European structured finance market constructive on rates pause — market snapshot
European ABS and CLOs had a constructive week in the secondary market, reflecting better sentiment in broader credit

Structured finance secondary market quiets down as volatility intensifies
Secondary market activity in European structured finance was subdued this week, in the wake of further market volatility sparked by the Israel-Hamas war

Hedge fund profit-taking prompts ABS sales as spreads soften in deteriorating macro conditions
More European ABS and CLO BWICs were on offer this week, as some hedge funds are selling their positions with a view to take early profits before the market widens further.  

ABS spreads hold up in spite of September issuance deluge, while CLOs soften
Trading activity in European ABS has slowed down, as the market absorbs one of the busiest months for issuance for years

MUFG loses global head of structured products as departures continue
Another senior official has exited MUFG's structured products team, following Asif Khan's departure in June 

Secondary CLO prices continued to rise across June
US BWIC secondary prices continued to rise in June, according to a report by KopenTech. 

Panagram launches its second CLO ETF of the year
Panagram Structured Asset Management has launched its second CLO exchange traded fund of 2023, naming the fund Panagram AAA CLO ETF

Blackstone hires sell-side CLO trading head
Blackstone Credit is beefing up its team with a new hire to the liquid credit strategies group. 

Sound Point becomes 5th largest CLO manager as Assured deal completes
Sound Point announced the completion of its partnership with Assured Guaranty yesterday jumping Sound Point into position as 5th largest CLO manager in the world.

Blackstone rethinks captive equity strategy
Blackstone has announced proposals to wind down its existing risk retention vehicle, Blackstone Loan Financing Limited (BGLF).

Secondary activity ramps up as post-Barcelona rally continues
BWIC activity across European ABS and CLOs increased this week as investors and asset managers look to take some risk off heading into the summer  

Managers scramble to launch captive equity funds as they become best route to market
A plethora of CLO managers are eyeing captive equity fund launches in 2023 with the lack of such vehicles cited as the “main hurdle” for issuing deals.

Canada Life hires well-known CLO specialist in New York
A Canadian insurer, which is part of a large family of asset managers, insurers and financial service firms, has hired an experienced CLO specialist 

CLOs cheap to corporates but expensive to agency MBS, says BofA
CLO bonds are currently pricing cheap relative to corporates but look expensive relative to agency MBS bonds, according to new research from Bank of America

Senior CLO officials leave Natixis in shock round of resignations
Natixis has been rocked by the departure of four senior members in its CLO and structured credit team

Citi forms new securitised trading business
Citi has formed a new securitised products trading business, with sources saying the combined business is better aligned with how the bank’s clients are organised

LDI funds prepare for return to CLOs and ABS early next year
Liability-driven investment (LDI) strategies that had to sell senior CLO tranches in droves could come back in for CLOs in the early part of 2023, sources say

Belstar partners with Apollo to launch global corporate and structured credit fund
Belstar Management Company has launched a credit fund to invest across global liquid and private credit - including both corporate and structured credit

Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles

Manager targets €300 million for structured credit fund with CLO/CSO mix
The fund will invest primarily in European CLO equity 

CLO triple As face contest with "appealing" US treasuries: Barclays
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches

CQS returns to Euro market with first new CLO since 2015
CQS has priced its first European CLO in seven and a half years, opting for a short reinvestment and non-call period

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