Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

Symphony prices unusual refi of CLO three years out of reinvestment
Symphony Asset Management has taken the unusual step of refinancing a tranche of a CLO three years after it left its reinvestment period. The deal, named California Street CLO XII, is a 2013 vintage CLO that exited reinvestment in October 2017

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

Fracking servicer FTS files for chapter 11 protection
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans

Two managers team up with Goldman to refinance 2017 CLO tranches
Two CLO managers - Sound Point Capital Management and Sculptor Capital Management - yesterday teamed up with Goldman Sachs to refinance fixed-note CLO tranches from 2017 vintage CLOs. Both managers' fixed coupon fell by 137 basis points in the process

Ares prices second tightest CLO post-covid with 180.5bp funding costs
Ares Management has priced its second US CLO amid the coronavirus pandemic, securing the second tightest funding costs for a three-year reinvestment deal since the March sell off

Boutique Chicago manager returns to CLO primary after 16 months to reprice tranche
PPM Loan Management made a CLO primary market comeback on Tuesday after repricing a fixed-rate tranche from its inaugural 2.0 transaction PPM CLO 2018-1

Three CLO managers join rush to refi or reprice fixed rate CLO tranches
Three CLO managers - American Money Management Corporation, Teachers Advisors, and ArrowMark Colorado Holdings - have jumped on the fixed rate CLO refinancing or repricing trend

Black Diamond prices first CLO primary deal for over 12 months with refi
Black Diamond Capital Management has joined the fixed-rate CLO refinancing surge by teaming up with Goldman Sachs to refinance two tranches of Black Diamond 2016-1

Sound Point goes refi route for fixed notes of 2018 CLO
Sound Point Capital management is the latest CLO manager to refinance the fixed rate debt in one of its CLOs after working with Goldman Sachs to slash funding costs on Sound Point CLO XIX

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

PGIM gives $150 million upsize to CLO that priced last month
PGIM has completed a rare feat by upsizing a US CLO in the window between its pricing date and closing date

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CLO refi volumes reach $320 million this week as Fortress prices second deal
Fortress Credit Investors has priced a second CLO refinancing in the space of as many days, bringing the weekly refi volumes up to $318.72 million - the largest week for CLO refis by volume since February

PGIM prints new CLO on busiest day for issuance since pandemic outbreak
PGIM on Monday priced its second new CLO since the March sell off, coming on the busiest day for CLO issuance since the onset of the coronavirus pandemic

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

CVC prices new CLOs in Europe and US
CVC Credit Partners has priced its first new CLOs post-covid 19 on both sides of the Atlantic - and dragged the US CLO market tighter in the process

Mezzanine CLO spreads tighten with BlackRock US deal
BlackRock has priced a $397.7 million new CLO via Goldman Sachs, acheiving a 175 basis points print on its tightest triple As, according to market sources

First Creditflux web panel discusses outlook for CLOs amid covid crisis
Panellists at the first ever Creditflux webinar conference on CLOs struck a balanced view on the outlook for their market, highlighting crucial differences between the crisis resulting from the coronavirus pandemic and the global financial crisis of 2008

Three-year US CLOs set to tighten as large managers market deals
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables

ArrowMark prices static US CLO as spreads drift wider
ArrowMark Partners has priced a static US CLO with triple As at 250 basis points, matching the print from GSO's Stratus Funding 2020-1 (another static deal) at the start of April

ArrowMark markets static US CLO
ArrowMark Partners is working with Goldman Sachs on a static US CLO, according to market sources

US primary CLO market gathers pace as Guggenheim makes a comeback
Guggenheim Partners has staged a return to CLO primary issuance after eight months, pricing a new transaction despite the extended volatility following the coronavirus outbreak