NYL prints five-year reinvestment CLO with triple As at 130bp
New York Life Investment Management has brought the second five-year reinvestment CLO to market and placed its triple A notes at just 130 basis points over Libor 

Voya passes $1 billion US CLO issuance in 2020
Voya Alternative Asset Management has surpassed $1 billion CLO new issuance since the March coronavirus sell off began, joining the ranks of managers to print three transactions in this time

NYL markets five-year CLO with spreads poised to move tighter than Q4
NYL Investors is marketing a five-year reinvestment US CLO with price guidance indicating CLO spreads are tighter than they were during the sell off in the fourth quarter of 2019. However, IG and HY credit are on different paths

OC health check: August reports slow torrent of fresh breaches to a trickle
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i  

Neuberger Berman prints third largest and second tightest post-covid CLO
Neuberger Berman has priced its third new issue CLO of 2020, according to market sources

iQor files for chapter 11 with CLOs holding $260 millon
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today

Beneath the triple C: slowest downgrade pace puts market in recovery mode
The CLO market recovery is starting to benefit from borrower downgrades falling to their slowest rate since the coronavirus crisis began in March

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

GSO prints static CLO with triple As at 130bp
GSO Capital Partners has priced its second static CLO amid the coronavirus pandemic, naming it Stratus Funding 2020-1

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

Natixis adds to CLO refi resurgence as it cuts funding costs for TCW
Natixis has priced the second CLO refinancing amid the coronavirus pandemic, bucking the trend by helping managers lower their funding costs despite the wider spread environment

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

Job opportunity with Prospect: CLO professional
Prospect Capital Management has released details of the following vacancy: CLO professional, New York

CLO double A-single A basis falls to just 10bp in 2.0 record
The basis between US CLO double As and single As has fallen to just 10 basis points – which is the lowest it has been since the financial crisis in 2008, according to Creditflux data

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: failures lift above 100 as five more deals breach senior test
Another 116 CLOs have breached their overcollaterisation tests in the last week, according to the latest trustee reports on CLO-i. Out of this, five deals have failed OC tests for all classes – bringing the overall tally of deals that have breached senior OC tests to nine.

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.

AGL prices novel CLO with ability to reinvest would-be equity distributions
AGL Credit Management has become the fourth manager to issue a new CLO following the coronavirus-triggered sell-off

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.

Junior US CLO tranches outshine European CLOs as GSO makes it a double
GSO Capital Partners has achieved the feat of becoming the only CLO manager to issue deals on both sides of the Atlantic amid the coronavirus-induced market selloff

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

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