[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

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Elmwood preps first reinvestment-extending CLO reset since sell-off
Elmwood Asset Management, the CLO manager linked with Elliott Management, is on track to reopen the US CLO reset market officially. The firm is planning a five-year reset of its inaugural CLO from 2019, Elmwood CLO I, with Citi overseeing arranging duties

CVC shaves 13bp off 2015 CLO's funding costs after single tranche refi
CVC Credit Partners has teamed up with Barclays to refinance the fixed-rate notes of its US CLO named Apidos XX

Zais becomes sixth CLO manager to reprice a fixed-rate tranche
Zais Group has joined the exclusive list of CLO managers to reprice fixed-rate debt

BlackRock cuts CLO double A coupon with fixed-rate refi
BlackRock has priced a fixed-rate CLO tranche refinancing, teaming up with Mizuho to cut the coupon on the double A notes of Magnetite XII

Voya and ArrowMark refinance fixed triple A CLOs
Voya Investment Management and ArrowMark Colorado Holdings have each refinanced triple A-rated fixed CLO tranches. The two transactions both priced yesterday and total $29.5 million

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

Axa IM completes rare CLO tranche repricing
Axa Investment Managers has completed a rare repricing of the fixed-rate notes of its 2018 CLO Allegro VIII. BNP Paribas arranged the $10.8 million repricing

Pearl Diver collects $400 million for CLO fund
CLO investor Pearl Diver Capital has finalised fundraising for its latest CLO fund at $400 million, exceeding an initial $300 million target size

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

OC health check: August reports slow torrent of fresh breaches to a trickle
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i  

Octagon steams ahead with fourth fixed CLO tranche refi since August
Octagon Credit Investors has become the first CLO manager to complete four fixed-rate CLO tranche refinancing or repricing transactions this year, after teaming up with Citi to refinance the double A-rated fixed notes of Octagon Investment Partners 31

Garrett Motion stalls with CLOs holding $608 million of bankrupt firm's debt
Garrett Motion enters chapter 11 proceedings with a stalking horse offer from private equity firm KPS Capital Partners, which has agreed to buy substantially all of the firm’s assets for around $2.1 billion. CLOs hold around $680 million of Garrett's term loans

Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i

Anchorage prices first-of-its-kind bond flex CLO refi
Anchorage Capital Group has taken the unusual step of refinancing three tranches of its 2018 vintage CBO named Anchorage Credit Funding 5. Creditflux data shows the deal to be a first-of-its-kind transaction

Shenkman prices its first CLO primary transaction since March sell off
Shenkman Capital Management has priced its first transaction in the CLO primary market since the sell off in March