CLO pipeline: Golub and Sound Point to cement positions among market leaders
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources

PGIM to join exclusive list of managers to reset, rather than refi, a euro CLO
PGIM is set to join the small but growing list of managers to reset a European CLO this year, as the manager teams up with BNP Paribas to bring a reset of Dryden 48 Euro CLO

CLO pipeline: refis can't wait till after summer
The CLO market in both the US and Europe looks to be slowing down in the near future with only two deals added to the running pipeline.  

Spire prices CLO triple As at 105bp as Euribor rates slide
Spire Partners scored Europe’s tightest triple A CLO print of the year yesterday with market sources indicating that this is a reflection of how attractive CLO tranches are given the recent drop in Euribor rates

CLO pipeline: US takes up baton after European July sprint
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.

Global CLO league tables at a glance - July 2019 YTD
Global CLO league tables at a glance - July 2019 YTD

Euro CLO league tables: before the holidays is the best time to price a deal
Over €5 billion of new issue CLOs was priced last month, the first time the market ever crossed that monthly threshold

Euro CLO spreads could tighten further as Spire targets 105bp triple A print
Spire Partners is looking to bring Europe’s CLO market even tighter as it readies a reset of its inaugural deal named Aurium CLO I

Investors seek oasis as new issues dry up

Market rallies as key CLO investor retreats

Euro CLO managers ditch Moody’s as negative views rise
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook.

Chenavari double debt tranche CLO warehouse reduces up-front cash call
Chenavari Investment Managers used a novel approach to warehousing its last European CLO, according to market sources. The firm priced Toro European CLO 6 on 12 July via Morgan Stanley, with sources indicating that the warehouse facility behind the deal had two debt tranches. 

They said it: "They are finally picking up the phone and making use of their rolodexes"
Bankers have been forced to reconnect with the broader triple A CLO buyer base now that Norinchukin Bank has stepped back, says a US CLO equity investor.

Points up front: Cap wearer plays trump card in support of SRT
Such has been the success of Donald Trump’s “make America great again” caps that structured credit folks have started sporting their own versions. Santander’s Jeremy Hermant has been seen in the streets of London proudly wearing a cap with the motto “make SRT great again”. Hermant works in the significant risk transfer team and tells Creditflux that he has been campaigning for SRTs for the past few years.

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Direct lenders accused of exaggerating terms in lender education
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees.

Borrowers promise to pay penalty if they breach ESG targets
Loan investors are incentivising companies to improve their environmental, social and governance (ESG) performance by linking the financial terms of a loan to the ability of the borrower to meet predetermined sustainability targets.

UK direct lending deal flow picks up with 99 deals in H1, finds GCA Altium
While loan volumes in the UK were much higher than expected, activity in Germany was lower compared to H1 last year, according to the GCA Altium MidCap Monitor Q2 2019

GSO prices tightest European CLO of 2019 with syndicated triple As
GSO Capital Partners priced the tightest European CLO of the year yesterday with weighted funding costs 177.27 basis points over Euribor

PineBridge refi shows steep term curve in European CLO market
PineBridge Investments has refinanced its 2016 vintage CLO named Euro Galaxy V, according to market sources

Hayfin prices new CLO as European 2.0 volumes break monthly record
Europe’s CLO volumes reached a post-crisis monthly record on Friday as Hayfin Capital Management priced its latest new issue bringing July volumes to €5.21 billion

MJX and Natixis team up to price $607.9 million new CLO
MJX Asset Management yesterday priced its third and largest CLO of 2019, according to market sources

Ares and Barings lead the way as triple A spreads regain lost ground
CLO triple A spreads in Europe have reached their tightest point in months, with two deals issuing their first pay notes at 108 basis points over Euribor

Man GLG prices partial CLO refi as Europe's managers keep original double As
GLG Partners yesterday partially refinanced its 2016 CLO named Man GLG Euro CLO II

CLO pipeline: CSAM and Octagon look to move further ahead of the chasing pack
The CLO pipeline in all three markets looks similar to last week with a reduction of only around $500 million in predicted new issue volumes in each of the US, European and mid market CLO spaces. But all three of these market segments look healthy with new issues and refinancings being favoured by managers