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Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
5 years ago
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 -
Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
5 years ago
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: some CLOs cure failures, but quarter of US deals still in breach
5 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
Private credit wins investor as Maryland pension introduces 5% allocation
5 years ago
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents seen by Creditflux -
Beneath the triple C: April showers send buckets overboard
5 years ago
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 -
CLOs price at par again as TCW joins select group of new issuers
5 years ago
TCW Asset Management today joined the ranks of CLO managers to issue since the coronavirus pandemic dislocated markets -
Arcmont hires former Golub official as US sales head
5 years ago
Arcmont Asset Management has appointed a head of US sales, a spokesperson for the firm has confirmed -
TCW looks to price static US CLO with triple As at 230bp
5 years ago
TCW Asset Management is the latest manager to test the market for new CLOs amid the coronavirus crisis, with the firm targeting a Wednesday pricing date for its new deal named TCW CLO 2020-1 -
SEC relaxes borrowing rules for funds affected by covid-19
5 years ago
The US Securities and Exchange Commission has granted registered funds temporary relief and flexibility to borrow capital from affiliates and enter into lending arrangements as they address the impacts of covid-19 on their portfolios -
Fortress digests CraftWorks bankruptcy
5 years ago
CraftWorks Holdings filed for Chapter 11 bankruptcy yesterday, with Fortress Investments holding all of the Tennessee restaurant operator's first lien debt - of which over half is in middle market CLOs. The New York-based firm has submitted a “stalking horse” bid to buy CraftWorks' assets -
Credit traders’ kickstand: weaker mood, but primary drive strengthens
5 years ago
The primary market for high yield bonds is open again, after a pause around the US holiday on Monday, with issues in Europe today from the likes of SIlgan and Catalent striking a bullish tone and setting the scene for an expected flurry of deals next week. But this comes as credit generally weakens, with concerns about the spread and reappraisal of coronavirus cases causing spreads to push back from their recent tights -
ArrowMark completes purchase of StoneCastle's asset manager
5 years ago
ArrowMark Partners has completed the acquisition of financial debt specialist StoneCastle Asset Management -
Seix upsizes 2016 CLO by over $100 million with reset via Mizuho
5 years ago
Seix Advisors has priced a $382 million CLO reset with triple A spreads coming in at 136 basis points over Libor -
Global CLO round-up: welcome back, give us a (refi) wave
5 years ago
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative -
Three US CLO anchor equity positions go on sale one week after payment dates
5 years ago
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. -
US loan trading: McDermott downgrade leads to CLO outflows as managers board rail road firm
5 years ago
US freight railroads operator Genesee & Wyoming allocated its $2.55 billion term loan in November, making it the most popular issuer in the month. And CLO managers were sceptical of the outlook for McDermott Technology - signalled by $185.9 net outflows - after Moody's downgraded its corporate family rating from B3 to Caa2 -
Golub BDC originates $271 million in bumper Q4
5 years ago
Golub Capital BDC disclosed last week that it had originated $271.1 million in middle-market investment for the quarter ending 31 December 2019 -
Seix widens horizons with first Goldman-arranged CLO
5 years ago
Seix Investment Advisors has issued its second new CLO of 2019 named Mountain View CLO XV, according to market sources -
Global CLO round-up: Europe mops up demand, as Euribor hits the floor
5 years ago
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter -
Global CLO b-wic round-up: control stake trades as junior notes come to the fore
5 years ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B. -
New CLO manager Fort Washington markets debut transaction
5 years ago
Fort Washington Investment Advisors is marketing its first ever CLO, named Fort Washington CLO 2019-1 -
CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter
5 years ago
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago -
CLO pipeline: Golub and Sound Point to cement positions among market leaders
5 years ago
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources -
Ares credit business grows 4.4%, driven by US direct lending
5 years ago
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said -
Och-Ziff splits triple Bs as it prices US CLO
5 years ago
Och-Ziff teamed up with BNP Paribas on Friday to price a new issue CLO named OZLM XXIV, its third CLO transaction of the year
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