CLO pipeline: European new issues set to resume but managers seek pricing stability
The CLO pipeline is heavy with reworked deals - and anticipation - as 14 US CLO and one European CLO refinancings feature, along with nine US CLO and six European CLO resets

AB makes comeback transaction with second broadly syndicated CLO
AB has priced a follow-up CLO transaction backed by broadly syndicated loans after entering this market six months ago

CLO pipeline: expensive 2019 CLOs in vogue with 32bp savings potential
The CLO pipeline is dominated by refinancings and resets, with new issuance taking a backseat

Deerpath makes tracks in CLO primary for first time in 2021
Deerpath Capital Management has returned to the CLO primary market for the first time in 2021, printing a $362.9 million new issue named Deerpath Capital CLO 2021-1

Blackstone and Hayfin get Euro CLO new issues rolling as single Bs diverge
Blackstone paired with BNP Paribas for Carysfort Park, while Hayfin followed the yellow (or rather gold) brick road to pair with Goldman Sachs on Hayfin Emerald CLO VI

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

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

CLO triple As expected to tighten to low 120s as CVC markets European deal
CVC Credit Partners is marketing a European CLO with triple As guided at Euribor plus 120 basis points to 125bp

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