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

Fortress goes for longer tenor as CLO spreads widen
Fortress Investment Group has priced a new US CLO with a four-year reinvestment period and pricing at the wider end of recent issues

Apollo reaches for bigger slice of pi(e) with 5% Diameter stake
Apollo Global Management has bought a 5% stake in credit fund and CLO manager Diameter Capital Partners, cementing the relationship between the firms

CLO inflows could hit $60 billion as knock on from student loan forgiveness, says BofA
US president Joe Biden’s student loan forgiveness programme could lead up to $60 billion flowing into the CLO market, according to research from BofA

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Short duration CLOs are putting reset risk in the post: Barclays
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned

Putnam adds to CLO comeback with second new issue
Putnam Investments, which made a return to CLOs in 2021 after a 17-year absence, has priced its second new issue deal of that comeback with triple A coupons starting at 200bp

Natixis makes structured credit promotions after key figure departs
Natixis has responded to the departure of its co-head of global structured credit, solutions and credit trading, by making several promotions

Blue Owl hires two CLO veterans from sell side
Blue Owl has three experienced CLO structurers on its team after adding hires from Natixis and Mizuho to an earlier hire from Barclays