Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Candriam agrees deal for Rothschild's European fund of fund business
Candriam has bought Rothschild’s “multi-management” business, representing €350 million of assets

OC health check: CLO managers drop their breaches
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

OC health check: eight CLOs report second month of test failures
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row

OC health check: another two CLOs fail senior OC tests
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i.

Global direct lending fundraising plummets in Q1
Global direct lending fundraising figures plummeted in the first quarter as coronavirus-related volatility kicked in. Managers raised just $9.4 billion raised across 11 funds compared to $18.6 billion across 15 in Q1 2019, according to Creditflux's fund database

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Who's got the moves Europe: TV producer's loans rally most as recovery begins
The S&P/LSTA European Leverage Loan Index ended the week at 82.98 on 3 April – recovering 4.06 points from 78.92 on 24 March which was the lowest point for the index since the 2008 financial crisis.

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

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.

Global CLO b-wic round-up: sellers flock to secondary market as trade rate hits 71%
The broader market sell-off reached CLOs last week, with investors lining up to list their positions in the CLO secondary market

Apollo ups stake in Athene to 35% through stock deal
Apollo Global Management is doubling its stake in Athene Holding to around 35% by exchanging $1.2 billion of common equity and buying $350 million extra of Athene stock

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

Axa IM launches SRT fund after record-breaking 2019
Axa Investment Managers says it has held a first close on a fund that invests in significant risk transfers

AlbaCore closes €1.5 billion direct lending fund nearly 60% deployed
AlbaCore Capital has deployed around 60% of its second direct lending fund, with the London-based manager closing the fund at €1.5 billion

KKR closes $1.3 billion global impact fund
KKR has made a final close of its KKR Global Impact Fund SCSp at $1.3 billion  

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

Amundi joins forces with French bank to launch midcap loan fund
Amundi has partnered with French bank LCL to launch a mid-cap direct lending fund - and the fund has collected €130 million on its first close, just over half its target size 

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

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

Renault hits bump in flat markets
The future of Nissan’s relationship with Renault has been in question since last year. But the likelihood of the companies parting ways has increased since Nissan’s former chairman Carlos Ghosn, who faced charges of financial crimes, fled from Japan to Lebanon in December

Ratio of CLO managers adding risk falls to lowest level since 2009, JP Morgan finds
The proportion of CLO managers looking to add risk has fallen to its lowest level since 2009, according to a market survey carried out by JP Morgan’s research desk

European CLO spreads widen as Commerzbank prices first 2019 CLO
European CLO spreads widened sharply on Friday as Commerzbank issued a new CLO with triple As paying 101 basis points over Euribor