Investors proclaim ‘CLO arb is good’
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors

CLO manager shoots for success with CLO captive fund
A Colorado-based firm has joined a plethora of US CLO managers this year to fundraise for a CLO captive fund

Wellfleet issues its largest CLO in almost three years
Wellfleet Credit Partners returned to the CLO primary market on Thursday with its largest new issue deal since 2018

CLO pipeline: Man GLG resurfaces from six-year absence as deals exiting call-lock fill pipeline
CLO spreads have leaked out in recent weeks but deal economics are still favourable, encouraging managers to come back to the primary market for the first time this year

Permira takes 2021 Euro CLO volume over €1.4 billion with 2019 deal reset
Barclays arranged the €349.7 million ESG-labelled CLO, in a first-time partnership for the pair

CLO pipeline: GoldenTree makes good home for single Bs in swarm of activity
Wider CLO spreads are not deterring US CLO managers or equity investors, as 14 new issues, 10 resets and seven refinancings enter the pipeline

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

Brigade follows its playbook as it promotes senior analyst to replace outgoing CLO PM
Brigade Capital Management is promoting a senior analyst to replace its CLO portfolio manager, who is set to leave for another role. It used a similar approach of promoting from its research team in 2016. 

JP Morgan raises 2021 US CLO forecast to record $135 billion
JP Morgan's research desk has raised its US CLO new issue forecast for 2021 to $135 billion

HPS joins group of managers to upsize CLO equity with reset
HPS Investment Partners has joined the burgeoning group of CLO managers to upsize their equity tranche following a CLO reset

Ares scores rare refi of 2018 CLO
Ares has teamed up with Goldman Sachs to print a lesser-seen refinancing of a 2018 CLO: Ares L

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

US CLO triple As and mezz move out of sync as Fidelity and Voya refi
Triple A and mezzanine CLO tranches told different stories yesterday as two US CLOs, with very different profiles, refinanced

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

S&P caps ratings for US CLOs through to end of August amid heavy supply
S&P Ratings will limit its acceptance of new US CLOs for rating through to the end of August as it models $120 billion of new issue supply in the US for 2021

Mid market CLO league tables: BlackRock takes new issuance lead with unusual deal via Morgan Stanley
BlackRock became the third mid market CLO manager to price two new issues this year and in doing so took the lead from Golub Capital in mid market CLO new issue league tables

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 managers syndicate equity as arb is finally attractive
Some CLO managers have forgone majority equity holders in the past month, opting instead to syndicate first-loss tranches to between four and six minority investors

"Fat" triple Bs come to mid market CLOs via Maranon
"Fat" triple Bs have arrived in middle market CLOs after Maranon Capital reset its 2018 deal Maranon Loan Funding 2018-1 via Wells Fargo on Monday

GoldenTree refis irregular 2012 CLO
GoldenTree Loan Management refinanced the double A notes of its irregular CLO named GoldenTree Credit Opps 2012-1

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

CLOs bask in 'golden period' as industry approaches $1 trillion market cap
The economic rebound following the reopening US economy has created a 'golden period' for the CLO market, market participants say

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

Redding Ridge cuts triple C exposure with reset of debut CLO
Redding Ridge Asset Management reset its 2018 CLO RR 1 on Friday, cutting its Moody's Caa concentration from 8.9% to 3.03%, and its S&P CCC concentration from 10.1% to just 3.54% in the process

Voya picks its spots with rework of triple As and triple Bs in unusual US CLO refi
Voya Investment Management has executed an unusual CLO refi transaction that cuts the spreads on just the triple A and triple B notes of a 2018 deal named Voya CLO 2018-4