Global CLO b-wic round-up: fixed tranches make their way into European secondary
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i. 

CLO pipeline preview: resets and refis set to make a comeback
Despite a slow build up, the pipeline offers respite with many deals lined up to come to market

Global CLO b-wic round-up: record February underscores secondary market value
A roaring February, bringing $2.615 billion listed in the US CLO b-wic market, ended with only a murmur last week

Global CLO b-wic round-up: momentum stalls in CLO secondary market
Only $589.94 million worth of assets were posted on CLO b-wics last week with a US public holiday disrupting the flow. But the trade rate was high with some $422.74 million of CLOs changing hands.

CLOs are not like CDOs, says Barclays, but warns of loan quality impact
CLOs are far removed from the kinds of structured products that contributed to the 2008/09 global financial crisis, Barclays has argued in a wide-ranging research piece this week

Keep calm and buy corporate loans
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

Global CLO league tables: new year, new issues
Momentum in the CLO market at the start of 2019 is less forceful than it was at the beginning of 2018 and 2017, on the basis of opening volumes

CIFC launches its first CLO Ucits fund
CIFC Asset Management has become the latest manager to launch a new CLO Ucits fund

CLO equity a "top trade" for 2019, but beware ratings risk, says JP Morgan
CLO equity is one of the top trades of 2019, according to research analysts at JP Morgan in a research paper published on Friday, noting that the asset class offers ‘sticky capital in a volatile cycle'

Global 2018 CLO league tables at a glance
A snapshot of the overall league tables as of 31 December 2018

Disputes break out over cure contribution terms
CLO market participants are divided over the use of cure contributions — a mechanism that allows majority equity investors to put cash into the CLO to prevent a deal from breaching its overcollateralisation or interest coverage tests. In return for keeping a CLO ticking, sources say equity investors expect to be paid a rate of return of around 20%

2018 breaks more records as US new issue CLO volumes pass $125 billion
US new issue CLO volumes for 2018 currently stand at $125.68 billion, making 2018 a record-breaking year for the sector, according to CLO-i data

Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch

Deutsche Bank refinances CLO backed with trade finance assets
Deutsche Bank has brought a $3.5 billion CLO backed by trade finance that includes a first-loss piece issued at par

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Global CLO round-up: there's something for everyone as CLOs put on a good spread
This week, equity investors have something to be thankful for with triple A CLO spreads showing signs of tightening

Norinchukin's CLO holdings jump by over 50% since March
Norinchukin’s appetite for CLOs shows no signs of relenting

24 CLO managers hold J Crew loan as it drops 4.62%
A total of 109 CLOs hold $219.4 million exposure to J Crew, whose Term Loan B traded down 4.62% from yesterday 

Global CLO league tables at a glance - October 2018
A snapshot of the overall league tables as of 31 October

Tikehau’s private debt AUM hits €7.5 billion
Tikehau Capital, the Paris-based asset management and investment firm, has reached €7.5 billion in private debt assets under management (AUM) as of September 2018. This represents an increase of 17% for the third quarter, amounting to €1.1 billion  

Buy and hold isn’t only option for CLO equity
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

Widening whisks market back to 2017
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.

Ares ups its target for US senior direct lending growth to $4.7 billion
Following $5 billion of inflows into global direct lending in the third quarter, Ares has upped the target for its US direct lending strategy