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

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.

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

Partners becomes second manager to price US and European CLOs in 2020
Partners Group priced its fifth US CLO, named Pikes Peak CLO 5, today, becoming just the second manager to issue CLOs in the US and Europe this year

AGL prices largest five-year CLO so far in 2020
AGL Credit Management has priced the largest new money CLO of 2020 with five years of reinvestment

Nomura set for CLO breakthrough with new issue mandate
Nomura’s re-entry into CLO origination has reached a milestone with the bank marketing a new issue transaction for a top-10 manager

Marble Point rolls past $5 billion CLO volume with new issue
Marble Point has over $5 billion in CLOs under management following today's sale of Marble Point CLO XVII

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