CLO pipeline: US adds deals at frenetic pace as Europe catches breath after record start
US CLO investors have numerous deals to consider with 13 new issues and 15 repricings being prepared to flood the market in the coming days

CSAM prints tightest CLO since 2018 in first-ever deal with RBC
Credit Suisse Asset Management has brought the CLO market to new tights as its latest new issue scored funding costs of just 152.94 basis points over Libor

BlackRock scores biggest mid market CLO since 2018
BlackRock has teamed up with Barclays to print a second CLO backed by loans to middle market companies following its buyout of Tennenbaum Capital Partners in 2018

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

Beneath the triple C: cinemas get clipped but default picture improves
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month

AMMC makes CLO new issue comeback after more than two years away
American Money Management Corporation has made a long-awaited comeback in the CLO primary market by printing its first new issue transaction since March 2018

[update] Beneath the triple C: theme parks take portfolios on downward ride
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April

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  

Manager tiering inceases as Sound Point prices fifth largest CLO post-covid
Sound Point Capital Management has priced the fifth largest CLO amid the coronavirus pandemic known as Sound Point CLO XXVII at a deal size of $503.2 million

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. 

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

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

Global CLO b-wic round up: dealer bid strengthens secondary CLO market across the board
The US CLO secondary market had over $1 billion listed in b-wics last week, the first time at this level in three weeks according to CLO-i. A further €270 million went on sale in the European CLO secondary market, as the dealer bid returned to assist in continued tightening across the capital stack

Global CLO b-wic round-up: that's another fine mezz you've gotten me into
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market

Mariner surfs refi wave and chops 34bp off CLO debt
Mariner Investment Group had smooth sailing when it repriced four tranches of Mariner 2015-1 via JP Morgan

Global CLO b-wic round-up: control stake trades as junior notes come to the fore
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.

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

TCI-Symphony and GSO refinance single tranches of 2016 CLOs
Two CLO managers on Friday refinanced single tranches of their 2016 deals, according to market sources. TCI-Symphony and GSO Capital Partners priced seemingly mirror image transactions, having refinanced the mezzanine notes of  the CLOs last November

US CLO round-up: something old, something new, GSAM returns with newcomers too
GSAM is back pricing CLOs after 12 years away, while relative newcomers make swifter re-entries in the CLO market 

Apollo reworks 2012 CLO for second time
Apollo Global Management teamed up with Citi on Friday to rework a 2012 vintage CLO for a second time

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

US CLO round-up: managers flock back to market in Groundhog week
The CLO market picked up where it left off as a variety of managers flocked to the primary market with new deals. There were some events which led us to believe that things were on repeat, with managers synchronising their issuance, more examples of structural innovation and PGIM pricing tight (again)

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

Guardian Life subsidiary prices new issue CLO with triple As at 148bp
Park Avenue Institutional Advisers, the asset management affiliate of insurer Guardian Life, returned to the new issue CLO market yesterday with its latest offering, PAIA CLO 2019-1

Kayne Anderson prices its third CLO as triple As hit 148bp
Kayne Anderson Capital Advisors has priced its third new issue CLO, pricing the deal in line with other smaller CLO managers that have recently debuted