CLOs at risk of failing WAS tests due to loan refi wave, finds JP Morgan
 Some CLOs could be at risk of failing their weighted average spread tests or could be at risk of a refi or reset due to a forthcoming refinancing wave in the loan market, according to new research from JP Morgan

Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. 

McDermott slips into bankruptcy with CLOs holding almost $1 billion
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement 

Ex-Goldman CLO trading head joins asset manager to drive expansion
An asset manager is building out its CLO investing team and has hired one of the most experienced CLO traders in the business to lead the effort

CLO pipeline: Medalist ascends podium as new issues pace themselves
CLO managers are biding their time before re-entering the primary CLO market, but this week Investcorp Credit Management, KKR and Medalist Partners are marketing new issue US CLOs

BofA promotes CLO trader to managing director
A CLO trader, who has spent over 12 years at Bank of America, has been promoted to managing director in New York

Three US CLO anchor equity positions go on sale one week after payment dates
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. 

Moody's downgrades tranche from reissued 2018 CLO to triple C citing par loss
Moody's has downgraded a tranche of a CLO reissued in 2018 to triple C, the rating agency said in an announcement

Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market
Over $230 million of US CLO equity went on sale last week via bid lists, the first time these assets have made their way to the secondary market in 2020. It also marks the most US CLO equity listed in a week since at least 2018, according to CLO-i

CLO syndication specialist leaves Barclays
A managing director on the CLO syndicate team has left Barclays after over 11 years

Pacific AM prices first new US CLO in 18 months
Pacific Asset Management has sailed back into the CLO primary market with its first new issue deal since May 2018, becoming the first CLO manager to issue a five-year reinvestment CLO in 2020

Class F notes of 2018 CLO downgraded to triple C by Moody's
Moody’s has downgraded the class F notes of a 2018 CLO to Caa1, citing par loss in the underlying portfolio for its decision

CLO pipeline: no rest for the wicked as new issues hit the market
CLO market participants do not have the luxury of easing their way back to work with the new issue market up and running and a pipeline that is filling up fast 

Two CLO control equity pieces go on sale one day before major dates
A pair of control equity positions are up for sale today as investors test the waters in the secondary market

Global CLO b-wic round-up: junior mezz rebounds with busiest week since June
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week

Price talk emerges as ICG markets first CLO reset of 2020
Warehouses might indicate a healthy pipeline for new issuance, but right now, managers test pricing with refis and resets

CLO refis come back in favour as PGIM and CIFC hit the market
PGIM and CIFC Asset Management launched US CLO refinancings this week via Bank of America and Citi, respectively, according to market sources. Price guidance on the triple A tranches indicates a solid opening to the year

Global 2019 CLO league tables at a glance
Global 2019 CLO league tables at a glance

Global mid market CLO league tables: Golub and Natixis lead by a distance
Golub Capital and Natixis dominated the mid market CLO space in 2019 in the manager and arranger league tables, respectively

US CLO league tables: CSAM makes it three in a row as Citi completes a clean sweep
The US CLO market suffered a drop in volume last year with $149 billion of issuance, down 43% on 2018’s $262.5 billion. But the heavy slump was not across all forms of CLO pricing, as new issues once again crossed $100 billion and only suffered a 6.5% fall

CRE CLO volume grew 40% in 2019, says Kroll, as Bridge preps first 2020 deal
$19.2 billion of CRE CLOs were issued last year - a 40% increase from 2018 figures. The first deal of 2020 is underway

US CLO tranche downgraded to Caa3 amid OC and warf test failure
A $5 million tranche of a 2014-vintage CLO has been downgraded to Caa3 by Moody’s

Canaras prepares new issue US CLO return after 18-month break
Canaras Capital Management is preparing its first new issue CLO for over 18 months, according to market sources, and has hired Jefferies as arranger for the deal

CVC prices its second new US CLO of 2019
CVC Credit Partners has wrapped up what has been a quiet year by its standards with a new US CLO, which priced yesterday

CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press