Sofr away from me – basis puts new CLO triple As in dire straits
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business

US credit manager builds European CLO business with Bain hire
A Minneapolis-headquartered manager is understood to be building a European CLO platform, adding to the growing number of expected debutants on the continent

CLO market responds en masse as Creditflux CLO Census 2022 closes
A massive 388 market participants submitted their answers to the CLO market’s most burning questions as Creditflux’s CLO Census 2022 closed Wednesday night

US managers brace for CLO reporting overhaul as new EU investments become subject to Article 7
US CLO managers could face an administrative headache with EU investors investing in new and secondary market US CLOs now requiring more exacting detail of underlying portfolios. This follows the long-awaited European Commission Securitisation Regulation report overhauling investment rules  

Creditflux CLO Census entries near 300 with just two days left to vote
The sixth instalment of Creditflux’s CLO Census is officially the biggest ever with 295 market participants taking part in the CLO industry’s most comprehensive survey

It's Nochu it's me: bank backs out of CLO triple A tranche as it takes sideline
Triple A CLO investor Norinchukin is understood to be taking a pause from investing 

GreensLedge AM targets IG-rated CLO tranches with $500m fund
GreensLedge Asset Management has made a breakthrough with its first commingled CLO fund through a $500 million vehicle that invests in senior CLO tranches

US managers recalibrate as Euro CLO portfolio spreads rise: Moody's
CLO managers have had to readjust this year and data from Moody’s Investor Services shows weighted average rating factor scores for all US CLOs have held steady, while weighted average spreads have dropped 0.15%

CLO rankings: manager AUM, advisory firm and trustees Q3 2022
After a frenzy of acquisitions reshaped the manager assets-under-management tables in the first half of the year, challenging market conditions have slowed the pace of both acquisitions and pricings

Global CLO league tables - September YTD
Global CLO league tables - September YTD

Investors urged to look at CLO funds amid PE slowdown
Institutional investors are said to be eyeing CLOs and structured credit as they seek to calibrate duration risk and prepare for recession. In addition, year-to-date performance in private equity portfolios isn’t meeting pension funds’ tough returns targets

CLOs at a glance (October 2022)
A listing of CLOs that have priced in the last month  

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally

Apollo reaches for bigger slice of pi(e) with 5% Diameter stake
Apollo Global Management has bought a 5% stake in credit fund and CLO manager Diameter Capital Partners, cementing the relationship between the firms

CLO arrangers and managers prepare for new marketing rule from November
CLO arrangers will need to work together with CLO managers in the coming weeks to ensure compliance, interpret the rules and set guidelines over what they can and cannot communicate with investors without disclosures

CLO debt prices imply default rate exceeding forecasts, says Orchard Global
Current pricing of CLO debt tranches implies a default rate that is "far in excess" of the most pessimistic forecasts, according to Orchard Global Asset Management

Founder of Alcentra's structured credit business to step down as PM
A long-time CLO tranche investor is set to move away from day-to-day portfolio management duties and take on a new role as senior advisor 

European IG CLO mezz is attractive versus US paper: Barclays
There is no reason for European CLO mezzanine tranches to be as wide as they are versus equivalent US paper, according to a strategy note from Barclays.

Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C.  

Global CLO league tables - August 2022 YTD
Global CLO league tables - August YTD

CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Global captive CLO equity fund closes with $230 million
The fund will invest in majority equity positions of the manager's US and European CLOs