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

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

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

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

Global CLO league tables - Nov 2021 YTD
Global CLO league tables - Nov 2021 YTD

CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion

Loans will be winners in bearish year for credit: BNP Paribas
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

It's All Relative: CQS, Capital Four and Tikehau look for CLO breakthrough as debutant premiums drop
The number of US CLO issuers in 2021 could be about to reach 106 with Capital Four, CQS and Tikehau looking to price debut deals, with price talk set at ambitious levels

Citadel promotes credit head to co-CIO
Citadel has promoted its global credit head to co-chief investment officer

CLO issuance set for big slump as managers relax on Sofr: JP Morgan
CLO new issue supply will likely decline sharply from this month to next, with the rush to complete deals ahead of the transition to Sofr base rates having added to November's historical heavy weighting over December, say JP Morgan structured credit strategists

Global CLO league tables - Oct 2021 YTD
Global CLO league tables - Oct 2021 YTD

Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait

CLOs at a glance (November 2021)
A listing of CLOs that have priced in the last month

Market seeks new ways to find talent after hectic year
There are growing calls for more people to work in the CLO industry after a record-shattering 2021, with 999 CLO transactions having priced globally worth $447.17 billion, as Creditflux goes to press

CLO Census latest: voting crosses 200 as range of dealers lead in CLO origination
CLO market participants are placing value on the specialist service that dealers are providing, according to Creditflux’s CLO Census, with three different banks leading the way for US CLO execution, structuring and syndication. A silimar trend is in play in Europe

Everyone’s ramping

"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs

Global CLO league tables - Aug 2021 YTD
Global CLO league tables - Aug 2021 YTD

Tikehau preps expansion to join ever-growing list of US CLO managers
Tikehau Capital is expanding its CLO management business with the firm preparing a debut US CLO

Global CLO league tables - Jul 2021 YTD
Global CLO league tables - Jul 2021 YTD

Past returns: Doing DIY CLOs
Five years ago we reported that CLO managers were considering self-arranged CLOs

CLOs at a glance (August 2021)
A listing of CLOs that have priced in the last month

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. 

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.