Eagle Point adds head of CLO issuance and originations
The CLO equity investor promoted principal Daniel Wohlberg to the new position

Man Group to acquire CLO and private credit manager Bardin Hill
The USD 3bn credit manager, now named Bardin Hill, is a private credit and US CLO shop based in New York

CLO industry marks 10-year anniversary of the first reset
Apollo Global Management pulled off the very first reset in June 2015, which extended the life of a 2012 CLO

CVC prints fourth repricing of long-running 2012 US CLO

The transaction, which was last reworked in 2021, has already been through a refinancing and two resets

Carlyle reworks 2012-vintage US CLO for fourth time
Carlyle reworked its US BSL deal Carlyle 2012-4 for the fourth time on Friday, when it priced a USD 494m partial refinancing

Distress rises in US CLO double Bs — but most have been in trouble for years
Despite the limited impact of the Altice debacle on the European market (as explored in our cover story), stress is building in some older US CLOs. The robustness of the CLO 2.0 structure has carried the market through a variety of crises, but now a number of junior tranches in US BSL CLOs are either defaulted or impaired.

Sculptor launches CLO captive equity platform
Sculptor Capital Management launched its new CLO captive equity platform today, anchored by a commitment from Rithm Capital

CLO managers laud market’s shift away from direct lending
This year’s annual SFVegas shindig had a record 8,900 registered delegates, and every CLO panel included a discussion of two key themes, including the highly publicised fight between the broadly syndicated loan space and private credit lenders.

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

How many CLOs will be called this year?
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption

Ask the market where spreads are heading
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. 

Santander continues push into CLO structuring with new refi
Sculptor Capital Management last week priced its first deal of 2024, continuing Santander's rapid growth as an arranger, coming just days after its first lead arranger credit on Z Capital Credit Partners BSL CLO 2024-1

How worried should we be about defaults?
As defaults in the US loan market continue to stack up, we investigate the fallout for CLO investors by focusing on the OC tests of double B tranches across 10 years of US CLO vintages

What CLO investors really need to know
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

Do resets help CLOs perform better?
As the market for CLO resets opens, we look at the performance of deals that were previously reset, and find they soon deliver higher distributions than those deals that were not reset

Credit Suisse/UBS deal to create $5 trillion asset manager
The emphasis is set be on wealth and asset management, according to a statement released by UBS in conjunction with its move to acquire Credit Suisse

First Eagle promotes four across syndicated loans and direct lending
First Eagle Alternative Credit has promoted four officials to senior-level roles across its direct lending and syndicated loans businesses

Former Zais CLO portfolio manager joins Sancus
Sancus Capital Management has hired a CLO business development head and portfolio manager from Zais Group

Sound Point holding CLO M&A talks which could catapult it to fifth-largest manager
Sound Point Capital Management is locked in talks with a large, global CLO manager over a deal that could take its CLO AUM north of $36 billion

Experienced CLO investor parts ways with bank treasury desk
A senior triple A CLO investor has parted ways with a treasury desk ahead of a move to another financial institution  

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Founder of Alcentra's structured credit business to step down as PM
A long-time CLO tranche investor is set to move away from day-to-day portfolio management duties and take on a new role as senior advisor 

Eagle Point expands into structured products including SRTs with big hire
Eagle Point Credit Management has hired a head of ABS, MBS SRT and specialty finance, in a move which underlines the firm’s progression from a CLO equity investor to a broader credit asset manager.