CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

European CLO leverage battered

Sovereign wealth funds empower direct lenders
Sovereign wealth funds are turning toward the booming private credit market, with three massive partnerships formed this year

Dealers power up as tranche trading hits new heights
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support

They said it: "Clearing houses have proposed they will clear index tranches next year"
More liquidity for the index tranche market

CLOs at a glance
A listing of CLOs that have priced in the last month

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer

It’s been a while — how’s tricks?

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

CLOs at a glance: CLO managers are quite partial to a refi
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

Deutsche Bank hires in syndication as it looks to bounce back in CLOs
Deutsche Bank has re-affirmed its commitment to CLO issuance with Colin Parkhill joining later this year as head of European ABS and CLO syndication in London, and the bank lining up several mandates

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CSOs start printing again with new money ready to invest
The synthetic bespoke market is putting behind it the turmoil of recent months, with a pipeline of new CSO transactions starting to price and a swelling supply of new money lining up to invest.

CLOs at a glance: managers show creative side to price new issues

Five Arrows prices same-day CLOs in US and Europe for first time
Five Arrows Managers broke new ground on Friday after pricing two CLOs on one day for the first time in its history

Redding Ridge back as top CLO issuer post sell-off with new US and EU deals
Redding Ridge Asset Management has shot back to become the largest CLO issuer by volume since the sell off in March after printing a new issue apiece in the US and Europe, according to market sources

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market