This doesn’t look like Kansas anymore: Palmer Square opts for unusual road to Europe
Palmer Square Capital Management is taking a novel approach to European CLO management with the head portfolio manager for its deals being stationed at its headquarters in Kansas City

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

CLOs at a glance: CLO managers are quite partial to a refi
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Deutsche Bank hires in syndication as it looks to bounce back in CLOs
Deutsche Bank has re-affirmed its commitment to CLO issuance with Colin Parkhill joining later this year as head of European ABS and CLO syndication in London, and the bank lining up several mandates

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

The Last Tranche with Guggenheim's Duffy: CLOs will pay more for loans than today’s index prices
Marking the long-awaited return of the Last Tranche podcast, Creditflux's Hugh Minch talks to Adrian Duffy, head of European corporate credit at Guggenheim Investments in Dublin

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CLO managers offer views on ESG for upcoming PRI report
Principles for Responsible Investment (PRI) is set to unveil a report detailing results from its ESG structured credit survey in the next few months, and the institution anticipates that this will be a launch pad for further investigation about ESG integration into the asset class

Cut! Cineworld’s cancelled merger boosts CLO OCs
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources

Three years after launch, Rockford Tower joins the elite
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year

CLOs at a glance: managers show creative side to price new issues

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Five Arrows prices same-day CLOs in US and Europe for first time
Five Arrows Managers broke new ground on Friday after pricing two CLOs on one day for the first time in its history

Carlyle defers $4 million CLO management fees in the second quarter
Carlyle Group deferred $4 million subordinate fees on its CLOs in the second quarter, representatives for the firm announced on the company's earnings call on Thursday

Redding Ridge back as top CLO issuer post sell-off with new US and EU deals
Redding Ridge Asset Management has shot back to become the largest CLO issuer by volume since the sell off in March after printing a new issue apiece in the US and Europe, according to market sources

Ostrum's US CLO plan takes a turn after head of structured credit leaves
An experienced CLO PM has left Ostrum after just one year

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

GSO retakes its crown in tight CLO issuance race
Primary volumes have started to pick up as smaller deal sizes and short reinvestment periods have become the norm