Global CLO trading lab: secondary volumes inflate and easily get absorbed
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded 

Global CLO b-wic round-up: 2020 deals trade at premium
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

OC health check: 41 CLOs heal their breaches
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

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  

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

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

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Global CLO b-wic round-up: secondary prices reach March levels
The Memorial Day bank holiday in the US and the late May bank holiday in the UK meant a short week for CLO trading, but that did not stop a good supply of US CLO triple A rated paper making its way to the secondary market

Negative cash deal becomes first European CLO to fail OC test since sell off
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March

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

Beneath the triple C: April showers send buckets overboard
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market

Who’s got the moves Europe: CLO managers enjoy climb of Everest
The European S&P/LSTA Leveraged Loan index enjoyed a strong month in April as it rose from 83 of par on 1 April to 89.2 by the end of the month. The index closed at 89.4 on 4 May to start the week 

Moody's joins Fitch and S&P in CLO negative watch camp as it acts on 976 tranches globally
Moody’s has put tranches from 358 US CLOs and 39 European CLOs on review for downgrade, in an announcement that places 976 tranches (859 in the US 117 in Europe) at risk of losing their original rating

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