CLOs hold $189.3 million of J Crew as coronavirus pushes firm into bankruptcy
12 CLO managers hold $189.3 million debt of US retailer and household name J Crew (parent company Chino Holdings), which filed for Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia on Monday

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

94% of S&P-rated single B CLOs at risk of downgrade as 48 tranches join watchlist
Standard & Poor's has added a further 48 CLO tranches to its creditwatch negative list

Strong structures benefit mid market CLO structures despite lack of government support
April was a brutal month for the broadly syndicated loan-backed CLO market, with swathes of deals breaching their overcollateralisation limits. But sources say their middle market counterparts could be better placed to weather the storm if the coronavirus crisis escalates

Credit pickers need luck to avoid OC trap

Carlyle defers $4 million CLO sub fees after loan downgrades
Carlyle Group deferred $4 million CLO subordinated fees in the first quarter, as a result of rating downgrades across the industry, the firm's quarterly earnings call revealed

CLO market braces for another wave of loan downgrades
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners

CLO fund warns it may suspend stock distributions in Q3
Oxford Square Capital Corp today announced it may reduce or suspend stock distributions for the months of July to September as a result of the crisis triggered by the coronavirus pandemic

Listed CLO fund reports 45% NAV fall in March
Marble Point Loan Financing suffered a 45% drop in net asset value total return in March, according to a portfolio update from the $158.4 million listed fund

OC health check: failures lift above 100 as five more deals breach senior test
Another 116 CLOs have breached their overcollaterisation tests in the last week, according to the latest trustee reports on CLO-i. Out of this, five deals have failed OC tests for all classes – bringing the overall tally of deals that have breached senior OC tests to nine.

222 CLOs hold bankrupt telecom firm as its signal fades
CLOs hold $334.5 million debt of Australian telecommunications company SpeedCast International, which filed for Chapter 11 bankruptcy protection in the District of Texas on Friday

34% of CLOs on track to miss equity payments, virtual conference hears
The impact of the coronavirus crisis on CLOs could only just be starting to bite, said panellists at a virtual CLO conference hosted by IMN

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

Moody's joins Fitch and S&P in CLO negative watch camp as it acts on 976 tranches globally
Moody’s has put tranches from 358 US CLOs and 39 European CLOs on review for downgrade, in an announcement that places 976 tranches (859 in the US 117 in Europe) at risk of losing their original rating

OC health check: another two CLOs fail senior OC tests
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i.

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

If history repeats itself, the best CLO play could be to hold equities
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all

Eagle Point cuts dividend payments on listed CLO equity fund
Eagle Point Credit Company has slashed its divident payment by 60% to eight cents a share, down from 20 cents a share, following losses to net asset value in the first quarter as a result of the coronavirus pandemic

New CLO affected as Fitch puts eight US single A tranches on negative watch
Fitch Ratings today added another 19 CLO tranches to its negative watch list, including eight that an original rating of single A, according to a statement from the rating agency

S&P pushes downgrade button on three US CLO tranches
S&P Ratings has downgraded two tranches of Marathon CLO V and one tranche of Mountain View CLO 2013-1

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

Two US CLOs fail senior OC tests
Apex Credit Partners and Marathon Asset Management have become the first CLO managers in the 2.0 era with deals failing their senior overcollateralisation tests, according to latest trustee reports on CLO-i

CLOs nurse $172 million of Quorum's debt following bankruptcy - but recovery prospects look good
CLOs hold $172.9 million of the debt of US hospital operator Qurum Health Corporation, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware last week

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.