An alternative way of looking at CLO overlap
Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

Global CLO trading lab: Equity supply spikes as investors go long
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale

CLO managers embed new EU sustainable disclosure language in docs after investor push
Bridgepoint, CSAM and Pinebridge are among managers to include language related to the EU’s Sustainable Finance Disclosure Regulation, following a push from CLO investor Lupus alpha

PineBridge prices fourth European CLO reset of 2021
PineBridge Investments has taken its European CLO 2021 volumes to €1.39 billion after the London-based manager paired with JP Morgan to reset its 2015 deal, Euro Galaxy IV

PineBridge prints $460 million refi of 2013 CLO
PineBridge Investments priced a $459.2 million CLO refi via Royal Bank of Canada on Wednesday

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

PineBridge resets 2016 CLO for five years with triple As at 120bp
PineBridge Investments teamed up with Goldman Sachs on Thursday to reset its 2016 CLO named Galaxy XXII

Fair Oaks, PineBridge and Sculptor rework €1 billion in Euro CLO resets
Fair Oaks Capital, PineBridge Investments and Sculptor Capital Management all took to the European CLO reset market on Wednesday, in transactions that amounted to over €1 billion

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

CLO refi spree heats up with $1.84 billion in one day
Another $1.84 billion of CLO paper refinanced on Friday as five managers - PineBridge Investments, Credit Suisse Asset Management, Mackay Shields, Steele Creek and MJX Asset Management - took to the primary market to cut their funding costs

Differences surface between two US CLO refis, despite similar tenors
CLOs from 2013 and 2017 with similar tenors priced senior note refinancings 10bp apart on Thursday, highlighting that longevity matter

European CLO trades wide in secondary amid CLO risk retention issue
A European CLO manager has been caught in a rare situation owing to risk-retention compliance for its 2015-vintage Euro Galaxy IV – and CLO traders have factored this in the secondary market

US and European control CLO positions land in secondary market
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday

PineBridge resets 2016 Euro Galaxy V
PineBridge Investments has reset a 2016 CLO via Bank of America

Managers brave covid-hit sectors to drum up returns
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance

RBC arranges two US CLO tranche refis
Barings and PineBridge each priced their first US CLO transactions of 2020 after refinancing fixed rate tranches from 2018 vintage deals, according to market sources

Trading places: it can pay to bet on the little guy
It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

It’s all going to plan
Whether managers are relaxed because they can make up losses later, or are putting more money into their deals, panellists on the Creditflux West webinar weren’t panicking about OC breaches

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

CLO managers seek to defer and redirect equity distributions
Half of US CLOs are due to miss equity payments as downgrades and defaults resulting from the lockdown economy trigger overcollateralisation breaches across the market, according to the latest bank research estimates. But some managers are being granted the flexibility to redeploy cash

Global CLO b-wic round-up: equity makes a return as investors search for price levels
Three European CLO equity bonds have traded with colour attached in the last two weeks in the secondary market

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

PineBridge launches first commingled direct lending fund
Two years after launching its private credit platform, PineBridge Investments closed its inaugural direct lending fund at $396 million, plus a $200 million leverage facility

US pension backs two private debt managers, but retreats from syndicated loans
San Antonio Fire & Police Pension Fund ended 2019 bullish on private debt but shying away from syndicated loans

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.