CLO round-up: CLO market sees slight pressure to widen new issue spreads
CLO market saw robust deal activity with some pressure on liability spreads last week

CVC refinances Apidos XXX CLO
CVC prices a refinancing of 2018 deal called Apidox XXX via RBC

Voya completes US reset via Santander
Voya yesterday reset and upsized a 2018-vintage US BSL CLO, cutting the cost of funding on the deal’s junior AAAs, AAs and BBs

Reset focus shifts to pre-COVID deals
As spreads tighten, managers are looking to reset CLOs that priced before the onset of the COVID pandemic — even if this slightly increases the deals’ weighted average cost of capital.

Relating arbitrage, issuance and equity
Day one arbitrage remains a key metric for CLO equity investors. But how does the US BSL CLO arb today compare with historical averages? And does the figure impact deals’ equity returns?

CIFC resets 2014 CLO it reissued in 2018
CIFC and Noumura have printed a reset of the US BSL CLO CIFC Funding 2014-II-R

Antares sets tightest AAA spread for middle-market CLO reset
Antares Capital priced a reset last week of middle-market deal Antares CLO 2018-3, setting a new tight for the year of 159bps in the process

UBS resets CLO from 2018
UBS Asset Management has reset Madison Park Funding XXX, a US BSL CLO dating back to 2018

Apollo picks up two hires from Bank of America
Investment bankers Tomasz Gruszka and Murad Khaled have joined Apollo and an affiliate from Bank of America

KKR refinances 2016 vintage KKR CLO 15
KKR Financial Advisors has printed a full refinancing of KKR CLO 15, a US BSL deal that originally debuted in 2016

Deerpath resets debut MM CLO for the second time
Deerpath Capital Management has priced a reset of US middle-market deal Deerpath Capital CLO 2018-1, the first-ever CLO from the manager

Bain refinances US BSL CLO from 2018
Bain Capital on Wednesday printed a refi of a US BSL CLO with a senior spread just shy of the tightest seen in a US BSL refi so far this year

Carlyle dusts off 2018 CLO as reset wave continues
The US CLO market’s strong appetite for refis and resets continues to drive issuance, with Carlyle Group pricing a reset of a 2018-vintage BSL CLO

Brigade prices unusual reset on rapidly-amortising CLO
The end of last week saw Brigade Capital Management price an unusual 2018-vintage reset that widened the deal’s overall cost of funding

Aegon resets 2018 vintage CLO
Aegon USA Investment Management has reset a US BSL CLO, adding small tranches at both the top and bottom of the stack

CIFC resets CLO from 2018 with small equity injection
CIFC Asset Management has reset CIFC Funding 2018-V, adding USD 13m of equity

Invesco prices refi of US BSL CLO
Invesco has priced a refi of Annisa CLO, a 2026 vintage US BSL CLO

UBS resets 2022 vintage CLO
UBS’ reset of Madison Park Funding LV highlighted how much senior spreads have tightened over the last two years

Wind River prices partial CLO refi - Corrected
First Eagle has priced a refinancing of its 2018-vintage Wind River 2018-2 CLO

Angelo Gordon adds fresh equity for 2018 CLO reset
Angelo Gordon’s latest reset of a 2018-vintage CLO saw a huge equity injection. The deal was originally a reissue of a 2014 deal.

Benefit Street resets 2022 vintage
Benefit Street Partners on Friday reset its Benefit Street Partners CLO XXVI, a European BSL deal from 2022

Golub goes with 5Y RP for latest MM CLO reset
Rounding off a prolific month, Golub Capital priced its third deal in three weeks last Friday, with a reset of a middle market CLO.

MJX refinances top of stack of Venture 34
MJX Venture Management, working with JP Morgan as arranger, has refinanced the two most-senior tranches of a US BSL CLO from 2018.

Nuveen refinances 2018 US CLO
Nuveen’s ninth deal of the year and its fifth US BSL refinancing priced on Friday

Napier Park refinances top of stack of 2018 vintage CLO
Napier Park Global Capital on Thursday refinanced the four most senior tranches of Regatta XIII Funding, a US BSL CLO from 2018