Capital raised for risk retention keeps struggling CLOs afloat
In a bid to turn struggling warehouses into CLOs, managers are prepared to take losses on funds raised for risk retention in order to issue new deals.

Control equity available in BlackRock CLO just one month after first payment
Control equity in BlackRock's 2018 European CLO is up for auction today at 10am New York time (3pm London), according to market sources

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

Two CLO investors leave GSO in London
Two experienced CLO investors have parted ways with GSO Capital Partners in the last few weeks

Voya markets second European CLO since crossing the Atlantic
Voya Alternative Asset Management is marketing its second European CLO known as Voya Euro CLO II, according to market sources

The Last Tranche: awards season is upon us [podcast]
A look at 2018 award offerings and finalist, plus some insight on direct lending and b-wics

Oak Hill reshuffles leadership in Europe
Oak Hill Advisors has appointed three long-serving members of its investment and business development teams to lead the European office

Global b-wic round-up: focus shifts to the wings of the capital structure
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Euro CLO league tables: no arb, no refis, no debuts - but healthy new issuance
New issues have dominated the European CLO market so far this year, representing 89.19% of total first quarter issuance

Europe's CLO manager field set to get bigger as managers from all corners aim to break through
Regulation does not always impair activity

Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

CLO monoline businesses return with new purpose
CLO tranche insurance is making a comeback. Assured Guaranty has underwritten two middle market transactions, while in Europe various firms are testing the waters for this type of insurance, according to sources.

Moving on from the late 2018 hangover
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

PGIM markets new European CLO with Deutsche Bank
PGIM is back in the European CLO primary market after five months, with the manager marketing a new issue deal named Dryden 69 Euro CLO 2018

CLO pipeline: managers decide there's no point hanging about with quick-fire CLOs
The CLO pipeline for the coming week shows signs of decent flow as managers ready themselves to offload deals. 

Euro reissues make a comeback as Accunia reworks inaugural CLO
Accunia Fondsmæglerselskab has reissued its inaugural CLO, Accunia European CLO I

CLO pipeline: manager sets sail for primary market after three-year absence
Even though at least five US CLOs hit the market last week, the CLO pipeline still looks strong, especially in the US new CLO space

Global CLO round-up: 15 months to one month - managers set their own pace
Three new US CLOs priced this week courtesy of; Seix Advisors, via BNP Paribas; Kayne Anderson, via Goldman Sachs; and Steele Creek, via RBC. In Europe, Oaktree Capital Management paired with Barclays to price Arbour CLO VI.

CLO pipeline preview: Waterville fills the pipe as Par Four surfs high triple-C wave
At least seven CLO managers chose last week to launch their first deals of the year, with the market still set to absorb a robust level of issuance in the pipeline

Global CLO b-wic round-up: fixed tranches make their way into European secondary
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i. 

114bp is Europe's syndicated triple A benchmark as Pinebridge prices new CLO
114 basis points has been reinforced as the benchmark for syndicated CLO triple As in Europe with Pinebridge Investments becoming the fourth manager to issue at this level

Barings and Napier Park fight over Duchess VI incentive fee
Napier Park European Credit Opportunities Fund and Barings (UK) faced off in court this week over the payability of an incentive collateral management fee (ICMF) after the 2006-vintage Duchess VI CLO was called by the equity in 2018. Duchess VI CLO. After a two-day hearing, the judge, Lord Justice Vos, reserved his judgment

Hayfin adds step up notes to triple A tranche as it prices European CLO
London-based Hayfin showed creativity in selling its senior CLO notes on Emerald I, opting for Euribor caps. Again the firm has defied convention, this time by incorporating step-up notes