Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

CEO Wriedt to part ways with DFG and launch his own business
Oliver Wriedt is stepping down from his role as chief executive officer of DFG Investment Advisers to launch his own investment venture, according to an investor letter seen by Creditflux.

Madison Capital refi points the way for cost-cutting in CLOs
A new development has opened up in the CLO market as Madison Capital refinanced the fixed rate notes of its 2018 deal MCF CLO VIII

Liberty pulls off successful equity b-wic auction
The first successful equity b-wic following the pandemic selloff took place last month, with several sources telling Creditflux that insurance company Liberty Mutual was behind the auction

Mid-market CLO issuance returns as Fortress prices $390 million deal
Fortress Investment Group has overcome mid-market CLO headwinds to become only the second manager to price a new issue deal since covid-19

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

Garrison BDC agrees to merge with Portman Finance
As part of the transaction, Portman will assume Garrison’s on-balance sheet CLO liabilities upon closing 

Western issues first new money CLO since 2014
Western Asset Management made a grand return to the CLO primary market after issuing its first new deal since 2014, according to market sources

Moody's downgrades first CLO tranche from Caa3 to Ca
Moody's has downgraded three tranches of Halcyon Loan Advisors Funding 2014-1, with the class F notes rating dropping from Caa3 to Ca, the rating agency announced today

Western set to make CLO comeback after six-year absence
Western Asset Management is marketing its first new issue CLO in over six years, according to market sources

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence

2018 US CLO adds junior class X tranche paying 10%
FlatIron CLO 18 investors have approved the inclusion of a class X note which will pay 10%, according to an announcement on the London Stock Exchange

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

CLO double A-single A basis falls to just 10bp in 2.0 record
The basis between US CLO double As and single As has fallen to just 10 basis points – which is the lowest it has been since the financial crisis in 2008, according to Creditflux data

Assurant updates 2018 CLO doc to make risk retention positioning clear
One of Assurant’s US CLOs has executed a second supplemental indenture as a result of ‘manifest error’. As previously reported, Assurant’s CLO platform is up for sale

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Cashflowing 2018 CLO looks to issue class X notes
A 2018 US CLO, with low financing costs and a 5.18% junior OC cushion, is looking to issue more debt in the form of class X notes

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

Moody's puts 241 CLO tranches on downgrade review including five rated Caa3
Moody's has added another 241 US CLO tranches to its list of reviews for possible downgrade, the agency has announced

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus

Fund manager hires Hayfin's structured credit head and launches CLO fund
An experienced CLO and structured credit fund manager has hired from Hayfin Capital Management as it targets $300 million for a CLO fund

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i