Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

Bain features triple B discount in third-tightest CLO post-covid
Bain Capital Credit priced its first CLO of 2021 on Monday, securing the third tightest funding costs for a five-year reinvestment deal post-covid in the process

Bain refinances CLO six months post-reinvestment
Bain Capital has refinanced three tranches of a CLO that left its reinvestment period in August

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

Bain becomes seventh to seal 2021 post-reinvestment CLO refi
The number of managers refinancing post-reinvestment CLOs is climbing, with Bain Capital becoming the seventh manager in 2021 to price one of these transactions

Bain completes fourth post-reinvestment CLO refi of 2021
Bain Capital has joined the growing trend of managers to refinance CLOs at the end of their reinvestment periods

Bain completes fifth new US CLO of 2020
Bain Capital Credit on Wednesday joined the exclusive list of US CLO managers to price at least five new issues in 2020

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs

Bain prints first European CLO of 2020 via Goldman
Bain Capital has priced its first European CLO of the year, via Goldman Sachs

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 CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Primary European CLO market shows signs of life as Bain enters
Bain is pairing with Goldman Sachs for the €304.4 million transaction named Bain Capital Euro CLO 2020-1

Five-year CLOs back in vogue as Bain joins group of long duration issuers
Bain Capital Credit has priced the fourth five-year reinvestment CLO amid the coronavirus pandemic as the market continues to creep back towards pre-covid norms

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

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

CLO triple As tighten to 138bp as Bain prices new issue
Bain Capital Credit has priced its third new CLO of 2020 with a record-breaking 138 basis points triple A spread

CLO pipeline: Allstate looks to end 15-month new issue absence
Allstate is among those managers looking to issue a CLO as the primary market heads into September, traditionally one of the busiest months in the new issue calendar

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

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

Bain makes post-covid US CLO primary comeback
Bain Capital Credit on Friday priced its first CLO since the coronavirus pandemic, teaming up with Credit Suisse to issue the $388.3 million Bain Capital Credit 2020-2

European investors eye 180bp pick-up on triple B CLOs traded in April
A b-wic consisting of mostly European triple B CLOs that traded in late April is on offer at 9.30am New York time tomorrow, according to market sources, as data shows spreads for the rating band averaging 546 basis points over Euribor as of 27 May

Fitch takes action on 29 European CLO tranches
Fitch Ratings took action on 29 European CLO tranches yesterday, placing the majority of these on rating watch negative

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week