Investcorp preps first CLO refi in Europe with triple and double Bs since 2019
Investcorp Credit Management is working with Deutsche Bank to refinance six tranches of its 2018-vintage CLO named Harvest XVI

Redding Ridge equity covers at 116 for new European CLO record
Redding Ridge Asset Management set a new record on Wednesday as €5.2 million of RRE 4, a 2020 vintage CLO, traded in the secondary CLO market with a cover of 115.8

Neuberger Berman breaks through into European CLOs
Neuberger Berman has become the latest debut in the European CLO management, the 20th manager to do so since 2018

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

Assured markets first new issue European CLO in over 15 months
Assured Guaranty is marketing its first European new issue CLO in 15 months, BlueMountain Euro 2021-1

European CLO triple As go tighter still as KKR prints at 83bp
Triple A spreads ground tighter in January with KKR’s latest European CLO

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

Redding Ridge prices European CLO triple As at tightest levels since July 2018
A new triple A benchmark has been set for European CLOs with Redding Ridge pricing triple A notes at Euribor plus 87 basis points, inside its low/mid 90s guidance

Jefferies picks up three big mandates to get European CLO plans rolling
Jefferies has taken huge strides towards building out its European CLO arranging business with sources indicating the bank has won mandates from three managers

European reset wave begins as Partners reworks 2018 CLO
Partners Group’s Penta CLO 5 has become the first European CLO to reset in 2021

CLO pipeline: 2020 absentees join new issue rush
The CLO pipeline is growing by the minute as managers prepare their first new issues of the year after varying lengths out of the market

US CLO manager rekindles European CLO ambitions as it launches debut 2.0
A large US CLO issuer has revived its European CLO plans, more than two years on from its failed attempt

Partners lines up first European CLO reset in 11 months
Partners Group is laying the groundwork to print one of the first CLO primary transactions in Europe of 2021, having teamed up with BNP Paribas to issue a reset of a 2018 vintage deal

Euro CLO league tables: Killer Bs: Barclays and Blackstone cause buzz to lead new issuance
The coronavirus pandemic-induced volatility had a marked effect on the European CLO market in 2020 with total issuance falling by €18.5 billion and new issuance €7.8 billion lower than 2019’s figures

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

Euro CLO league tables: Barclays heads close race for new issues
Bridgepoint became the fifth European debut manager in 2020 when it teamed up with Barclays to price Bridgepoint CLO I on 13 November. The €301.85 million deal featured triple A notes at 121bp over Euribor, 11bp wide of market tights

European CLOs will perform well in 2021 but expect new deal quality drop, says Moody's
In a report published today, rating agency Moody's said CLOs will continue to perform due to credit enhancement levels and despite rising defaults. But CLO portfolio overlaps look set to increase 

CLO pipeline: LCM switches arranger to complete deal and join issuance surge
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs

CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break

Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Primary European CLO market shows signs of life as Bain enters
Bain is pairing with Goldman Sachs for the €304.4 million transaction named Bain Capital Euro CLO 2020-1

Mid market CLO league tables: Golub becomes talf of the town
Golub Capital Partners became the first manager to price a CLO eligible as collateral under the US Federal Reserve’s term asset backed securities loan facility when it teamed up with Societe Generale to price Golub Capital Partners talf 2020-1 on 22 October