This doesn’t look like Kansas anymore: Palmer Square opts for unusual road to Europe
Palmer Square Capital Management is taking a novel approach to European CLO management with the head portfolio manager for its deals being stationed at its headquarters in Kansas City

It’s been a while — how’s tricks?

Credit event auctions mount as European resistance breaks
Two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years — have made 2020 the second busiest year ever for credit event auctions

Hema and Matalan auctions set as DC ponders Ensco credit event
Dates have been set for credit event auctions to settle two constituent defaults in iTraxx Crossover — the first to hit the European on-the-run index in almost two years

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

Investors should invest in private debt throughout 2020, says bfinance
Private debt has so far proved able to maintain stable valuations and pay coupons in 2020 so investors should keep faith through the year, according to investment consultant bfinance

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Deutsche Bank hires in syndication as it looks to bounce back in CLOs
Deutsche Bank has re-affirmed its commitment to CLO issuance with Colin Parkhill joining later this year as head of European ABS and CLO syndication in London, and the bank lining up several mandates

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

CLOs at a glance: managers show creative side to price new issues

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Janus Henderson launches 'first of its kind' senior CLO ETF
Janus Henderson has become the latest manager to prepare a CLO-focused fund, but the manager has taken a rather unusual approach to its fund structure: an exchange traded fund

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

LP round up: Oregon eyes $1.8 billion into structured credit
Institutional investors have earmarked over $6 billion to credit funds over the past two weeks

Fair Oaks resumes dividends on listed CLO fund
Fair Oaks Capital will resume paying dividends on its listed fund Fair Oaks Income Fund

Crestline prepares third speciality lending fund
Crestline Investors is preparing to launch its third speciality credit fund, Crestline Speciality Lending Fund III

Two large managers prepare CLO funds
Another two managers have joined the plethora of firms launching CLO-focused funds of late including CIFC, Capital Four, DFG, Eagle Point, Neuberger Berman, Octagon, and Tetragon

Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux