Global CLO league tables - January 2021
Global CLO league tables - January 2021 YTD

CLO pipeline: snow business like the CLO business
CLO issuers are putting aside the cold snap and are warming up with a flurry of deals.

European CLO triple As go tighter still as KKR prints at 83bp
Triple A spreads ground tighter in January with KKR’s latest European CLO

CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break

Global b-wic round-up: Europe drifts wider
The CLO secondary market had a robust week with $860 million of US CLO paper and €315 million worth of European CLO bonds listed. But spreads widened off the back of concerns over lockdowns across the globe, the increased risk of downgrades and tomorrow’s US presidential election

Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics

78-item b-wic hits market as European CLO spreads dislocate
A mammoth 78 item European CLO b-wic totalling €130.7 million is on sale today at 9am New York time (2pm UK time) and is rumoured to come from an investor liquidating its portfolio

CLOs hold €250 million of defaulted French events organiser Comexposium
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday

Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to 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

European CLO portfolio overlap increases by 3%: S&P
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

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

Euro CLO league tables: fresh faces emerge with new deals
May was a month of fresh faces as three new managers entered the ring for the first time in 2020

CBAM readies debut European CLO
CBAM is marketing its first ever venture into the European CLO market with a deal named Vendome Funding. The Eldridge Industries-backed CLO manager is expected to price the transaction this week, via JP Morgan

Fitch takes action on eight European CLO tranches
Fitch Ratings has revised to negative the outlook on six sub-investment grade tranches from three European CLOs, placed one triple B rated tranche on negative rating watch and downgraded its double B-rated tranche

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Euro CLO league tables: You wait all month for a pricing and then three come along at once
Two CLO managers chose April to price their first CLOs of the year. Three European CLOs priced last month as the primary market opened following a coronavirus-enforced closure in mid-March

KKR scores tight pricing with Europe's third CLO of the pandemic era
KKR Financial Advisors has priced Europe's third CLO since the covid-19 pandemic and scored the tightest debt execution yet down the capital structure

Seven points basis opens up in CLO triple Bs - but Investcorp trades well to defy trend
Triple B rated tranches once again swamped the secondary CLO market yesterday and trading levels suggest the basis between bonds on negative watch/outlook versus those not subject to a downgrade is about seven points

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

KKR beats CIFC's European CLO benchmark one day later
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp

US CRE CLO growth spurt encourages Europeans
The US CRE CLO market hit a record $19.2 billion in 2019 and sources say that a first ever European deal will be issued this year. They cite the growing commercial mortgage direct lending market on the continent as laying the foundations for a European CRE CLO.

CLO pipeline: Medalist ascends podium as new issues pace themselves
CLO managers are biding their time before re-entering the primary CLO market, but this week Investcorp Credit Management, KKR and Medalist Partners are marketing new issue US CLOs

Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market