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.

CLO co-head parts ways with Accunia
One of Accunia's CLO portfolio managers is understood to have parted ways with the firm last month

Aegon agrees to buy NIBC's CLO platform
Aegon Asset Management has agreed to buy NIBC’s North Westerly European CLO platform, which includes three deals alongside the NIBC CLO team

Brigade requests restructuring flex for pre-covid European CLOs
Brigade Capital is proposing to amend documentation in some of its pre-covid European CLOs to include new restructuring language, the firm wrote in a letter to investors in Armada Euro CLO II and Armada Euro CLO III 

Experienced European CLO portfolio manager lands at Serone
Serone Capital Management has hired a well-known CLO specialist as head of European performing credit

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

Senior global CLO trader leaves JP Morgan after 20 years
A senior global CLO trader has parted ways with the bank after two decades

Pimco promotes global lev fin and CLO head to managing director
Pimco's leveraged finance head is one of five senior officials promoted to managing director