Not all resets created equal as some managers opt to keep triple C exposure high
A split is emerging in the CLO market, with some managers choosing to keep triple C concentrations elevated following a refinancing or reset transaction. As part of the trend, which began this month, some deals even refinanced while being in breach of portfolio concentration limits, typically set at 7.5% by rating agencies

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

Redding Ridge cuts triple C exposure with reset of debut CLO
Redding Ridge Asset Management reset its 2018 CLO RR 1 on Friday, cutting its Moody's Caa concentration from 8.9% to 3.03%, and its S&P CCC concentration from 10.1% to just 3.54% in the process

Sticky European CLO triple As refuse to budge but mezz comes in as Redding Ridge resets
BNP Paribas arranged the €461.3 million transaction, which cuts the deal’s financing costs by around 38 basis points

Woah, we’re halfway there
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

Euro CLO league tables: cramming a year's worth of work in two months
It is no surprise the European CLO market has been experiencing fatigue at times this year with the last two months of issuance alone almost equalling issuance figures for the whole of 2020: last year €22.78 billion worth of European CLOs priced, while in March and April 2021, managers brought €21.48 billion to market

Redding Ridge goes tight with new $599.3 million CLO
Redding Ridge Asset Management teamed up with Credit Suisse on Friday to print its third new US CLO of 2021

Record-breaking Apollo and Blackstone European CLOs make first distributions
Two 2020 CLOs managed by Blackstone Credit and Redding Ridge (Apollo) that set equity cover records in the secondary CLO market earlier this year have made their first payments

CLO pipeline: and breathe... issuance splurge clears the backlog
Over 20 deals remain in the CLO pipeline, despite a glut of issuance last week in which 38 transactions priced, totalling $18.1 billion

Redding Ridge goes big with $318 million upsize of 2017 CLO via reset
Redding Ridge Asset Management has reset its 2017 vintage CLO named RR 2, upsizing the deal by $317.7 million in the process

Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded 

KKR pushes for nearly five-year reinvestment as Redding Ridge resets €554 million CLO
The European CLO reset wave is proceeding apace with KKR and Redding Ridge pricing deals on Tuesday

Redding Ridge takes yearly CLO volume to $2.35bn with second new issue in two weeks
Redding Ridge Asset Management priced its second US CLO in as many weeks on Friday, teaming with Barclays on the $647.5 million deal named RR 15

Ares, Brigade and Redding Ridge issue CLO resets totalling $1.61 billion
$1.61 billion in CLO resets issued on Wednesday as new deals emerged from Ares Management, Brigade Capital Management and Redding Ridge Asset Management

Global CLO b-wic round-up: 2020 deals trade at premium
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks

CLO equity record broken again as Blackstone European deal trades over 116
Within eight days of Redding Ridge Asset Management setting a record for the highest cover on a European CLO equity bond, Blackstone Credit has brushed it aside to claim top spot  

Redding Ridge sets US CLO benchmark with syndicated triple As at 112bp
Redding Ridge Asset Management scored a new issue record in the CLO market by printing triple A notes at just 112 basis points over Libor

CLO pipeline: snow business like the CLO business
CLO issuers are putting aside the cold snap and are warming up with a flurry of deals.

Redding Ridge equity covers at 116 for new European CLO record
Redding Ridge Asset Management set a new record on Wednesday as €5.2 million of RRE 4, a 2020 vintage CLO, traded in the secondary CLO market with a cover of 115.8

Redding Ridge prices European CLO triple As at tightest levels since July 2018
A new triple A benchmark has been set for European CLOs with Redding Ridge pricing triple A notes at Euribor plus 87 basis points, inside its low/mid 90s guidance

Redding Ridge prices its largest CLO of 2020 with first five-year deal post-covid
Redding Ridge Asset Management priced its sixth - and largest - new CLO of 2020 on Friday, naming the $520.71 million transaction RR 12

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

CLO rally keeps primary market flowing for most prolific issuers
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

Redding Ridge prints third European CLO since March sell-off
Redding Ridge Asset Management has priced its latest European CLO named RRE 5