We’re drifting apart
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

Arb work pays off
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

Global CLO league tables - March 2022 YTD
Global CLO league tables - March YTD

Mid market CLO league tables: $1.1 billion Golub deal shuffles the pack
Mid market CLO issuance slowed last month amid market volatility with just one new issue and two resets pricing in March, worth a combined $1.9 billion

US CLO league tables: BofA marches on as Elmwood climbs to top in new issues
Last month, for the first time since June 2020, no resets or refinancings priced in the US CLO market as market volatility took repricings out of the money. This meant a month-on-month decline of $13.4 billion in overall issuance, but new issuance was still healthy with $11.6 billion pricing in March

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

Global CLO league tables - January 2022 YTD
Global CLO league tables - Jan YTD

CLO pipeline: biggest managers come to market as Rockford Tower sets sight on CBO
The Sofr-era of CLOs is well and truly upon us judging by the pipeline, with 14 US CLO managers marketing their first Sofr CLOs. and six European CLO managers are locked in a race to bring the first new issue of 2022

US CLO league tables: Blackstone and Citi win new issues but CSAM and JP Morgan take overall issuance crown
The US CLO market had an extraordinary 2021 with almost $400 billion of overall issuance pricing as records were set for all forms of issuance

Mid market CLO league tables: Late flurry takes Wells Fargo top as Golub leads again with records tumbling
For the second year in a row, and for a fourth time in five years (when Creditflux’s CLO league tables began), Golub Capital and Wells Fargo finished atop the manager and arranger mid market CLO league tables, respectively

Global 2021 CLO league tables
Global 2021 CLO league tables

Credit Fundraising: mega funds contribute to record-breaking month as volume hits $39bn
The sheer size of the funds raised in November more than compensated for a drop in the number of funds raised as fundraising volume in credit reached $38.9 billion. This beat September by $2.4 billion to make it the most productive month of credit fundraising in 2021

Mid market CLO league tables: deal record breaks as Wells Fargo gains new issue lead
The mid market CLO space had a record-breaking month in November on three counts

Global CLO league tables - Nov 2021 YTD
Global CLO league tables - Nov 2021 YTD

US CLO league tables: Blackstone takes new issue lead amid monthly new issue record
The US CLO market priced $23 billion of new issues in November, setting a record for most new issuance in a month in the 2.0 era

US CLO league tables: Palmer Square stands tall in land of the CLO giants
The US CLO market has extended its run of incessant issuance with October having added $39.98 billion of CLO paper to the year’s tally, making it the second most productive month this year for overall and new issue volumes

Mid market CLO league tables: the only record left to break in 2021
New issuance is still shy of the $16 billion set in 2018, but stands not far off at $15.62 billion

Global CLO league tables - Oct 2021 YTD
Global CLO league tables - Oct 2021 YTD

Credit Fundraising: Private credit and CLO captive equity feature strongly as closes mount up
Credit funds have made a fair start to the fourth quarter, although the $21 billion raised during October is down substantially on September’s impressive record for 2021

Global CLO trading lab: Seasoned equity prices lag as debt spreads level out
The CLO secondary market took a back seat to the surging primary market in August and September with secondary US CLO volume accounting for just 3.7% and 4.2% of the total US CLO market (primary and secondary volumes). But opportunities are there in CLO equity tranches

Mid market CLO league tables: No change up top but KKR and Silver Point enter race
The mid market CLO space welcomed two new faces to its ranks last month as Silver Point Capital and KKR priced a new issue CLO each

Global CLO league tables - Aug 2021 YTD
Global CLO league tables - Aug 2021 YTD

US CLO league tables: CSAM and JP Morgan reign supreme after record month
The US CLO market set a record in August as $17.6 billion of new issues priced, beating the previous record set in March 2015 when new issues accounted for $15.5 billion

CLO pipeline: Carlyle unstoppable as PGIM looks to tighten double As
The CLO machine is refusing to slowdown, churning out deals as the US market is set to welcome a flurry of deals in the coming weeks – with 18 new issues, 14 resets and 10 refinancings in the marketing stage.

Credit Fundraising: Blue Owl and WhiteHorse gain from improving animal spirits
Fundraising perked up in July as managers raised $14.9 billion for credit funds - the third highest monthly amount this year