Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).

S&P puts 48 triple C-heavy CLOs on negative watch
A spike in loan assets rated triple C as a result of the coronavirus pandemic has led S&P Ratings to put 48 CLO tranches on negative watch

We’ve survived before, we can do so again

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

S&P adds to CLO negative watch list as loan downgrades pick up
Standard & Poor’s has added to the list of tranches in CLOs it has on negative watch as coronavirus concerns mount. This follows the rating agency last week highlighting 22 tranches across 15 US CLOs for having big exposure to downgraded corporate borrowers across impacted industry sectors

Fitch puts European and US CLO notes on negative watch after coronavirus stress test
Fitch Ratings has placed six notes from one European CLO, one US static CLO and one US middle market CLO on negative watch, following coronavirus-related stress tests placed last week 

Listed credit fund sheds CLO triple As
Chenavari's listed credit fund, Chenavari Toro Income Fund Limited, has sold European CLO triple A paper to raise cash to answer margin calls related to CLO warehouse and CLO triple A repo exposures

US loan index rises for second consecutive day
The credit markets felt some reprieve on Thursday as the S&P/LSTA index rose for the second consecutive day, rising by an unprecedented 3.33%

30% of CLOs will breach their 7.5% triple C buckets, says BofA
The number of CLOs tripping their 7.5% buckets for loans rated triple C is set to soar from 8% to around 30%, according to the latest research from Bank of America

CLOs pressured by sub-80 loan index as UBS predicts $550 billion of distress
CLOs were squeezed again today as the coronavirus selloff continues to hammer the loan market and UBS predicted many leveraged loans will become distressed

CLOs process Internap bankruptcy as they hold $212 million
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday

Loan index drops below 90 for first time since February 2016
The S&P/LSTA leveraged loan index dropped below 90 today as the coronavirus pandemic continues to wreak havoc on the world's financial markets

Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Dispersion tests hedge fund managers

CLO managers don’t always prioritise profits

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Ucits at a glance: Ucits start year on high note
A round-up of ucits fund performance

European CLO managers with big bond buckets do best, finds Bank of America
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research

CLOs dock $100 million of Pier 1 as it plunges into Chapter 11
CLOs hold just over $100 million debt of Pier 1 Imports, which filed for voluntary Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia yesterday 

CLOs feel flat after housing $335 million of bankrupt RentPath
CLOs house $334.5 million of the debt of RentPath Holdings, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware on Wednesday

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Fund performance: Presents under the tree as CLO funds perform