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

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

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.

CLO pipeline: Birch Grove and Fort Washington dish out first 2021 deals as Carlyle goes for sevenths
CLO investors can feast on a range of deals in the new issue market over the next month. 

Global CLO trading lab: Equity supply spikes as investors go long
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale

US CLO pricing lab: expensive legacy deals take priority as two-three year point on term curve tightens
The US CLO market may have gapped out in recent weeks, but expensive 2019 and covid-era CLO refis and resets are still in the money

Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

Global CLO trading lab: secondary volumes inflate and easily get absorbed
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice

CLO pipeline: Deutsche Bank and Carlson hit comeback trail
The CLO market is preparing to be very active in the coming weeks, as the issuance slow-down is set to be in the rear view mirror

US CLO pricing lab: let’s refi like it’s 2017
The new issue US CLO market has been a slow burn over the last two weeks with only six deals being brought to the market amid wider triple A spreads. But the repricing market has been booming with today’s triple A levels still comparatively cheaper than previous vintages exiting their non-call periods

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling