CLOs at a glance (February 2021)
A listing of CLOs that have priced in the last month

Blackstone sets reset benchmark as it reworks 2016 European CLO
Blackstone Credit has become the third manager to reset a European CLO in 2021

Natixis splits Euro CLO and structured credit roles with two promotions
Natixis has promoted an experienced CLO pair in London

Cairn buys $2.5 billion European distressed debt manager
Cairn Capital has bought a $2.5 billion European distressed debt hedge fund manager, boosting the firm's assets under management to $8 billion

Neuberger Berman breaks through into European CLOs
Neuberger Berman has become the latest debut in the European CLO management, the 20th manager to do so since 2018

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

Assured markets first new issue European CLO in over 15 months
Assured Guaranty is marketing its first European new issue CLO in 15 months, BlueMountain Euro 2021-1

European CLO trades wide in secondary amid CLO risk retention issue
A European CLO manager has been caught in a rare situation owing to risk-retention compliance for its 2015-vintage Euro Galaxy IV – and CLO traders have factored this in the secondary market

European CLO triple As go tighter still as KKR prints at 83bp
Triple A spreads ground tighter in January with KKR’s latest European CLO

January European CLO volume shoots to €2.9 billion as Five Arrows refis 2017 deal
It has been a busy start to the year for European CLO investors, despite new issues having been slow to get going. Five Arrows is the latest manager to take advantage by refinancing a 2017 vintage CLO - Contego CLO I

Asset management giant emerges as bidder for European CLO businesses
A large asset manager came close to adding European CLOs and direct lending to its product range with the firm emerging as a bidder on two asset management businesses

US and European control CLO positions land in secondary market
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

European CLO mezz tightens as Napier Park prices
Napier Park priced its fourth European CLO today, Henley CLO IV, which has notched up the second-tightest cost of debt since March - and tightest for a deal with single B debt

HPS refis European CLO triple As at 64bp with six months of reinvestment left
HPS Investment Partners has refinanced its inaugural European CLO, Aqueduct European CLO 2017-1

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

BlueMountain Fuji refis European CLO with triple As at 65bp
The Assured Guaranty subsidiary has refinanced four tranches of BlueMountain Fuji Euro CLO II via JP Morgan

Buy CLO equity to capitalise on reflation, says JP Morgan
CLO equity stands out in a tightly priced market as offering up to double digit yields, say JP Morgan structured credit strategists, who posit it as their top trade

Goldman markets refinancing of HPS's debut European CLO
Goldman Sachs is marketing a refinancing of HPS Investment Partners’ debut European CLO 

CLO tranche ratings to stabilise as Fitch revises covid stress scenario
Fitch Ratings says it expects to shift most of its CLO tranche outlooks from negative to stable, following revision of its global CLO coronavirus stress scenario

Redding Ridge prices European CLO triple As at tightest levels since July 2018
A new triple A benchmark has been set for European CLOs with Redding Ridge pricing triple A notes at Euribor plus 87 basis points, inside its low/mid 90s guidance

PineBridge resets 2016 Euro Galaxy V
PineBridge Investments has reset a 2016 CLO via Bank of America

Jefferies picks up three big mandates to get European CLO plans rolling
Jefferies has taken huge strides towards building out its European CLO arranging business with sources indicating the bank has won mandates from three managers

European reset wave begins as Partners reworks 2018 CLO
Partners Group’s Penta CLO 5 has become the first European CLO to reset in 2021

European CLO triple As circle early 2020 levels as Redding Ridge and Anchorage enter market
European CLO triple A spreads are set to drop to low to mid 90s with Anchorage and Redding Ridge marketing new issue deals