High yield bonds regain lost ground

Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

Capital raised for risk retention keeps struggling CLOs afloat
In a bid to turn struggling warehouses into CLOs, managers are prepared to take losses on funds raised for risk retention in order to issue new deals.

Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

CLO pipeline: refinancings to make a comeback
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

Voya markets second European CLO since crossing the Atlantic
Voya Alternative Asset Management is marketing its second European CLO known as Voya Euro CLO II, according to market sources

Return of the refi: GSO produces Europe's first CLO refinancing for seven months
GSO Capital Partners has priced Europe’s first CLO refi transaction since last September, according to market sources

European CLO volumes reach €10 billion in 2019 as PGIM prices
The deal also features three fixed-rate tranches 

Cairn prices 15bp inside longer-dated deals as it prices two-year European CLO reset
Cairn Capital has priced its first transaction of the year, resetting its 2014-vintage deal 

Global b-wic round-up: focus shifts to the wings of the capital structure
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention

BlackRock prices European CLO senior triple As at 108.5bp in new issue deal
Natixis has priced BlackRock European CLO VIII in a €408.5 million deal

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

Sound Point becomes first European CLO debutant of 2019
Sound Point Capital Management has made the breakthrough by becoming the first debutant CLO manager in Europe this year

Onex prices European CLO triple As at 94bp in short-dated deal
Onex Credit Partners priced a €431 million CLO yesterday with a two-year reinvestment period in a rare example of a short-dated new issue in Europe

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Alcentra prices new euro CLO with longer non-call period
Alcentra has priced a new euro CLO with Barclays arranging the transaction, according to market sources

European spreads pushed wider with Bardin Hill's new CLO
The transaction has also catered to the growing demand for fixed rate notes

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

Euro CLO league tables: no arb, no refis, no debuts - but healthy new issuance
New issues have dominated the European CLO market so far this year, representing 89.19% of total first quarter issuance

Europe's CLO manager field set to get bigger as managers from all corners aim to break through
Regulation does not always impair activity

Bardin Hill markets first European CLO under new branding
Formerly known as Halcyon Capital Management, Bardin Hill Loan Advisors is marketing its first new issue CLO since rebranding its platform last year

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

CLO monoline businesses return with new purpose
CLO tranche insurance is making a comeback. Assured Guaranty has underwritten two middle market transactions, while in Europe various firms are testing the waters for this type of insurance, according to sources.

Europe’s ABS market gets over STS road bump with VW deal
After months of waiting, Europe’s securitisation market saw the first ever deal to be structured as a Simple, Transparent & Standardised (STS) securitisation.