Onex prices USD 408m CLO with mix of fixed and floating rates
Onex Capital Partners printed its second new issue deal of the year – a CLO built of US broadly syndicated loans and bonds with eight debt tranches and two floating-rate tranches

Third time's the charm for serially reset US BSL CLO
Benefit Street Partners has reset a 2014 vintage CLO for the third time, bringing triple-A spreads down to 135bps

Generate keeps up the momentum with new BSL deal
New York-based manager Generate Advisors, the CLO management arm of Kennedy Lewis Investment Management, has consolidated its successful 2023 with its first deal of the year this week, a BSL CLO arranged by Citi

Global head of CLO origination jumps to the buy-side
Hildene Capital Management has raided Jefferies for its new head of capital markets, with the hiring confirmed today.

Banks predict steady year ahead
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe

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

Generate and Citi breathe new life into old CLO
Generate Advisors, the CLO management arm of Kennedy Lewis Investment Management, crowned a successful year in the US market with the shock reset of a 2016 vintage deal

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

Large CLO managers outperform their smaller peers
Size does matter according to our latest research that finds that larger US CLO managers have consistently outperformed their smaller counterparts.

Past returns: How Hildene took the lead
10 years ago in Creditflux we wrote about Hildene’s novel Hildene Leveraged Credit Fund, which was designed to take equity stakes in Hildene CLOs and provide a warehouse for forthcoming deals

Trepp launches new CLO data service
Trepp, a New York-based data provider, has launched a new leveraged loan and corporate CLO analysis database called TreppCLO

CLO rankings: manager AUM, advisory firm and trustees Q1 2023
Two acquisitions close to shake up the top and Dechert takes early lead over Milbank in manager counsel rankings

Timperio earns promotion at Dechert
Dechert has promoted John Timperio to co-head of global finance and real estate, according to an announcement.

Board aims to grant Blackstone fund ability to invest directly in primary CLOs
The board of publicly traded fund Blackstone Loan Financing is proposing to amend its investment policy to allow it to directly invest in primary CLO opportunities, following the results of its shareholder consultation announced today.  Changes to NAV valuation methodology alongside various potential exit opportunities was also discussed.

US CLOs may require audits under revisions to SEC custody rule
New sweeping revisions to the SEC’s Custody rule in mid-February could require US CLOs to be audited and officials tell Creditflux the rule poses very significant challenges which are problematic from a high level, not just in the loan space.

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

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

Investcorp to buy Marble Point as it rejuvenates US CLO business
Investcorp has agreed to acquire US CLO manager Marble Point Credit Management

Manager looks to cut HY exposures in CLO-heavy credit interval fund
A credit fund manager has provided a performance update on is multi-strategy closed-end credit fund through regulatory filings, revealing it has beat its benchmark from 1 April to 30 September despite losing 13.66%

Experienced trader leaves BMO
A senior structured credit trader has left BMO Capital Markets

CLO portfolio metrics "hit an inflection point", says S&P
US CLO credit metricts "have hit an inflection point in recent months and started to turn towards the negative", according to new research from S&P Ratings

Zais CLO management figurehead leaves after nearly a decade
Zais's leveraged finance business head has parted ways with the firm

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 

CIFC boosts legal team with two senior appointments
CIFC Asset Management has announced two senior appointments on its legal and compliance team