Refis and resets fly amid tight spreads and outlier 2020 CLOs
CLO refinancing and reset activity got off to a rocket-fuelled start in 2021, with over $9.48 billion printing on a global basis — almost reaching the $9.76 billion printed between March and December of 2020, according to Creditflux data

Carlyle scores tightest CLO triple A print since 2018
Carlyle Group has priced a new record triple A spread on its latest deal at just 114 basis points over Libor, a full 5bp inside previous market tights

Former Seix CEO joins Marble Point
Marble Point Credit Management has hired the former chief executive officer at Seix in a move that reunites him with former GoldenTree colleagues

Bardin Hill CLO attaches double Bs low and drops A tranche
Bardin Hill Investment Partners has returned to the US CLO primary market with its first new issue transaction since November 2018, and the deal is not without its quirks

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

Barclays prices CLO refis for Kayne Anderson and NYL
Barclays priced two CLO refinancings on Friday, reworking deals managed by Kayne Anderson and NYL Investors. These total $742 million, meaning the US CLO market absorbed $8.42 billion of refi paper in January - or 38.55% of the total refis priced in 2020

CLO manager returns to new issue market for first time since 2018
OFS Capital has priced its first new CLO in over two-and-a-half years years, teaming with Jefferies to print the $313.15 million deal named OFS BSL CLO X

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

Three-year US CLO triple As reach 106bp with Neuberger Berman deal
US CLO spreads notched a new record on Wednesday as Neuberger Berman printed its latest new issue with triple As at just 106 basis points over Libor

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

PGIM prints first fixed-rate CLO refi of 2021
PGIM has priced the first single-tranche fixed-note CLO refinancing of 2021, a type of CLO primary transaction popularised in 2020 following the coronavirus outbreak

CLO pipeline: 2020 absentees join new issue rush
The CLO pipeline is growing by the minute as managers prepare their first new issues of the year after varying lengths out of the market

Refis, resets and reissues back in vogue as four US CLO managers print deals
Various shades of CLO refinancings dominate the US CLO primary market with four deals - two refis, a reset and a reissue - printing on Wednesday for a total volume of $1.1 billion. This surpassed all US CLO refinancings in the six months from March to September last year

Blackstone refinances mezz tranches of 2018 bond-heavy CLO
Blackstone Credit has teamed up with GreensLedge to refinance the mezzanine debt notes of a 2018-vintage inaugural bond-heavy CLO named Cirrus Funding 2018-1

DFG changes name to Vibrant Capital Partners
New York-based CLO manager DFG Investment Advisers has rebranded under Vibrant Capital Partners

Mid market CLO league tables: Golub makes it four in row and Wells Fargo returns to summit
For the fourth year in a row Golub Capital was the most prolific mid market CLO manager, while Wells Fargo led the mid market CLO arranger league tables for the third time in the last four years

US CLO league tables: AGL and JP Morgan topple leaders in new issuance, but Apollo and Citi maintain overall dominance
Only 13 months after setting up shop, AGL Credit Management vaulted itself to the top of the US CLO new issue league tables in 2020

CLO pipeline: managers waste no time cracking open the new year
The US CLO primary market is itching to open shop in 2021 as four refinancings and two resets line up alongside seven managers marketing new deals

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

Equity investors call time on CSAM bond-flex CLOs
Two of Credit Suisse Asset Management’s three bond-flex CLOs were called by their equity investors in October, according to notices seen by Creditflux, despite both deals being within their reinvestment periods

Ares/Crestline CLO overlap jumps to 60% following Ares takeover, Fitch says
CLO acquirers have been busy converting purchased portfolios to their house-style, according to research by Fitch

CSAM refis fixed-rate notes from 2018 CLO
Credit Suisse Asset Management has tapped the CLO primary market to refinance the fixed-rate notes of its 2018 vintage deal, Madison Park Funding XXXI

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

CLO pipeline: 15 managers make a final push
15 US CLO managers are in the near term pipeline with just a few days before primary markets close for the holiday season. Among these, nine are aiming to price a new deal while the rest include a reissue, a reset and four refinancings.

Carlson signs equity deal with Jefferies and Hildene for four CLOs in three years
Dallas-based manager Carlson Capital has entered a strategic partnership with Jefferies and Hildene Capital Management to support issuance of CLOs on its Cathedral Lake platform