European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

European CLO triple As bounce back in secondary market
European CLO triple As have begun tightening in the secondary market with sources indicating that by Friday, these notes were trading at 250 basis points, which is down from about 400bp a week ago

Fitch puts European and US CLO notes on negative watch after coronavirus stress test
Fitch Ratings has placed six notes from one European CLO, one US static CLO and one US middle market CLO on negative watch, following coronavirus-related stress tests placed last week 

Listed credit fund sheds CLO triple As
Chenavari's listed credit fund, Chenavari Toro Income Fund Limited, has sold European CLO triple A paper to raise cash to answer margin calls related to CLO warehouse and CLO triple A repo exposures

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Investors query loan b-wic objectives as trade rates plummet
Over €1 billion worth of loan paper has appeared in the form of European loan b-wics in March, according to market sources. But buyer appetite has been low

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BlueMountain CLO equity investors cancel 'optional redemption'
BlueMountain Fuji EUR CLO II cancels its redemption as the subordinate holders in the deal rescind on their call optionality. Originally, the equity holders filed a notice on 27 February for the deal to be call on 1 April.

Ellington sells large chunk of assets from European CLO warehouse
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources

Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Secondary CLO triple As slump below October levels
The secondary CLO market is showing no sign of stopping the rut with triple A rated paper in European and US markets displaying more weakness

Triple A spreads widen by over 30bp since February as CSAM prices euro CLO
European CLO spreads have blown out to their widest levels in almost four years. Sources say that Credit Suisse Asset Management priced its latest deal, named Madison Park Euro Funding XV, today with the triple As clearing at a blended spread of 122.68 basis points over Euribor

CLO manager notices cast doubt on Dutch VAT hike
An expected Netherlands VAT tax on CLOs has been thrown into doubt today, with several managers issuing announcements to their investors that suggested there will be a grace period, as well as no back payment

Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Dutch VAT ruling to reduce impacted CLO equity returns by 1 to 2%, says BofA
The Dutch tax authority’s decision to charge a 21% VAT on CLO collateral management fees will have a ‘substantial’ impact on equity, with returns likely to be 1 to 1.2% lower going forward, according to a research paper published by Bank of America

US CLO exposure to oil and gas is 2.6%, finds Barclays
Oil and gas exposure in CLOs is fairly limited, according to Barclays research, as crude oil prices drop to $33 per barrel, down from $41 on Friday

Global CLO b-wic round-up: sellers flock to secondary market as trade rate hits 71%
The broader market sell-off reached CLOs last week, with investors lining up to list their positions in the CLO secondary market

European mid market CLO suffers blip as borrower misses interest payment
Alhambra SME Funding 2019-1 – the first middle market European CLO since the financial crisis – has suffered a setback with one of its portfolio companies missing an interest payment last month

European CLO single Bs jump to 1,100bp with GSO deal - but seniors hold firm
Junior European CLO spreads have slumped, with GSO Capital Partners pricing new issue single Bs at 1,100 basis points on Friday

Secondary CLO volumes jump as investors shed triple Bs into volatility
CLO investors are putting together the pieces after a volatile week, in which investmemt grade-rated tranches have changed hands but with limited visibility on pricing

PGIM brings first European CLO to brave coronavirus sell-off
PGIM has priced the first European CLO following the market selloff triggered by the coronavirus outbreak, according to market sources