CLO wormhole opens as deal pricing blurs
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing

What summer slowdown? Carlyle, Hayfin and Investcorp add €1.2 billion Euro CLO issuance
Europe’s CLO market has shown no sign of a summer slowdown in the first week of August as Hayfin and Investcorp rework 2020 deals and Carlyle refis 

CVC's European CLO 2021 volume rises to €3.5 billion with new issue
CVC Credit Partners has taken its European CLO issuance year-to-date to over €3.5 billion, teaming up with Barclays on new issue CVC Cordatus Loan Fund XXI

Invesco takes 2021 Euro CLO volume to over €1 billion with reset
Invesco has taken its European CLO 2021 volume to just over €1 billion after the manager reworked its 2019 vintage deal, Invesco Euro CLO II

Euro 2021 CLO volume exceeds €60 billion as BNPP and Axa IM pair for new issue
BNP Paribas arranged Axa IM's return to the primary CLO market after 21 months 

Palmer Square ramps up Euro static CLO business with third new issue
Palmer Square Capital Management has settled down quickly in Europe with the Kansas-headquartered manager transferring its static CLO model to the continent for the third time since it debuted in August

Standard Chartered picks up another European CLO credit with Napier Park new issue
Standard Chartered emerged as a co-placement agent on its fourth CLO in July, with the bank investing in Napier Park’s latest new issue Henley CLO V

ICG ditches St Paul's label as it prints first European CLO under new PM
The “St Paul’s” branding has been synonymous with European CLOs managed by Intermediate Capital Group for a decade, but the London-based manager has dropped the title on its latest new issue

Rising stars will fuel double B boom, says BofA
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists

CLO pipeline: Birch Grove and Fort Washington dish out first 2021 deals as Carlyle goes for sevenths
CLO investors can feast on a range of deals in the new issue market over the next month. 

Triple Bs gain momentum as IG buyers pick best spots
The absolute tightness of credit spreads has led many to lament their chances of delivering strong returns in 2021, while stressing the need to move down either the quality or duration curve. But even within investment grade, European and US managers are still finding pockets of value

Barings becomes latest to include sustainable disclosure language in new Euro CLO
Barings has printed its second European CLO of the year, with deal the latest to include ESG-focused language relating to the Sustainable Finance Disclosure Regulation’s 'principle adverse impact' effects

Euro resets close triple A basis with US CLOs
The basis between European and US CLO triple As is narrowing

Blackstone prints Euro CLO reset at wider end of guidance
Blackstone Credit has priced the reset of its European CLO Tymon Park via Goldman Sachs

Redding Ridge prints European CLO as triple As drift beyond 100bp
European new issue CLO triple As have passed the 100 basis points over Euribor mark with Redding Ridge Asset Management’s latest CLO pricing at 102bp

CSAM takes Euro CLO 2021 volumes to over €2 billion
Credit Suisse Asset Management has taken its European CLO 2021 volumes to over €2 billion with its latest new issue, Madison Park Euro Funding XVII

Chenavari pairs with Barclays for second Euro CLO reset in a month
-Barclays arranged the €373.75 million transaction yesterday, marking a second time partnership for the pair this month

NIBC scores tight execution on Euro CLO reset with triple As at 94bp
NIBC has scored tight execution on a reset of North Westerly V, with triple As pricing tighter than other recent new issue deals

BlackRock new issue takes Euro CLO 2021 volume to €1.5 billion
BlackRock has taken its European 2021 European CLO issuance to close to €1.5 billion, after pricing its latest new issue BlackRock European CLO XI

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Oaktree Euro CLO moves market tighter as Deutsche Bank joins forces with Standard Chartered
European CLO triple As have jumped tighter with Oaktree Capital Management resetting senior notes at 93 basis points, compared to the 96.2bp July average for European CLOs with similar reinvestment profiles

CLO pipeline: four US and two European managers prepare first 2021 CLOs
The CLO market is set to carry on roaring with the pipeline as full as ever despite the summer slowdown just around the corner  

Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit

Guggenheim goes to Bilbao for reset of 2019 CLO
Guggenheim Investments has reset a 2019 European CLO, Bilbao CLO II, via Citi, taking weekly CLO volume to just over €1.8 billion

Euro CLO managers price €1bn as triple As surpass 100bp and capped tranches gain popularity
CBAM, Hayfin Capital Management and GoldenTree Asset Management have all taken to the European CLO primary market, adding €1 billion to 2021 volume