Sofr spike boosts CLO debt as Europe and US go out of sync
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January)

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

Bond pipeline builds as rocky markets thwart supply
Various factors have played into credit spreads widening at the start of 2022, but an over-supply of bond issuance is not one of them — in contrast to what was moving the market this time last year

Sound Point resets second Euro CLO with triple As to 93bp
Sound Point has teamed up with Credit Suisse to rework its second European CLO, resetting the deal and shaving 18.6 basis points off the CLO’s cost of debt

You wait a month for a new European CLO and two come along at once
Guggenheim Investments and Onex Credit kicked the European CLO new issue market into gear on Wednesday

Jefferies builds on strong January as it markets Cairn European CLO
Jefferies is marketing its fourth European CLO of the year, this time pairing with Cairn Investments on a new issue

European CLO market gets underway with two refis, one reset and bubbling pipeline
Managers priced two European CLO refis and one European CLO reset on Thursday as Barings, Blackstone and Carlyle all reworked deals

KKR matches CSAM senior notes in Euro CLO refi, but goes tighter with mezz
JP Morgan has arranged a refinancing of KKR's 2016 European CLO Avoca XVII, which has around 2.2 years left of reinvestment with its non-call ending next February

CSAM refis European CLO with two-year triple As at 82bp
The CLO’s triple As priced at 82 basis points over Euribor, down from 95bp, in line the deal’s most recent guidance but wider than the 77-79bp original guidance

Neuberger markets third ESG European CLO
Neuberger Berman is expected to price the deal in the week commencing 31 January

Barings and BNP Paribas team up for first European CLO reset of year
BNP Paribas has reset Barings Euro CLO 2015-1 with all tranches (bar the double Bs) pricing roughly in line with December resets.

GLG and Citi kick off Europe's CLO market in 2022 with partial refi
Man GLG has kicked off the European CLO market in 2022 with a partial refi of its 2020 short-dated deal, Man GLG Euro CLO VI

Euro CLO league tables: Upstarts Jefferies and Palmer Square fall just short of market leaders
ABC as easy as 1, 2, 3: Apollo leads new issuance as Barclays and CVC emerge as overall leaders, despite the efforts of newcomers Jefferies and Palmer Square. The European CLO market had a record year in 2021 as overall issuance fell just €3.2 billion short of €100 billion, more than double the previous record set in 2017 of €45.7 billion and a 325% increase on the coronavirus-impacted market in 2020

Global 2021 CLO league tables
Global 2021 CLO league tables

"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off

ESG template fires up hopes of CSO issuance
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022

Investors fear CLOs running into overtime with WAL extensions
CLO investors have sharpened their focus on weighted average life (WAL) test and maturity extensions, with one US investor believing many are taking on more duration risk than they realise

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

Brace yourself for tiers, tightening and titanic CLO issuance
The European CLO market has shattered post-global financial crisis new issuance records in 2021 with €38.4 billion pricing, as Creditflux goes to press. But 2022 could prove even more abundant

They said it: "The tone may have been too positive"
CLO market participants have been guilty of being overly bullish

First Euro CRE CLO points to likely growth market
CRE CLOs have been identified as a likely growth market in Europe following the successful pricing of the first transaction on the continent, according to sources

CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

PGIM expands all debt classes with Euro CLO reset
PGIM has reset a European CLO it signed late last year, greatly increasing the size of the deal in the process

Lev loan index rule change proposed to meet Sofr switch
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule

Firm claims to cut loan settlement times with blockchain based securitisation
Cadeia, a German technology firm, claims to have undertaken the first ever fully blockchain based corporate loan securitisation transaction