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

Second TPG CLO tranche drops to triple C in just three weeks after Moody's downgrade
Moody’s has downgraded a second tranche of a CLO managed by TPG to Caa1 citing par loss

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

2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs

Don’t be tempted by low debt costs — the key driver of performance in static CLOs is market timing

CSAM sees sun after nine years in shade

CLO double Bs begin bounce back in b-wic bonanza

Fund performance: Presents under the tree as CLO funds perform

Ucits at a glance: Ucits end strong year on a high

CLOs at a glance: Lightning strikes twice with static shocks

Credit funds at a glance

Moody's cuts Octagon CLO tranche to Caa2 citing low expected recovery rates
The class F notes of a 2014-vintage CLO managed by Octagon Credit Investors have been downgraded to Caa2 by Moody’s

CLOs at risk of failing WAS tests due to loan refi wave, finds JP Morgan
 Some CLOs could be at risk of failing their weighted average spread tests or could be at risk of a refi or reset due to a forthcoming refinancing wave in the loan market, according to new research from JP Morgan

McDermott slips into bankruptcy with CLOs holding almost $1 billion
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement 

Three US CLO anchor equity positions go on sale one week after payment dates
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. 

Moody's downgrades tranche from reissued 2018 CLO to triple C citing par loss
Moody's has downgraded a tranche of a CLO reissued in 2018 to triple C, the rating agency said in an announcement

Class F notes of 2018 CLO downgraded to triple C by Moody's
Moody’s has downgraded the class F notes of a 2018 CLO to Caa1, citing par loss in the underlying portfolio for its decision

Partners nears $100 billion in AUM as CLOs drive private debt growth
Swiss manager Partners Group has reached $94.1 billion in assets under management, with CLOs boosting the firm’s growth, according to its 2019 annual results  

CLOs face losses as Constellis loan drops to 28.5
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December

US CLO tranche downgraded to Caa3 amid OC and warf test failure
A $5 million tranche of a 2014-vintage CLO has been downgraded to Caa3 by Moody’s

Not all old tier one CLO managers lived up to their premier billing

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.