Mezz tiering takes hold in Europe as investors take their pick of deals
Manager performance in elevated rate environment is coming under more scrutiny from investors   

Pinebridge reworks 2016-vintage CLO for the third time
Pinebrides has priced a refinancing of a 2016-vintage CLO for the third time via JP Morgan

Credit funds at a glance (March 2022)
A round up of fundraising and people moves in credit

Credit funds at a glance (November 2021)
A round up of fundraising and people moves in credit

CLO managers join forces as they line up behind SFDR
A plethora of European CLO managers have teamed up with regulatory reporting provider FinDox to form a working group focused on Sustainable Financial Disclosure Regulation (SFDR), sources tell Creditflux.

Everyone’s ramping

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

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

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

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

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

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

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.

Beyond blacklists: the next step in ESG
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.

Euro CLO league tables: back to earth in tandem as issuance nosedives
August brought just €1.12 billion of issuance in the European CLO market across two refinancings and one reset, the quietest month since January when only €0.51 billion of European CLOs priced

CLO pipeline: refis can't wait till after summer
The CLO market in both the US and Europe looks to be slowing down in the near future with only two deals added to the running pipeline.  

PineBridge refi shows steep term curve in European CLO market
PineBridge Investments has refinanced its 2016 vintage CLO named Euro Galaxy V, according to market sources