Euro CLO primary mezz snaps wider but senior holds firm as Ares and PGIM print
Fears around a second wave of coronavirus pandemic have pushed European mezzanine spreads wider since September, with new CLOs from PGIM and Ares Management underlining this shift

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Four-year CLOs return to Europe as CBAM makes breakthrough
Citi returns to the European CLO market after a six month hiatus, while CBAM delivers Europe's first four-year CLO post covid

Investcorp completes second largest European CLO since March sell-off
Investcorp has upsized its latest European CLO since marketing, with the manager pricing a €419.6 million transaction

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Five Arrows prices same-day CLOs in US and Europe for first time
Five Arrows Managers broke new ground on Friday after pricing two CLOs on one day for the first time in its history

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

Bankruptcies mount with CLOs not on level playing field
Over $2.4 billion of CLO collateral has been caught up in bankruptcies since coronavirus-related volatility began, according to CLO-i. Bankruptcies are not a level playing field for CLOs - and although documention ammendments on what a CLO can or cannot do in a restructuring are not happening yet, sources say talks may arise in the future

Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Aviation debt funds achieve lift-off as airlines look to replenish fleets
Funds and financing solutions geared towards aviation debt have been taking off in recent weeks.

Creditflux guide: single name CDS
Credit default swaps aren’t used as often as they were, but they are still a quick way for investors to hedge or take a position on names in the credit market

CLO round-up: it's a good time to be a debut manager
New managers are taking advantage of welcoming debt investors by speedily raising CLOs. Our analysis shows that 2017 is the perhaps the best time to price a debut CLO since 2013