Delayed issue double Bs reach Europe's CLO market as Fair Oaks markets new issue
Fair Oaks Capital is marketing a new issue European CLO via JP Morgan and has opted for just over a one-year reinvestment period

Global CLO league tables - April 2020 YTD
Global CLO league tables - April 2020 YTD

US CLOs did not lose par in March, finds JP Morgan
A research paper from JP Morgan has estimated there was no US CLO par burn in March, although loss of par for the first quarter was 11%

SME CLO features PDL mechanism
Details of the groundbreaking Alhambra SME Funding 2019-1 — the first 2.0 CLO backed by loans to small and midsized enterprises — were revealed at the Direct Lending Forum jointly hosted by Creditflux and Debtwire last month.

CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail

Dealers zero in on pair of managed CSO formats
The eagerly awaited introduction of ‘managed’ CSOs is getting closer, with hopes still alive for an inaugural deal before the end of March and consensus forming around two alternative approaches.

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

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

Global CLO league tables - January 2020 YTD
Global CLO league tables - January 2020 YTD

Ratio of CLO managers adding risk falls to lowest level since 2009, JP Morgan finds
The proportion of CLO managers looking to add risk has fallen to its lowest level since 2009, according to a market survey carried out by JP Morgan’s research desk

CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

Onex resets debut euro CLO with triple As printing at 100bp
Onex Credit Partners has reset its debut European CLO via JP Morgan, as demand for triple A-rated euro CLOs continues to soften

CLO pipeline: high triple C bucket opens a Gateway to pricing
In less than ideal market conditions, even experienced CLO managers are learning new tricks to keep the pipeline full. Of the 11 US new CLOs that appear in the pipeline this week, two are high triple C bucket transactions

Norinchukin's CLO portfolio decreases for first time in years
Japanese CLO heavyweight Norinchukin posted its financial statements yesterday, where it reported a 1.42% drop from its statements at the end of the second quarter

SME CLOs arrive in Europe as Be-Spoke prices Spanish loan securitisation
Middle market CLOs have arrived in Europe after Be-Spoke Capital priced the continent’s first post-crisis SME loan securitisation

We didn’t take full advantage of volatility

Be-Spoke one week away from pricing breakthrough SME CLO
Be-spoke Capital has moved a step closer to pricing its SME loan securitisation, with price talk emerging for the forthcoming Alhambra SME Funding 2019-1

CLO supply set for double-digit drop in 2020, says JP Morgan
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance

CLO pipeline: newcomers look to impress at debutante ball
The pace of CLO issuance accelerates with each passing week, with debutantes lining up to join more prolific managers as Europe builds momentum and the US floodgates open 

MacKay Shields prices first ever euro CLO
The European CLO market welcomed another new manager on Friday as MacKay Shields issued its first ever deal via JP Morgan

Two managers market their first ever European CLOs
Two CLO managers are in the process of marketing their inaugural European CLOs to investors, according to market sources

Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS

Euro CLO league tables: back to earth in tandem as issuance nosedives
August brought just €1.12 billion of issuance in the European CLO market across two refinancings and one reset, the quietest month since January when only €0.51 billion of European CLOs priced

They said it: "I saw a CLO OM which ran 484 pages"
At Creditflux’s Credit Dimensions event, JP Morgan’s Zaheen Mir argues that CSOs are simpler to understand than CLOs