CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

Global CLO b-wic round-up: secondary prices reach March levels
The Memorial Day bank holiday in the US and the late May bank holiday in the UK meant a short week for CLO trading, but that did not stop a good supply of US CLO triple A rated paper making its way to the secondary market

PGIM prepares short duration fund
PGIM has filed its intentions to begin fundraising for a new opportunistic fund. PGIM Short Duration High Yield Opportunities Fund will invest primarily in high yield fixed income instruments that are rated below investment grade

European investors eye 180bp pick-up on triple B CLOs traded in April
A b-wic consisting of mostly European triple B CLOs that traded in late April is on offer at 9.30am New York time tomorrow, according to market sources, as data shows spreads for the rating band averaging 546 basis points over Euribor as of 27 May

Apollo and Barings defer equity payments on long-dated CLOs
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs.

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week

Global CLO b-wic round-up: equity makes a return as investors search for price levels
Three European CLO equity bonds have traded with colour attached in the last two weeks in the secondary market

PGIM prices three-year US CLO via BNP Paribas as covid-era limitations ease
PGIM has priced the second new issue CLO to run a three-year reinvestment period following the market dislocation triggered by the coronavirus pandemic

Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).

Citi makes $100 million-plus gains on CLO triple A trade
Citi bought $2 billion of CLO triple As from PGIM last month and made more than $100 million in profit after selling the bonds when triple A prices recovered, according to Bloomberg

We’ve survived before, we can do so again

CLOs at a glance: CLO primary market grinds to a halt
A round-up of CLO performance

PGIM revives CLO plan with switch to static transaction
The CLO market has been on hold for three weeks due to coronavirus-induced volatility, but experienced CLO managers are attempting to revive the primary pipeline via a static format

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

PGIM lines up for print and sprint CLO
PGIM is looking to capitalise on market volatility by issuing a 'print and sprint' style CLO via Jefferies

"We can have a positive impact by bringing diverse thinking to our business"
Edwin Wilches of PGIM takes our credit quiz

Back from the dead: CLO risk retention resurfaces in the US
Risk retention is making an unexpected comeback in the US CLO market as more managers look to structure their deals to comply with European risk retention regulations

Minnesota pension slates $600 million to four credit funds
Minnesota State Board of Investments has earmarked $600 million to four credit funds

Kayne Anderson prices US CLO in line with experienced issuer as triple As tighten
Kayne Anderson underlined its position as one of the leading CLO issuers among the new generation of CLO managers, pricing a US CLO on the same day as PGIM

VIP Cinema makes uncomfortable viewing for CLOs as it's reeled into Chapter 11
CLOs hold $52.9 million of debt in seatmaker VIP Cinema Holdings, which has filed for Chapter 11 bankruptcy protection in the District of Delaware

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

PGIM invests $13 billion in mid market companies in 2019
PGIM Private Capital provided $13 billion in senior and junior capital to 228 middle-market companies globally in 2019, according to a company press release

CSAM sees sun after nine years in shade