Global CLO league tables - May 2022 YTD
Global CLO league tables - May YTD

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

You seem familiar
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator

Euro CLO league tables: PGIM and Jefferies lead as Euribor caps come back in fashion
April was the quietest month of the year in the European CLO market with only €2 billion pricing across four new issues and one reset

US CLO league tables: Blackstone gets back to business as it rises to the top
Blackstone is no longer the largest CLO manager globally (it lost that title in March). But it is the most prolific issuer in 2022 

Global CLO league tables - April 2022 YTD
Global CLO league tables - April YTD

CLOs at a glance (May 2022)
A listing of CLOs that have priced in the last month
   

PGIM surpasses $2 billion new US CLO volume for 2022
PGIM surpassed $2 billion of US CLO volume for 2022 on Thursday by printing its fourth new transaction

Livermore reveals investment in Blackstone and PGIM CLO equity
US CLO equity investor Livermore Investments Group has been active in the primary market 

PGIM opts for two-year reinvestment on Euro CLO with triple As at 110bp
BNP Paribas arranged the €401.3 million deal, which features a shorter than traditional reinvestment and non-call period 

Sofr, so complicated
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments

Managers debate ethics of investments in arms makers

Arb work pays off
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

CLOs at a glance (April 2022)
A listing of CLOs that have priced in the last month  

LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds

Global CLO league tables - March 2022 YTD
Global CLO league tables - March YTD

US CLO league tables: BofA marches on as Elmwood climbs to top in new issues
Last month, for the first time since June 2020, no resets or refinancings priced in the US CLO market as market volatility took repricings out of the money. This meant a month-on-month decline of $13.4 billion in overall issuance, but new issuance was still healthy with $11.6 billion pricing in March

Euro CLO league tables: Jefferies takes huge lead as managers bunch up
The increased volatility and geopolitical risk brought about by Russia’s invasion of Ukraine meant European CLO issuance dropped off in March after a strong February

PGIM prints European CLO with triple As at 120bp
PGIM priced its latest European CLO, Dryden 91 Euro CLO 2021, today via Citi with triple As at 120bp

European CLO triple As set to hit 120bp with PGIM pricing today
PGIM is poised to price a European CLO today with sources indicating that the deal – Dryden 91 – is due to issue senior notes at 120 basis points. This is set to be the new benchmark, but it is almost 30bp wide of levels in mid-February  

PGIM prints latest CLO with triple As paying 138bp
PGIM on Thursday priced its third new US CLO of the year, bringing its issuance volume for the year to $1.57 billion

They said it: Whichever CSA number you use, it’s wrong
Whichever CSA number you use, it’s wrong...

Twosday: Neuberger Berman and PGIM price second deals of the year on palindrome date
Neuberger Berman and PGIM made quick returns to the primary US CLO market yesterday after 1.1 and 0.6 months away, respectively

PGIM raises $2.4 billion for inaugural direct lending fund
PGIM Private Capital held a final close on its inaugural direct lending fund, PGIM Senior Loan Opportunities I

CLO pipeline: deals come in two by two hurrah! hurrah!
It is raining CLOs in February and some issuers are preparing for the deluge by printing deals at the double