Seriously, the CLO arb is difficult right now

CLOs at a glance

A round-up of CLO performance

Credit funds at a glance

Fund performance

Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

It’s possible to be big — and still be picky
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.

CLOs at a glance
A round-up of CLO performance

Large, liquid loans aren’t always perfect
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

Credit funds at a glance

A round-up of fundraising and people moves in credit

CLOs at a glance
Managers focus on AUM building via new issues

Fund performance
Long-short and high yield keep up the momentum

Moving on from the late 2018 hangover
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

Finding the best managers, CLOs and direct lenders

CLOs at a glance
Floodgates open with new issues everywhere

We can’t hide it any longer, we’re tiering up
With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Keep calm and buy corporate loans
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

The financial crisis was the making of ’em
Some of the largest and best performing CLO managers before the crisis were fairly nimble by today’s standards — but these 1.0 outperformers are now among the biggest names in the industry

After early crescendo CLOs end on flat note
Huge issuance and the end of risk retention ensured the US CLO industry was buoyant in early 2018, but later in the year the term curve flattened, pricing levels became sporadic and volumes dwindled

Risk retention was difficult, but worth it
When US skin-in-the-game rules were announced in 2014, it was clear they would be a burden for managers. But no one expected risk retention funds to bring new types of investor into CLOs

October: credit funds at a glance
For the full report detailing fund trends, people moves and fund raising and launches

September: Ucits at a glance
Ucits funds continue to post mixed returns

Europe adapts to harsher CLO climate
The European CLO market survived the financial crisis and ensuing risk retention obligations. Conditions remain tough, but we expect a 25% increase in the number of active managers

Buy and hold isn’t only option for CLO equity
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

Widening whisks market back to 2017
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.