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Early March European CLO makes it through the sell off with 5.4% risk retention
5 years ago
One of the last European CLOs to price before the primary market shut down in March has disclosed the fair value of its notes post-closing, which shows that it has a reasonable 38 basis point cushion against risk retention deficiency -
European investors eye 180bp pick-up on triple B CLOs traded in April
5 years ago
A b-wic consisting of mostly European triple B CLOs that traded in late April is on offer at 9.30am New York time tomorrow, according to market sources, as data shows spreads for the rating band averaging 546 basis points over Euribor as of 27 May -
Banks report billions in unrealised CLO losses
5 years ago
Some of the world's largest bank buyers of CLO tranches reported billions of dollars of gross unrealised losses in their their latest quarterly reports -
Fair Oaks spends on junior European CLO debt after raising funds
5 years ago
Fair Oaks Capital has invested $92 million in junior CLO debt tranches since the start of April after putting to work fresh commitments to CLO investment fund Fair Oaks Limited -
CLOs seek ways to work around warf restrictions
5 years ago
Corporate downgrades leading to par haircuts in CLOs have been a primary focus for CLO investors since the start of the coronavirus-induced crisis. But one of the side effects of rating actions has been a rise in weighted average rating factor test failures -
Global CLO b-wic round up: dealer bid strengthens secondary CLO market across the board
5 years ago
The US CLO secondary market had over $1 billion listed in b-wics last week, the first time at this level in three weeks according to CLO-i. A further €270 million went on sale in the European CLO secondary market, as the dealer bid returned to assist in continued tightening across the capital stack -
Apollo and Barings defer equity payments on long-dated CLOs
5 years ago
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs. -
CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
5 years ago
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half -
OC health check: eight CLOs report second month of test failures
5 years ago
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row -
Beneath the triple C: April showers send buckets overboard
5 years ago
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market -
Creditflux announces finalists for online CLO awards
5 years ago
Creditflux is pleased to announce the finalists for a new-look manager awards event, which will be hosted online for the first time. -
Credit markets adjust to stay-at-home rules
5 years ago
Lockdown orders across the world have forced the loan and CLO markets to modernise certain industry practices at speed, leading to speculation that some of the emergency measures adopted could become permanent, according to market participants -
Global CLO league tables - April 2020 YTD
5 years ago
Global CLO league tables - April 2020 YTD -
Invesco suffers Moody's downgrade after struggling to delever balance sheet
5 years ago
Moody's has downgraded Invesco Ltd from A2 to A3 citing the "challenges Invesco has faced delevering its balance sheet following the acquisition of Oppenheimer Funds", the rating agency said in a notice -
'Nochu covenant' leaves big CLO managers in a trading bind
5 years ago
Stipulations pushed into CLOs by the world’s largest CLO investor Norinchukin to limit its exposure to covenant-lite loans are causing headaches for managers on its approved list hoping to use the dislocation to build par -
Global CLO b-wic round-up: equity makes a return as investors search for price levels
5 years ago
Three European CLO equity bonds have traded with colour attached in the last two weeks in the secondary market -
Managers vie for trophies at new-look awards event
5 years ago
The 2020 Creditflux Manager Awards will take on a fresh complexion as we transition to a virtual event. But some things will never change: our finalists have been assessed using data alone -
Credit pickers need luck to avoid OC trap
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans5 years ago -
CLO market braces for another wave of loan downgrades
5 years ago
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners -
Seven points basis opens up in CLO triple Bs - but Investcorp trades well to defy trend
5 years ago
Triple B rated tranches once again swamped the secondary CLO market yesterday and trading levels suggest the basis between bonds on negative watch/outlook versus those not subject to a downgrade is about seven points -
US and European CLO triple Bs hit secondary market as downgrade fear sets in
5 years ago
Downgrade risk is being priced into triple B-rated CLO tranches, according to market sources, after a wave of mezzanine and junior CLO debt tranches swept onto b-wics yesterday -
Global CLO b-wic round-up: spreads tighten across the board as bond-flex CLOs trade well
5 years ago
Price levels have tightened and, more importantly, stabilised across the secondary CLO market over the last two weeks, but the Easter break led to a drop off in CLO b-wic supply -
Moody's joins Fitch and S&P in CLO negative watch camp as it acts on 976 tranches globally
5 years ago
Moody’s has put tranches from 358 US CLOs and 39 European CLOs on review for downgrade, in an announcement that places 976 tranches (859 in the US 117 in Europe) at risk of losing their original rating -
OC health check: another two CLOs fail senior OC tests
5 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
CSAM holds second close on drawdown CLO fund
5 years ago
Credit Suisse Asset Management is set to hold a second close on a CLO fund it launched late last year.
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