Moody's downgrades one tranche of 2018 European CLO
Moody’s downgraded the class D tranche of a 2018 vintage CLO managed by Man GLG 

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Cashflowing 2018 CLO looks to issue class X notes
A 2018 US CLO, with low financing costs and a 5.18% junior OC cushion, is looking to issue more debt in the form of class X notes

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

CIFC CLO funds outperform after using tech to identify tail risks
CIFC Asset Management has been using technology to its advantage as two of its CLO funds were in the top 10 of our credit hedge fund return tables in April

Moody's puts 241 CLO tranches on downgrade review including five rated Caa3
Moody's has added another 241 US CLO tranches to its list of reviews for possible downgrade, the agency has announced

Moody's adds 234 European CLO tranches to downgrade review list
Moody's has put 234 European CLO tranches on review for downgrade, citing the economic shock resulting from the coronavirus pandemic in its decision

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus

CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

Euro CLO investors look to cash in as market confidence returns
A mixed b-wic comprised of €35 million European CLO tranches is on offer at 9.30am New York time Tuesday, with investors looking to capitalise on tightening spreads as confidence gradually returns to the market

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

Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
Corporate credit downgrade storms have been weathered before, but this one has come out of season

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i

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

Scale of coronavirus-linked defaults divides credit market
As governments and central banks around the world plough money into the economy in response to the coronavirus pandemic, the loan and CLO markets are nevertheless bracing themselves for a corporate downgrade wave to turn into a default cycle

Black Diamond multi-currency CLO looks to buy back senior debt at 98.75%
Black Diamond CLO 2015-1 is voluntarily offering to pay down its senior debt

US and Europe diverge on credit spreads and more
US and European corporate credit performance has diverged since cities went into lockdown in March, with Europe tending to do better. But the CLO market gives a different picture, with 17 US transactions pricing to four in Europe since 1 April, and with tighter investment grade spreads

Negative cash deal becomes first European CLO to fail OC test since sell off
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March

CLOs look at flipping frequency switch as corporates hold cash
European CLOs could be set to flick their ‘frequency switch mechanisms’ as a growing number of corporations go from paying quarterly to semi-annual coupons

CLOs face trading restrictions as bankruptcies mount
CLO managers could be handcuffed in impending bankruptcies if tranche downgrades continue and restricted trading periods kick in

They said it: There will be a re-tiering of managers after this
"There will be a re-tiering of managers after this"

Points up front: Senior tranches pay down despite junior OC passes
192 US CLOs have breached at least one over-collateralisation test, according to CLO-i, but at least two deals have not followed the conventional path

Libor fall weighs heavily on loan and CLO portfolios
Libor floors are set to return to prominence after three-month rates tumbled to 0.38% by 18 May, returning the loan market’s base rate to its lowest level since the oil and gas crisis of 2014-16

Cure contributions come into play in CLOs amid pandemic
Some CLO investors are triggering a mechanism in their deals that lets them inject additional equity into structures to prevent them from failing over-collateralisation or interest coverage tests