Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

Five refis add $1.43 billion to CLO market
The CLO primary market has absorbed another $1.43 billion of refinancing paper as five managers printed cost-cutting transactions

Los Angeles pension seeks global credit manager for $880 million mandate
Flush with cash? The Los Angeles Water & Power Employees' Retirement Plan has launched a request for proposal for its ‘active extended global credit’ mandate. But only managers with $50 billion under management need apply

Ares brings CLO's leverage down to less than five turns in $1 billion-plus reset
Ares Management has upsized its second largest CLO in a reset, bringing the deal to a par value of $1.19 billion - the seventh biggest CLO backed by broadly syndicated loans in the market

Original AMR CLO from 2017 undergoes digital refi
Crescent Capital Group has refinanced two tranches of a CLO via the applicable margin reset process

AGL cuts debt cost by 123bp in first reset of post-covid CLO
AGL Credit Management has become the first CLO manager to reset a post-covid CLO outside of static-to-static transactions

DWS wraps fourth infra CLO
DWS Group has issued its fourth CLO backed by infrastructure credits

High-spread US CLO manager issues triple As at 113.5bp
A large US CLO manager has issued its second US CLO of the year in a deal that suggests that CLO spreads could be moving wider

Spire inserts triple A loan tranche in European CLO reset
Bank of America arranged the €411.4 million transaction, which includes split triple A, pari-passu tranches in loan and note formats

Barclays pulls levers as CVC resets and GoldenTree CLO surpasses Spire leverage
Barclays added to its arranging volume on Friday as GoldenTree Asset Management priced the market's highest levered European CLO

BofA forecasts record European CLO volume in 2021 as another reset prices
Carlyle Group has become the first manager in March to reset a European CLO, while BofA estimates the European CLO market might break a new record in 2021

Oaktree resets European CLO at market tights
JP Morgan printed a €372 million reset of Oaktree Capital Management’s Arbour CLO IV on Friday afternoon, according to market sources. The deal points to further spread compression for CLO reset transactions, particularly for mezzanine tranches

Debutant Jefferies takes Euro CLOs to €2 billion in under two weeks with Hayfin reset
"Pay no attention to the man behind the curtain" is a famous injunction associated with the Emerald City. But it is hard not to notice the woman-led team at Jefferies driving CLO volume, given it passed another impressive landmark on Thursday by resetting Hayfin Capital's inaugural Emerald CLO I

KKR pushes for nearly five-year reinvestment as Redding Ridge resets €554 million CLO
The European CLO reset wave is proceeding apace with KKR and Redding Ridge pricing deals on Tuesday

Anchorage and Credit Suisse unite for first regular-way US CLO as partnership
Anchorage Capital Group has teamed up for the first time on a regular-way US CLO with Credit Suisse

Carlyle adds equity and seeks tight pricing with 2016 European CLO reset
Carlyle Group is looking to add equity and price triple A debt tight to the primary CLO market with a €434.3 million reset of its 2016 transaction, Carlyle Global Market Strategies Euro CLO 2016-2

Euro CLO repricing hits €4bn as Jefferies arranges first deal and Investcorp drops double Bs
Spread compression is driving European CLO refinancing activity, with three transactions pricing on Friday: Carlyle Euro CLO 2017-2, Harvest CLO XVI and Man GLG Euro CLO III

Basis between resets and new issues collapses as CVC prints Euro triple As at 83bp
CVC has reset and upsized a 2014 vintage European CLO, CVC Cordatus Loan Fund IV

Investcorp preps first CLO refi in Europe with triple and double Bs since 2019
Investcorp Credit Management is working with Deutsche Bank to refinance six tranches of its 2018-vintage CLO named Harvest XVI

US banks embrace CLOs again to drive spread compression
The three big US bank-buyers of senior CLO tranches — Citi, JP Morgan and Wells Fargo — all returned to the mar-ket as investors in January after sitting out for much of 2020

European CLO triple As go tighter still as KKR prints at 83bp
Triple A spreads ground tighter in January with KKR’s latest European CLO

January European CLO volume shoots to €2.9 billion as Five Arrows refis 2017 deal
It has been a busy start to the year for European CLO investors, despite new issues having been slow to get going. Five Arrows is the latest manager to take advantage by refinancing a 2017 vintage CLO - Contego CLO I

TCW CLO tranches digitally refinanced for second time
TCW CLO 2019-1 AMR was digitally refinanced for the second time today following the third successfully cleared applicable margin reset auction

HPS refis European CLO triple As at 64bp with six months of reinvestment left
HPS Investment Partners has refinanced its inaugural European CLO, Aqueduct European CLO 2017-1

Goldman markets refinancing of HPS's debut European CLO
Goldman Sachs is marketing a refinancing of HPS Investment Partners’ debut European CLO