A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size

Atlas SP joins new CLO arrangers vying for growth as sector booms
Apollo Global Management affiliate Atlas SP has joined the ranks of CLO arrangers, adding to the burgeoning number of new entrants eager to get into the lucrative business

Past returns: Making CLO triple As more secure
10 years ago in Creditflux, we reported on super-senior tranches being inserted into US CLOs

They said it: "You have to question whether the vast array of CLO managers should... "
A credit investor questions the sheer number of CLO managers 

Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo

Points up front: Form an orderly queue. Or follow the celebs
If we have learned one thing over the past month, it’s that queuing in an orderly manner is very important to the British public. No matter your status, you simply must wait your turn.

"There is ample time and flexibility on the pathway from warehouse to securitisation"
A big loan sell-off does not mean CLO warehouses will be forced to liquidate  

Past returns: Absolutely floorless CLOs
Five years ago in Creditflux we reported on the emergence of European CLO tranches without Euribor floors

"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
It is possible to hit a home run with a print and sprint CLO, but execution is difficult  

Past returns: Ramp-up failings
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios.

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Past returns: ‘Stabilisation’ provides back-up
Five years ago in Creditflux, we reported that Wells Fargo had offered to buy tranches in an Octagon Credit Investors’ CLO to support execution.

They said it: "CLO triple As are attractive lending opportunities"
A bank is about to start buying CLO tranches

"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile

Past returns: Ares constructs private CLO
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation

"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed

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

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

"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"

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

"CLO managers who struck the right balance in 2020 are more easily able to reset their deals"
CLO managers were re-evaluated during the pandemic, and outperformers can expect to see benefits this year

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

Points up front: A gander at Recette’s reset
The paths of a CLO and the restaurant it was named after are entwining after Invesco reset its 2015 CLO, Recette, last month.

Past returns: Nochu lands in Europe
Five years ago in Creditflux, we reported that Norinchukin Bank had made its first investment in a 2.0 European CLO