CLO pipeline: LCM switches arranger to complete deal and join issuance surge
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs

Sculptor CLO refi ends US primary pause with first deal post-election
Sculptor Capital Management on Wednesday priced the first transaction in the US CLO primary market following the US election, bringing to an end the lengthy 16-day pause in dealflow

CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break

Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Mount Logan completes mid market CLO acquisition for $3 million
Mount Logan Capital has completed the acquisition of management rights for two middle market CLO contracts from Garrison Capital. The firm disclosed in an announcement it paid $3 million for the transaction which included the two contracts plus ‘certain side letter agreements

US CLO league tables: JP Morgan nips ahead of Citi as debutants pour in
JP Morgan has surged to the top of new issuance rankings following a busy September and October in which the bank was lead arranger for 10 new CLOs totalling $3.9 billion

York suggests replacement key person on CLOs after partner leaves
York Capital Management has proposed a replacement for a key person in its CLO documents, following the departure of a partner 

US CLO round-up: 23 managers wait in the wings after avoiding pre-election rush
CLO managers rushed to the primary market last week as they sought to lock in financing before the US presidential elections. This resulted in one of the busiest weeks in the primary market with 10 new issues

Medalist CIO moves to fintech company in New York
Structured credit specialist Medalist Partners has parted ways with chief investment officer Brian Herr, who has taken up a role with a fintech company

Symphony splits CLO tranche to fixed and floating following refi
Symphony Asset Management has split the fixed-rate double A tranche of its 2015 vintage CLO named Symphony XVI as part of a refinancing

Global b-wic round-up: Europe drifts wider
The CLO secondary market had a robust week with $860 million of US CLO paper and €315 million worth of European CLO bonds listed. But spreads widened off the back of concerns over lockdowns across the globe, the increased risk of downgrades and tomorrow’s US presidential election

Brigade refis bond-flex CLO and junior notes follow order while seniors stand out
Brigade Capital Management has completed a partial refinanced of a bond-flex US CLO and in the process redressed one imbalance in terms of running coupons, while opening up another.

Monroe saves 18bp with first ever mid market CLO repricing
Monroe Capital has shaved just over 18 basis points off a 2018 middle market CLO named Monroe Capital MML CLO VII with a repricing

Brigade prices rare refinancing of bond-flex CLO from 2018
Brigade Capital Management has partially refinanced a debut bond-heavy CLO from 2018 known as Brigade Debt Funding I, marking just the fourth such transaction of 2020

BlackRock prices first middle market CLO following Tennenbaum buyout
BlackRock has priced its first CLO backed by loans to middle market companies since acquiring private credit manager Tennenbaum Capital Partners in 2018

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

AMMC makes CLO new issue comeback after more than two years away
American Money Management Corporation has made a long-awaited comeback in the CLO primary market by printing its first new issue transaction since March 2018

[update] Beneath the triple C: theme parks take portfolios on downward ride
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April

Anchorage mixes it up with unusual 'partial reset' of US bond-flex CLO
Anchorage Capital Group has become the first manager to partially reset a bond-heavy CLO

US CLO round-up: New Mountain gives a peek at better times
CLO primary issuance has produced healthy volume over the last few weeks with new issue paper totalling $7.9 billion since 21 September.

Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics

Chicago-based manager returns to CLO primary with first new issue for 17 months
PPM Loan Management has staged a CLO primary comeback by printing its first new issue deal in just over 17 months

First Eagle refinances partially paid-down senior CLO tranche
First Eagle Investment Management has teamed up with Citi to refinance a triple A-rated fixed CLO tranche that has been partially paid down