US managers recalibrate as Euro CLO portfolio spreads rise: Moody's
CLO managers have had to readjust this year and data from Moody’s Investor Services shows weighted average rating factor scores for all US CLOs have held steady, while weighted average spreads have dropped 0.15%

Warning signs flash as B3 share of loans reaches record level
Credit analysts are sounding the alarm as the portion of the loan and high yield universe rated B3 or B- surged to a record level in the third quarter

US CLO syndication returns after long layoff as triple As settle tighter
After months where CLO liability pricing lagged the loan market, September saw a reversal as a vibrant investor base helped CLOs outperform

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally

Boston-based investor looks to sell entire equity tranche of 2020 PGIM CLO
An unusual equity position is on sale on the secondary market today at 9.30am EST (2.30pm London time) as the entire equity tranche of Dryden 83 has been listed

CLO debt prices imply default rate exceeding forecasts, says Orchard Global
Current pricing of CLO debt tranches implies a default rate that is "far in excess" of the most pessimistic forecasts, according to Orchard Global Asset Management

Three control CLO equity positions hit market with another to follow
Three anchor US CLO equity positions were listed on the secondary market yesterday in what was a busy day for investors

Axa IM plots Euro CLO warehouse investment amid loan pressure and possible liquidations
Some European CLO warehouse may face liquidations and there will be further pressure on leveraged loans in the last quarter of the year, according to Axa Investment Management

Primary US CLO equity more attractive than secondary, says PineBridge
Primary market CLO equity offers better value to investments in the secondary market, according to a new article from PineBridge Investments

CLO engine sputters as loan recovery hits road block
US CLO issuance suffered a precipitous decline in August as firms struggled to adjust to the new pricing landscape

Market sentiment shifts as investors turn bullish on loans and CLOs
CLO market sentiment has shifted decisively in recent weeks with investors expressing more optimism than earlier in the year

Middle market CLOs facing "unexpected headwinds", says S&P
Middle market CLOs are facing 'unexpected headwinds' as their liability costs rise faster than their asset spreads

CLO equity arb gets squeezed but investors eye recovery swing
The CLO equity arbitrage endured a wildly volatile first half of 2022, but observers say the time could be right to buy into the asset class

Oxford Lane reveals reinvestment goal as it trades over $200 million in secondary CLOs in Q2
Senior officials at Oxford Lane Capital Corp described the firm's second quarter approach to CLO investing on a Tuesday earnings call, revealing trades of CLO equity and junior debt amounting to $237.8 million

CLO market mood sours amid bitter economic outlook

Bridgepoint becomes control equity investor in 2021 CLO after secondary trade
Bridgepoint says it bought an additional 30% equity stake in its third European CLO, Bridgepoint CLO 3, meaning the firm has a majority equity interest in the deal at 61%. The price suggests the CLO is performing well 

History suggests best CLO equity returns come after periods like today's, say Oxford
Research published by Oxford Funds argues that stressed periods in the loan market are typically followed by the best CLO equity returns, suggesting today's vintage of CLO equity could be among the best performing

CLO counterparties hunt for signs of optimism: SFIG conference
Leveraged loan and CLO investors are hunting for signs of optimism as they face the prospect of a US recession

European junior CLO debt can withstand downturn without taking principal loss: TwentyFour
European CLO single Bs are able to weather a “moderately pessimistic forecast” in which loan defaults spike to 6.5% for two years, without coming close to taking a principal loss, according to a blog written by TwentyFour Asset Management’s Elena Rinaldi.

Oaktree identifies CLOs among top picks in credit
Oaktree Capital Management’s head of performing credit Armen Panossian has outlined CLO tranches among his three favoured investments in this market

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

Investors turn to secondary market amid recession fear
CLOs and loans weathered a sudden sell-off in May as investors began to factor in a higher likeli-hood of recession

Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday

Loan dip brings longest CLO primary pause since January
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week 

Defaults should keep low despite looming recession, says TwentyFour
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management