Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

US CLO league tables: refis return as Apollo and Citi maintain leads
US CLO monthly issuance rose above $8 billion in July for the first time since the coronavirus pandemic wreaked havoc across the globe

Refinancing of fixed CLOs gathers pace as Jefferies follows Natixis with triple MJX refi
Natixis has built on its drive to refinance CLOs' fixed rate tranches by arranging a $100 million transaction for Fortress Investment Group. And Jefferies has joined the fray, on Tuesday becoming the second bank to refinance CLOs amid the coronavirus pandemic as it repriced six tranches across three CLOs managed by MJX Asset Management

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

Double B CLOs on downgrade watch up for grabs as market eyes tightening
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further

If you’re not finding black talent, you’re not trying hard enough
In the past few weeks, it has been easy to put up our billboards and tweet our condemnation of the treatment of black people. Now we need to change the way companies work

Loan slump brings managers closer
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average

Loan slump brings managers closer

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i

MJX portfolio manager joins US CLO issuer
A member of MJX's investment committee has landed at another CLO manager 

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week

We’ve survived before, we can do so again

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Bluestem bankruptcy hits $106 million of CLOs
CLOs hold $105.7 million of the debt of US retailer Bluestem which filed for Chapter 11 bankruptcy last week, according to the latest trustee reports from CLO-i. 

Making arb work of it

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

Another $1.68 billion of US CLO paper is refied
Four CLO refis worth $1.68 billion priced on Wednesday and Thursday of this week, with the 2017 vintage still appearing the most attractive

CLOs dock $100 million of Pier 1 as it plunges into Chapter 11
CLOs hold just over $100 million debt of Pier 1 Imports, which filed for voluntary Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia yesterday 

Nomura set for CLO breakthrough with new issue mandate
Nomura’s re-entry into CLO origination has reached a milestone with the bank marketing a new issue transaction for a top-10 manager

Clover bankruptcy leaves print marks on CLOs
CLOs hold $256 million of the debt of printing supply company Clover Technologies Group, which filed for Chapter 11 bankruptcy on Monday

MJX combines fixed and floating triple As for 2016 CLO refi
MJX Asset Management yesterday refinanced the triple A notes of its 2016 vintage CLO named Venture XXV via Citi

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August

MJX and Natixis team up to price $607.9 million new CLO
MJX Asset Management yesterday priced its third and largest CLO of 2019, according to market sources