Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply

CLO pipeline: all-time CLO issuance records come under threat
14 new issues in US and three European new CLOs look to price in the coming weeks

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

US CLO managers with eye on Europe opt for risk retention
The US CLO market celebrated as domestic risk retention requirements were overturned in February 2018, but issuers are increasingly taking down 5% of their CLOs voluntarily with a view to satisfying European risk retention rules

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

Alcentra's global CLO fund closes at $484 million and over 50% deployed
Alcentra has closed its fourth global CLO fund, Alcentra Structured Credit Opportunities Fund IV, at $484 million

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

CLO pipeline: Five out, five in as market digests new issuance wave
Five new issue US CLOs priced from last week’s pipeline, but five more have replaced them in this week's edition of our pipeline report

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

CLO pipeline: new issue becomes name of game with 14 managers preparing to price
Only $3.2 billion of CLO paper priced globally across all forms of pricings this past week. But the market looks to set to explode back into life with 14 US CLO new issues in the pipeline

Woah, we’re halfway there
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

CLO pipeline: and breathe... issuance splurge clears the backlog
Over 20 deals remain in the CLO pipeline, despite a glut of issuance last week in which 38 transactions priced, totalling $18.1 billion

Global CLO trading lab: secondary volumes inflate and easily get absorbed
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

CLO pipeline: Deutsche Bank and Carlson hit comeback trail
The CLO market is preparing to be very active in the coming weeks, as the issuance slow-down is set to be in the rear view mirror

CLO pipeline: European new issues set to resume but managers seek pricing stability
The CLO pipeline is heavy with reworked deals - and anticipation - as 14 US CLO and one European CLO refinancings feature, along with nine US CLO and six European CLO resets

LP round-up: $2.6 billion flows into 26 credit managers
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers

CLO pipeline: Carlyle eyes fourth new issue in two months but refis and resets dominate
Manager focus has shifted to reworking vintage CLOs to lower funding costs in a much tighter market, with the new issue US market having slowed

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

CLO captive funds surge as US manager becomes latest to launch
The New York-based manager joins the likes of Kayne Anderson and GoldenTree this year to raise funds to invest in their own CLO equity and warehouse lines

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

CLO pipeline: US adds deals at frenetic pace as Europe catches breath after record start
US CLO investors have numerous deals to consider with 13 new issues and 15 repricings being prepared to flood the market in the coming days

Waiting for afters
Day one arb remains important, but last year there were opportunities aplenty in the secondary market, which put the onus on printing CLOs and waiting for the day after non-call periods expired