Napier Park joins Europe's CLO manager club after pricing first deal via Citi
Napier Park Global Capital on Friday became the third debut CLO issuer in Europe of 2019, according to market sources

BlackRock becomes fifth European CLO manager to refinance
BlackRock today became the latest European CLO manager to join the budding refinancing wave, having teamed up with Morgan Stanley to reprice the debt liabilities of BlackRock European CLO II

Global CLO league tables at a glance - May 2019 YTD
Global CLO league tables at a glance - May 2019 YTD

Euro CLO league tables: May’s refinancings fall just shy of €1 billion
European CLO monthly issuance has stayed roughly level since February what has differed recently though is the volumes of all forms of refinancings.

Fair Oaks prices €332 million debut CLO via Deutsche Bank
Fair Oaks Capital became a first-time CLO manager today, issuing its debut deal named Fair Oaks Loan Funding I

MeDirect to make CLO comeback as it markets European deal via Barclays
MeDirect Bank is looking to issue a European CLO for the first time since 2013, according to market sources

Napier Park targets 114bp triple A print as it markets first euro CLO
Napier Park Global Capital has begun marketing its debut euro CLO and is targeting a 114 basis point print on its triple As

Spreads tighten as ICG prices second euro CLO of 2019
Intermediate Capital Group teamed up with Bank of America Merrill Lynch yesterday to price a new issue CLO named St Paul’s CLO XI

Tikehau targets new tight print as it markets €359 million CLO refi
Tikehau Capital is marketing its first CLO transaction of the year, teaming up with Citi to refinance Tikehau CLO II

CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.

Euro CLO round-up: after three-year hiatus, two Apollo/Redding Ridge CLOs come along at once
The Japanese bid for CLO triple A notes is taking a break for at least a few weeks, according to market sources, effectively removing a key contributor to the benchmark levels set this year. 

Market bemoans Europe’s lack of CLO manager tiering
Manager tiering became a hot topic in Europe again last month following Credit Suisse Asset Management’s decision to break with tradition by syndicating its triple A notes in Madison Park Euro Funding XIV, rather than place the notes with an anchor investor.

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

Spire scales heights as Creditflux’s Manager of the Year 2019
Spire Partners celebrated bringing home three Creditflux awards, including the coveted Manager of the Year trophy, on a night of high spirits on 8 May at London’s Landmark Hotel.

DWS backs away from planned ESG-style European CLO
DWS has dropped plans to launch a European CLO, sources say. It is unclear why DWS, the asset management arm of Deutsche Bank, has turned its attention elsewhere, but one source says that the capital-intensive nature of putting together risk retention-compliant deals likely weighed on the firm. 

Morningstar eyes credit rating expansion as it announces DBRS acquisition
Morningstar today announced it has entered an agreement to acquire DBRS for $669 million, according to a statement from the firm

Invesco returns to market with its second 2.0 European CLO
Invesco has priced its second euro CLO after entering the European market in November last year, according to market sources

Deutsche Bank bolsters CLO origination desk in London
Deutsche Bank has added to its CLO origination desk in London, a spokesperson has confirmed

Redding Ridge does without single B debt as it prices European CLO
RRE 2 has an unusual debt structure for a European transaction, with the CLO opting against a single B tranche. At the opposite end of the structure, the triple As are issued in senior and junior tranches which priced at 113 and 150 basis points over Euribor respectively

CLO pipeline: Black Diamond looks to brush itself off and jump back in ring after year out
Black Diamond Capital Management features twice in our CLO pipeline this week, as the firm is planning a return to both the European and the US CLO market.

Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight
CLO triple A benchmark levels underwent a shake-up last week as Credit Suisse Asset Management and HPS Investment Partners brought deals to the market with first-pay tranches printing above the recent benchmark of 108.5 basis points

HPS prints triple As at 111bp in latest European new issue CLO
HPS Investment Management has priced a new CLO in Europe named Aqueduct EUR CLO 4, with triple As printing at 111 basis points over Euribor