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

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

KKR takes covid-19 hit on flagship credit funds and lev fin
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%

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 deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

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

Credit funds at a glance

A round-up of fundraising and people moves in credit

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 

Euro CLO league tables: refi market opens up to give KKR best of both worlds
European CLO issuance in October crossed €5 billion for the second month this year as managers took advantage of falling spreads and increased demand. In one example, KKR obtained tight senior CLO financing to go with tight mezz spreads from 2017 in a demonstration of expert timing 

KKR bucks trend to refinance older vintage CLO from 2014
KKR Credit partially refinanced its 2014 vintage European CLO named Avoca CLO XI yesterday, according to market sources

Kroll fires back at ‘factual errors’ in WSJ CLO rating report
Kroll Bond Rating Agency has hit back at the Wall Street Journal article that suggested the firm gives higher ratings to CLOs than its competitors

Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.

Euro CLO round-up: debt investors own the floor as tempo picks up
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter.

KKR resets 2016 euro CLO as triple A spreads drop back into double figures
Triple A spreads tightened for the second consecutive day in Europe yesterday as KKR reset its 2016 CLO Avoca XVII

CLO pipeline: Carlyle and KKR plan swift re-entries
Carlyle Group and KKR are included in the CLO pipeline this week as both managers have started marketing their latest transactions as the US CLO pipeline begins to look full after a quiet week

Market rallies as key CLO investor retreats