Fed cut triggers Libor floors on third of US loans
Roughly a third of US loans effectively became fixed rate investments this week as Libor edged below 1% for the first time since January 2017

Managers seeking bond buckets will need high yield track record
US CLOs could soon be permitted to buy corporate bonds amid an overhaul of the Volcker rule, but market sources say that in the short term bond flexibility is a luxury that will only be afforded to a select group of CLO managers.

No hedges, but no problem for optimistic CLO investors
CLOs are prone to idiosyncratic risks, but investors have told Creditflux that they are confident about performance in 2020, despite the lack of hedging options. The general consensus is that some deals will suffer, but the vast majority will deliver after a disappointing end to 2019 for junior debt.

PGIM revises price talk as European CLO spreads jump wider
Price talk has been hiked up for PGIM’s forthcoming European CLO, Dryden 74 Euro CLO 2018 following coronavirus-related market volatility    

Euro CLO league tables: Carlyle doubles down in February as 2019's leaders look on
Carlyle Group has jumped to the top of the European CLO manager league tables after bringing two deals to the market in February

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

ICG hires European CLO portfolio manager from Barings
Barings CLO portfolio manager Rob Faulkner is joining Intermediate Capital Group as a managing director responsible for European CLOs

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

Back from the dead: CLO risk retention resurfaces in the US
Risk retention is making an unexpected comeback in the US CLO market as more managers look to structure their deals to comply with European risk retention regulations

KKR beats CIFC's European CLO benchmark one day later
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp

CIFC pushes European CLO spreads to new tights
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp.

Voya matches European CLO triple A tights and offloads single Bs
92 basis points is the spread to beat in Europe for triple-A tranches, as Voya Alternative Asset Management brought its third CLO on the continent, Voya Euro CLO III, via Credit Suisse

Dutch-registered CLO costs to jump 10bp as managers face VAT bill
CLO special purpose vehicles in the Netherlands are to be clogged with a 21% VAT bill on management fees, according to market sources, a blow to equity investors in around 20% of European CLOs

Carlyle prices triple As at market tights with new European CLO
Carlyle Group has priced its first new European CLO since July 2019 with triple As printing at market tights of 92 basis points

ICG scores tightest euro CLO print of 2020
Senior CLO spreads tightened in Europe today as Intermediate Capital Group priced its latest new issue, with triple As clearing at 92 basis points over Euribor

Global CLO b-wic round-up: that's another fine mezz you've gotten me into
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market

Price talk for PGIM European CLO suggests triple A-spread tightening
Triple A spreads could be about to tighten in Europe’s CLO market as PGIM markets its latest new issue deal, Dryden 74 Senior Loan Fund, with price talk in the range of 92-95 basis points over Euribor

CLO pipeline: new loves kindle as managers finish with old flames
US new issue CLO paper is back on the agenda after a January dominated by refinancings. 14 new deals are in the pipeline, but refis are holding steady with eight of these in the works. CLO refinancings have been the front runners this year, with 22 CLO refis versus 12 new US CLOs. 

Standard Chartered looks to expand London CLO trading team
Standard Chartered is looking to bolster its CLO team by hiring a trader in London

Manager markets European CLO as single B attachments drop to 6.75%
Attachment points for CLO single B tranches are dropping with market sources indicating that a large European CLO manager is launching a deal with single Bs attaching at 6.75%

Partners markets US CLO as it aims to become second transatlantic issuer of 2020
Partners Group is on course to become the second CLO manager this year to price new issue deals on either side of the Atlantic

Invesco sets new benchmark in European CLO market
Invesco priced Europe’s sixth new issue CLO of the year on Friday, according to market sources. Invesco Euro IV pays 93bp over Euribor on its triple As, the tightest print of any European CLO with four or more years of reinvestment  

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

Euro CLO league tables: three new issues make January just right
Three European managers braved the waters in January to kickstart the CLO primary market