What do reset deals have in common?
Is it possible to predict which deals are likely to be reset next? With reset mania continuing to grip the US CLO market, we search for common factors among 2014-2021 deals that were reset

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

How many CLOs will be called this year?
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption

CLO rankings: 2023 turns out OK
Last year may not have seen records in the primary CLO market, but it was a very solid performer with a strong finish. 

Ask the market where spreads are heading
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. 

A strong year for CLO strategies
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did.

Banks predict steady year ahead
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

Tightening spreads show market’s growing maturity
As another tumultuous year ends, we review how CLO spreads are looking around the world. In summary? Given current macroeconomic woes, the situation could have been much worse

How worried should we be about defaults?
As defaults in the US loan market continue to stack up, we investigate the fallout for CLO investors by focusing on the OC tests of double B tranches across 10 years of US CLO vintages

What CLO investors really need to know
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know

Post-reinvestment doesn’t mean no more reinvestment
As more CLOs exit their reinvestment period, an increasing amount of attention is turning to the details of the post-reinvestment language that controls what managers can do

From zero to hero
CLO ETFs have grown into a $5bn market and proved their worth in difficult periods. We sat down with managers in the space to discuss these achievements — and what the future holds

Setting standards for emissions data
Macroeconomic trends may have pushed the topic of ESG reporting down the news agenda this year, but this is changing with a raft of new regulations in countries around the world

CLO Census: It’s time to put the shop in order
After a lacklustre year for the CLO market, the 539 respondents to our comprehensive survey are increasingly calling for structural changes, from electronic trading to standardised documents

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

Primary market roars into life
The primary CLO market pickup that started in August continued strongly in September, both in Europe and the US. Although the overall direction was the same on both sides of the Atlantic, the type of activity was quite different.

What do you think?
The Creditflux CLO Census is back for its seventh instalment. Our annual stock-take of the global CLO industry begins on Monday, 2 October — it’s your chance to make your voice heard

The Italian connection
As Octagon and Conning come under the umbrella of large Italian insurer Generali, we spoke to the firms’ CEOs about their expectations for credit in general and their firms in particular

Do resets help CLOs perform better?
As the market for CLO resets opens, we look at the performance of deals that were previously reset, and find they soon deliver higher distributions than those deals that were not reset

All change, please
This year has not only seen the fall of Credit Suisse, but also the arrival of two fresh faces — Scotiabank and CIBC — triggering a wave of hiring that has some way to run.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Credit hedge funds
Credit hedge funds performance data

Credit funds at a glance
Fund performance, fund raising and LP commitments

CLOs at a glance
New CLOs this month