Go for short-duration and high-end CLO paper, says JP Morgan
This year is shaping up to be nearly as weak for CLO new issuance as 2008, according to JP Morgan strategists, who recommend investors seek value in short duration double/triple A paper or in higher-tier triple/double B

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

CVC prices new CLOs in Europe and US
CVC Credit Partners has priced its first new CLOs post-covid 19 on both sides of the Atlantic - and dragged the US CLO market tighter in the process

US and Europe diverge on credit spreads and more
US and European corporate credit performance has diverged since cities went into lockdown in March, with Europe tending to do better. But the CLO market gives a different picture, with 17 US transactions pricing to four in Europe since 1 April, and with tighter investment grade spreads

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

CLOs at a glance: Momentum starts to gather in primary market
Primary issuance is picking up with 13 CLOs pricing globally in May as Creditflux goes to press

Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs

CLOs at a glance
A round-up of CLO primary and secondary

Unique CLO upsizes to $22 billion
The world’s largest CLO has more than doubled in size to total a whopping $22 billion

CLO warehouses trigger draw stops as loan market tanks
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.

We’ve survived before, we can do so again

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Making arb work of it

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

CLO pipeline: new loves kindle as managers finish with old flames
US new issue CLO paper is back on the agenda after a January dominated by refinancings. 14 new deals are in the pipeline, but refis are holding steady with eight of these in the works. CLO refinancings have been the front runners this year, with 22 CLO refis versus 12 new US CLOs. 

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

Global CLO league tables - January 2020 YTD
Global CLO league tables - January 2020 YTD

CSO arrangers take notes from success of CLOs
CSO arrangers are looking to follow the CLO template in more ways than one, with sources indicating that some dealers are looking to structure their deals in note format (as opposed to swaps).

US CRE CLO growth spurt encourages Europeans
The US CRE CLO market hit a record $19.2 billion in 2019 and sources say that a first ever European deal will be issued this year. They cite the growing commercial mortgage direct lending market on the continent as laying the foundations for a European CRE CLO.

Global CLO round-up: welcome back, give us a (refi) wave
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. 

CLO pipeline: Medalist ascends podium as new issues pace themselves
CLO managers are biding their time before re-entering the primary CLO market, but this week Investcorp Credit Management, KKR and Medalist Partners are marketing new issue US CLOs