CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break

US CLO round-up: 23 managers wait in the wings after avoiding pre-election rush
CLO managers rushed to the primary market last week as they sought to lock in financing before the US presidential elections. This resulted in one of the busiest weeks in the primary market with 10 new issues

CLO pipeline: deal flow slows ahead of US election
Only two forthcoming new issue US CLOs have been added to the pipeline this week as the election slowdown hits credit markets. This comes after eight new issue US CLOs and five European CLOs have priced over the last ten days during the pre-election rush

Credit Suisse registers €1 billion euro CLO issuance in October as Partners prices
October European CLO issuance stands at just over €2.7 billion, the largest monthly volume since the March sell-off

Sculptor returns to European CLO market after 14-month absence
Sculptor has priced its first European CLO of the year via Barclays. The deal brings CLO issuance in October so far to a strong €2.4 billion and year-to-date issuance to just over €17 billion

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

Euro CLO round-up: fluctuating spreads give mixed signals
Last week was one of the European CLO market’s busiest since the coronavirus crisis began, as four managers brought new deals to market – adding €1.35 billion

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

Barings brings CLO market tighter with first new issue of 2020
Barings has priced its first regular way new CLO of 2020, and pulled the market a little tighter in the process. The manager teamed up with JP Morgan to print the $350.05 million deal, named Barings CLO 2020-1

Oak Hill refinances fixed rate notes from 2012 CLO
Oak Hill Advisors has refinanced the double A notes of its oldest CLO, OHA Credit Partners VII, which originally issued in 2012

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

OC health check: US CLOs hit by new round of test failures
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i.

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