CLOs take advantage of valuations to cash out of Refinitiv
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm.

Axa IM promotes global head of loans and private debt following Levilain departure
Axa Investment Managers has promoted a new global head of leveraged loans and private debt to fill the vacancy left by Jean-Philippe Levilain, who has left to join CBAM

US hedge funds use leverage to buy European CLOs
Boca Raton-based hedge fund manager III Capital Management is leading the charge as US hedge funds employ leverage to buy European triple A-rated CLOs.

CLO managers look to move away from ‘spiky’ triple Cs
CLO managers are in the process of de-risking their portfolios by rotating out of triple Cs into less risky credits following a volatile month in markets, according to multiple sources. Creditflux analysis shows that, for the past couple of years, managers have become emboldened with triple C and B3/B- loans making up 25% of the portfolios of 50 US CLO managers.

CLO managers went to CCC, to see what they could CCC…
CLO portfolios are drifting towards low single B and triple C names. But triple C buckets are not in danger of overflowing, so managers can be even more aggressive 

CLO managers cash in their chips as Caesars trade pays off
Caesars Entertainment was the most sold issuer in June with $158.8 million of its term loan sold out of CLOs.

US loan trading: Caesars marches out of CLOs as Blackstone rolls in
With $158 million of its term loan leaving the hands of CLO managers, Caesers Entertainment was the most sold issuer in June

BlueMountain buyout to bring CLO equity shift, funding pledge and Feldstein payout
BlueMountain Capital Management’s co-founder Andrew Feldstein looks set to receive a substantial pay-out in common shares of Assured Guaranty, which has agreed to buy the manager for around $160 million and has outlined a three-year plan for its CLOs

CLO managers suffer puncture with $85 million of Jack Cooper debt
CLO managers hold $85.8 million of exposure to auto hauler Jack Cooper Ventures, which filed for Chapter 11 bankruptcy, according to the latest trustee reports from CLO-i 

US CLOs thrive as managers embrace secondary loan market
Leveraged loan issuance is supposed to feed and keep CLOs healthy, but a 62% slowdown in US loan volumes this year was accompanied by average CLO equity distributions ticking 19% higher.

Rival manager’s warehouse contributes to new CIFC US CLO
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager.

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August

Upward flexes, CLOs gather speed and 'net-short' language develops [podcast]
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.    

US CLO managers see positives as docs include negative notation language to ease move to new reference rate
Europe might be making progress, but US CLO managers are less than preoccupied with the looming transition away from US dollar-Libor based pricing. 

CLO managers lick their wounds with Joerns bankruptcy
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday 

US loan trading: CLO managers on cloud nine after Ultimate Software allocations
CLO managers took down about 27% of Ultimate Software's loans in April, when the cloud operator issued its $2.3 billion first lien term loan due 2026, according to CLO-i

CLO managers process Fusion bankruptcy implications
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy 

CLO issuance faces threat amid loan definition dispute
The clash over Millennium Laboratories’ bankruptcy could have ramifications for the CLO market, and it all hinges on the philosophical question: what is a loan?

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.

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

Baird targets CLO arranging business
A New York brokerage with a CLO trading business is making a pitch to be the first debut arranger of the year. According to market sources, RW Baird has hired CLO origination specialist Mario Verna with a view to building out a CLO primary business. In March, Verna left Guggenheim Securities, where he served on the CLO desk as a managing director.

DFG hires experienced credit analyst in New York
DFG Investment Advisers has drafted in John Hwang as director and senior credit analyst on its leveraged credit team in New York

Gateway sees an opening for CDOs with flexible mandates
Gateway Credit Partners is taking an unconventional route towards building a corporate credit management platform by creating its business around CDOs

It’s possible to be big — and still be picky