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 brings first European CLO to brave coronavirus sell-off
PGIM has priced the first European CLO following the market selloff triggered by the coronavirus outbreak, according to market sources

PGIM revises price talk as European CLO spreads jump wider
Price talk has been hiked up for PGIM’s forthcoming European CLO, Dryden 74 Euro CLO 2018 following coronavirus-related market volatility    

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

Price talk for PGIM European CLO suggests triple A-spread tightening
Triple A spreads could be about to tighten in Europe’s CLO market as PGIM markets its latest new issue deal, Dryden 74 Senior Loan Fund, with price talk in the range of 92-95 basis points over Euribor

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

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

Global CLO b-wic round-up: equity, equity everywhere, but trading volumes sink
For the second week in a row, over $230 million of US CLO equity went on sale and multiple control equity positions were listed in the CLO secondary market

Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market
Over $230 million of US CLO equity went on sale last week via bid lists, the first time these assets have made their way to the secondary market in 2020. It also marks the most US CLO equity listed in a week since at least 2018, according to CLO-i

Global CLO b-wic round-up: junior mezz rebounds with busiest week since June
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week

PGIM resets European CLO to cross €2 billion in 2019 issuance
PGIM reset its 2015 European CLO today, Dryden 35, via Goldman Sachs. It takes the PGIM’s 2019 European CLO volumes pass €2 billion

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

Senior European CLO spreads edge wider as PGIM markets reset
PGIM is marketing a reset of a 2014-vintage European CLO with price talk on the floating rate senior notes at 98 basis points, say market sources

Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market 

PGIM becomes first CLO manager to price 12 transactions in 2019
PGIM has priced a €412.38 million new issue CLO via Citi named Dryden 73 Euro CLO 2018, becoming the first CLO manager to complete 12 transactions globally this year

Kroll fires back at ‘factual errors’ in WSJ CLO rating report
Kroll Bond Rating Agency has hit back at the Wall Street Journal article that suggested the firm gives higher ratings to CLOs than its competitors

Euro CLO round-up: debt investors own the floor as tempo picks up
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter.

PGIM scores Europe's tightest CLO print of 2019 as resets make a comeback
PGIM yesterday reset its 2016 CLO named Dryden 48 via BNP Paribas, according to market sources, scoring the European market’s tightest triple A print of the year at 101 basis points over Euribor

PGIM's euro credit research head joins former colleague at Angelo Gordon
PGIM’s head of European credit research has joined Angelo Gordon

CLO pipeline: Golub and Sound Point to cement positions among market leaders
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources

PGIM to join exclusive list of managers to reset, rather than refi, a euro CLO
PGIM is set to join the small but growing list of managers to reset a European CLO this year, as the manager teams up with BNP Paribas to bring a reset of Dryden 48 Euro CLO

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

European managers find tight debt execution by refinancing once more
PGIM and Carlyle Group joined the growing list of CLO managers to refinance in Europe since the seven-month refinancing drought was brought to an end last month – and these managers are enjoying tight debt execution on their liabilities

CLO pipeline: refinancings to make a comeback
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.