Global CLO league tables at a glance - May 2019 YTD
Global CLO league tables at a glance - May 2019 YTD

CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.

New kids on the block dominate awards

Cayman Island hopping: EU laws provoke switch in CLO listings
The Cayman Islands Stock Exchange (CSX) is set to become the listing place of choice in 2019 for CLOs put together by US managers — at least, according to a bold prediction by law firm Harneys.

Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance

Doing CLOs is hard work as recovery lags
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more

Arrival of five-year bespokes draws in CLO investors
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.

Spire scales heights as Creditflux’s Manager of the Year 2019
Spire Partners celebrated bringing home three Creditflux awards, including the coveted Manager of the Year trophy, on a night of high spirits on 8 May at London’s Landmark Hotel.

They said it: "We all suffer from the world views of millennials"
Headhunter Dale Shorey tells attendees at the Creditflux CLO Symposium about the difficulties of recruiting at the junior level

Spotlighting the original originator
Five years ago in Creditflux, we reported on the very first CLO originator fund being launched: Blackstone/GSO Corporate Funding.

Points up front: CLO awards banter
The Creditflux Manager Awards have a history of springing surprises. This year we had journalist and TV presenter Gavin Esler host the awards dinner and regale the audience with a Dolly Parton gag (the less said about that, the better).

Points up front: It’s getting hot in here
The role that journalists play in reporting on the CLO industry has been in the spotlight this year, with the mainstream press guilty of resorting to hyperbolic statements and fear-mongering. So it was a surprise to learn that these views were being given a public platform at IMN’s CLO conference last month on a panel titled Addressing the Headlines. 

CLOs at a glance

A round-up of CLO performance

Credit funds at a glance

Fund performance

Morningstar eyes credit rating expansion as it announces DBRS acquisition
Morningstar today announced it has entered an agreement to acquire DBRS for $669 million, according to a statement from the firm

CLO pipeline: Black Diamond looks to brush itself off and jump back in ring after year out
Black Diamond Capital Management features twice in our CLO pipeline this week, as the firm is planning a return to both the European and the US CLO market.

CLOs are 11% of Nochu's assets as bank posts JPY 7.4 trillion investments
Norinchukin bought another JPY 600 billion ($4.77 billion) CLOs in the first quarter, taking its total investments in the asset class to JPY 7.4 trillion ($66.8 billion), according to the bank’s latest financial statements

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

CSAM plans double CLO issuance next week with US and EU deals in the market
Credit Suisse Asset Management is preparing to issue two new issue CLOs next week, with one issuance on either side of the Atlantic

Ostrum appoints structured credit head as it looks to issue US CLOs
The market has found a plethora of CLO managers looking to expand in Europe, but Ostrum Asset Management has gone the other way by hiring an experienced US CLO portfolio manager

Citi names sales head with global structured credit remit
Citi has promoted Rajiv Amlani to global head of special products solution sales, in which he will be responsible for non-flow structured credit and securitised trading business

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II