Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

Global CLO league tables - October 2022 YTD
Global CLO league tables - October 2022 YTD

New US CLOs brace for EU’s Article 7 reporting requirements
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide.

Apollo scooped up $1.1 billion CLO paper amid UK LDI crisis, officials confirm
Apollo Global Management bought a whopping $1.1 billion of triple A and double A-rated CLO paper yielding over 8% in the three weeks of elevated bwic supply in October

Nuveen raises $150 million to invest further in CLOs
Nuveen is expanding its CLO product suite with the launch of a new CLO opportunities fund, according to recent regulatory filings

Refi wall looms over CLOs as a fifth exit reinvestment
Loan and high yield issuers have a decent runway before they have to think about refinancing their debt, but CLO issuers are not sitting quite as comfortably.

Nochu turns tables after experiencing CLO walkouts
Norinchukin Bank’s retreat from global CLO investing — having agreed to take down the senior notes of several upcoming CLOs — has disappointed market participants. However, although they don’t condone such actions, sources say there were mitigating circumstances

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

Private equity firms are becoming CLO converts: TwentyFour
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense"

Creditflux CLO Census results: JP Morgan claims clean sweep of US CLO arranging categories
Following the close of this year’s census, JP Morgan was a quadruple winners in the US, with results declaring it the best at syndicating, structuring and providing both the best access to loans and the best warehouse service

PE firm Nile buys minority stake in Prytania AM
Nile Capital Group has bought a minority stake in a structured credit specialist 

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