Beneath the triple C: slowest downgrade pace puts market in recovery mode
The CLO market recovery is starting to benefit from borrower downgrades falling to their slowest rate since the coronavirus crisis began in March

Octagon scores one of CLO market's biggest coupon cuts with repricing
Octagon Credit Investors has joined the trend of managers looking to reprice CLO tranches. The manager teamed up with Bank of America to reprice the fixed rate debt of Octagon Investment Partners 27 in a $22.5 million transaction

Ellington winds down European CLO warehouse as PM joins rival
Ellington Management is winding down its European CLO warehouse with Barclays, while Ellington's European CLO operations lead has left for a rival firm

This doesn’t look like Kansas anymore: Palmer Square opts for unusual road to Europe
Palmer Square Capital Management is taking a novel approach to European CLO management with the head portfolio manager for its deals being stationed at its headquarters in Kansas City

Covid-19 pandemic draws CLO repricing from out of shadows
A rare CLO repricing took place last month, despite the option being written into CLO documentation for years

Canadian direct lender takes on US mid market CLO
Toronto-based Mount Logan Capital is set to acquire portfolio management rights to a middle market CLO issued by Garrison Investment Group named Garrison MML CLO 2019-1. Pending investor approval, Mount Logan would become the first Canada-based firm to manage a US CLO

RBC arranges two US CLO tranche refis
Barings and PineBridge each priced their first US CLO transactions of 2020 after refinancing fixed rate tranches from 2018 vintage deals, according to market sources

CLO pipeline: Allstate looks to end 15-month new issue absence
Allstate is among those managers looking to issue a CLO as the primary market heads into September, traditionally one of the busiest months in the new issue calendar

Sound Point goes refi route for fixed notes of 2018 CLO
Sound Point Capital management is the latest CLO manager to refinance the fixed rate debt in one of its CLOs after working with Goldman Sachs to slash funding costs on Sound Point CLO XIX

Oak Hill refinances fixed rate notes from 2012 CLO
Oak Hill Advisors has refinanced the double A notes of its oldest CLO, OHA Credit Partners VII, which originally issued in 2012

CLOs stuck with $100 million of bankrupt TNT Crane's debt
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

Fortress and Octagon add to 2018 fixed-rate CLO refi trend
Another two CLOs refinanced their fixed rate debt tranches on Thursday, bringing the total refi activity in the last two months to 15 transactions

CSAM jumps in on fixed CLO refi craze
Credit Suisse Asset Management has become the latest manager to refinance a fixed-rate CLO tranche, bringing the total refi volumes since April to over $600 million

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Atlas XI CLO partial refi shaves 2% from triple-A tranche
Crescent Capital Group has joined a growing trend of managers refinancing the fixed rate notes in CLOs, with the deal becoming the ninth to do so in the past two weeks

Deutsche Bank hires in syndication as it looks to bounce back in CLOs
Deutsche Bank has re-affirmed its commitment to CLO issuance with Colin Parkhill joining later this year as head of European ABS and CLO syndication in London, and the bank lining up several mandates

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

US CLO managers show they are quite partial to refis as Aegon prices
Cedar Funding V has become the ninth US CLO to refinance its debt in the last month as part of a wave of partial refinancings

MUFG refis fixed rate tranches in two US CLOs
Mitsubishi UFJ Financial Group refinanced fixed rate tranches in CLOs managed by CBAM and Invesco yesterday

CLO managers turn out pre-covid warehouses by splitting them in half
CLO managers are working through their backlog of hung warehouses that were ramped before the coronavirus crash by splitting their deals in half, according to market sources

AGL again becomes largest US CLO issuer by volume since pandemic sell-off
AGL Credit Management has cemented its position at the top of the 2020 US CLO new issue league tables for the second time in as many weeks, overtaking Redding Ridge Asset Management after pricing AGL CLO 7 on Monday