Brigade prints wide of current Euro mark with CLO reset
Brigade has priced a reset of a 2018-vintage European CLO via Bank of America

CVC resets older Euro CLO deal with smaller equity infusion than guidance
CVC has priced a reset of a 2016-vintage European CLO that made significant changes to the capital structure including an equity injection

Voya prepares to reset debut European CLO
Goldman Sachs is marketing a reset of a 2018-vintage European CLO managed by Voya

Jefferies prices short-dated Euro CLO reset for Permira
Jefferies has continued its series of short-dated European resets with a 1Y/2Y reworking of a 2018-vintage Permira CLO 

Pinebridge reworks 2016-vintage CLO for the third time
Pinebrides has priced a refinancing of a 2016-vintage CLO for the third time via JP Morgan

CVC gears up to reset a 2016-vintage European CLO
CVC has joined the Autumn deal calendar and has been marketing a reset of a 2016-vintage CLO via Natixis

Investcorp's head of European credit funds Philip Yeates leaves firm amid leadership shake-up
Philip Yeates, head of European credit funds at Investcorp, has left the firm as the asset manager undergoes a leadership shift that's seeing co-CEO Hazem Ben-Gacem set to depart later this year and executive chairman Mohammed Alardhi take on CEO duties

CLO round-up: Market braces for a busy September
The US and European CLO markets are bracing for a flood of deal activity from market participants as the fall season kicks off

CLO round-up: CLO market sees slight pressure to widen new issue spreads
CLO market saw robust deal activity with some pressure on liability spreads last week

Reset focus shifts to pre-COVID deals
As spreads tighten, managers are looking to reset CLOs that priced before the onset of the COVID pandemic — even if this slightly increases the deals’ weighted average cost of capital.

Apollo picks up two hires from Bank of America
Investment bankers Tomasz Gruszka and Murad Khaled have joined Apollo and an affiliate from Bank of America

Brigade prices unusual reset on rapidly-amortising CLO
The end of last week saw Brigade Capital Management price an unusual 2018-vintage reset that widened the deal’s overall cost of funding

Hayfin prices short-dated reset of European CLO
A reset of Hayfin Emerald CLO X came with a twist – a short-dated, two-year reinvestment schedule

Aegon prices first European CLO
Monday saw a significant moment in the European primary market – the return of the North Westerly CLO platform to new deal issuance after three years, now under the auspices of Aegon Asset Management

DWS grows CLO team in Europe with senior hire
DWS continues to build out its nascent CLO team with the recruitment of a well known CLO portfolio manager

Permira prices tenth European Providus CLO
Permira Credit threw their hat into the increasingly crowded European ring with their first deal of 2024

Rockford Tower prints the first short-dated European CLO this year
Rockford Tower has reset Rockford Tower Europe CLO 2018-1 in the first short-dated European deal of 2024

Barclays raises 2024 US BSL CLO new issue forecast
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

LP CLO investor returns to Accunia
A veteran CLO investor has announced he is returning to Copenhagen-based Accunia Credit Management, where he will be Head of Investments

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

Global head of CLOs and loans switches firm to focus on private credit
Dan Robinson, Man Group's managing partner of capital asset solutions and global head of CLOs and loans has moved to a new asset manager

European structured finance market constructive on rates pause — market snapshot
European ABS and CLOs had a constructive week in the secondary market, reflecting better sentiment in broader credit

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.

Question your assumptions
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal.