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Tariffs kill off year-long CLO boom
2 months ago
The global impact on CLOs of President Trump’s tariffs was plain as volatility increased and spreads blew out. But managers helped keep US issuance steady with print-and-sprint deals -
Records tumble in fantastic February
After a strong January, the second month of 2025 saw record issuance and spreads hitting all-time tights, while managers remained optimistic there won’t be a slowdown anytime soon4 months ago -
Taking stock after a long hot summer
10 months ago
As fall approaches, the global CLO and leveraged loan markets are in a strong position. But will records set in 2021 tumble? We compare the numbers — and find out what the market thinks -
Reset focus shifts to pre-COVID deals
11 months ago
As spreads tighten, managers are looking to reset CLOs that priced before the onset of the COVID pandemic — even if this slightly increases the deals’ weighted average cost of capital. -
Full steam ahead in the US and Europe
1 year ago
We’re now six months into 2024, and according to our latest league tables, the CLO engine shows no sign of slowing down, as spreads grind tighter and resets get underway in Europe -
CLOs at a glance
2 years ago
New CLOs this month -
We made the most of a tricky situation
The contrast between 2021 and the following 12 months could not have been starker. But although some heavy hitters remained on the sidelines, 94 US CLO managers priced new deals in 2022 -
Can someone call the triple A? We’ve stalled
3 years ago
CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt -
Arb work pays off
3 years ago
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen -
CLO wormhole opens as deal pricing blurs
3 years ago
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing -
Woah, we’re halfway there
4 years ago
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform -
Waiting for afters
4 years ago
Day one arb remains important, but last year there were opportunities aplenty in the secondary market, which put the onus on printing CLOs and waiting for the day after non-call periods expired -
It’s been a while — how’s tricks?
The primary CLO market has been open since April, but 41 managers have not managed to price a US CLO in over a year and a lack of access to equity capital means they may struggle to return4 years ago -
Managers weigh up matters of principal
4 years ago
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 -
Europe’s newcomers find ways to stand out
5 years ago
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data -
A different kind of crisis
5 years ago
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
5 years ago
A round-up of CLO primary and secondary -
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 par5 years ago -
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 portfolios5 years ago
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Issuers fashion new outfits for junior mezz
Junior CLO tranches have lost around five points in the past quarter. In response, new issue desks are dressing up junior debt in two piece suits and designing a range of protective styles5 years ago -
A new generation of AI tools is helping CLO managers optimise their portfolio selection and trading strategies. Sky Road has made great strides in this area by creating a tool which helps identify trades5 years ago
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Two roads diverged in the CLO wood
In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward5 years ago -
Market rallies as key CLO investor retreats
A key CLO triple A investor dropped back from the market in the second quarter of 2019, but, remarkably, CLO spreads tightened as repricings came back and other investors drove demand5 years ago -
CLO investors should be looking at CSOs
At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other6 years ago -
Budge up, more new managers are coming
Room for 10 more? The average loan overlap among recent European CLOs is 48.7% – so the expected influx of new managers will have to work hard to distinguish themselves from the pack6 years ago
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