Neuberger Berman prints first new issue US CLO of November as mezz spreads tighten
Neuberger Berman has brought to an end the CLO issuance drought surrounding the US election by printing the market's first new issue of November

Correction: JP Morgan shifts bulk of CLO portfolio to held to maturity
JP Morgan has shifted two thirds of its CLO portfolio to the 'held to maturity' part of its balance sheet, posting $31.15 billion worth of CLO holdings on 30 September of which $20.95 billion were held to maturity

US CLO league tables: JP Morgan nips ahead of Citi as debutants pour in
JP Morgan has surged to the top of new issuance rankings following a busy September and October in which the bank was lead arranger for 10 new CLOs totalling $3.9 billion

Global CLO league tables - October 2020 YTD
Global CLO league tables - October 2020 YTD

WTW to tackle lack of diversity across investment industry
Progress on diversity across the investment industry is “disappointingly slow”, according to research from Willis Towers Watson

Credit rally rolls on as indices approach one-month tights
CDS indices are approaching their mid-October tights as reality seeps in of a divided US government and, consequently, little chance of dramatic corporate tax increases. Yesterday, iTraxx Main led the way, tightening 5.3%, followed by CDX NA HY and CDX IG (both 4.5%) and iTraxx Crossover (2.8%)

High yield outperformance to bring compression trade back into play: Citi
High yield underperformance versus investment grade is expected to reverse following the US presidential election, according to a strategy note from Citi. The bank’s strategists have been advocating compression trades since July and feel that there is more room for this to run citing election trends, exposure to coronavirus credits, expected default rates and credit ratings

CLO Census results: Citi comes out top but several banks make big leaps
Citi has been voted top in five out of the eight primary CLO categories as part of the 2020 Creditflux CLO Census, but BNP Paribas, Goldman Sachs, Jefferies and Natixis are among the banks that have made huge strides compared to last year

HalseyPoint opts for rare four-year reinvestment structure in CLO
HalseyPoint Asset Management returned to the CLO primary market yesterday, pricing its largest new issue to date

Elmwood officially reopens CLO reset market with five-year extension of debut deal
Elmwood Asset Management has completed the US CLO market's first reset transaction for almost eight months, after teaming up with Citi to reset its debut CLO from 2019 named Elmwood CLO I

Silver Rock becomes third debut US CLO manager of 2020
The world welcomed a new CLO manager into the market yesterday as Silver Rock Management issued an inaugural transaction via Citi

First Eagle refinances partially paid-down senior CLO tranche
First Eagle Investment Management has teamed up with Citi to refinance a triple A-rated fixed CLO tranche that has been partially paid down

Elmwood preps first reinvestment-extending CLO reset since sell-off
Elmwood Asset Management, the CLO manager linked with Elliott Management, is on track to reopen the US CLO reset market officially. The firm is planning a five-year reset of its inaugural CLO from 2019, Elmwood CLO I, with Citi overseeing arranging duties

Dealers power up as tranche trading hits new heights
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support

Past returns: Bravo! Citi takes applause with CSO portfolios
Five years ago in Creditflux we reported that Citi was planning a follow up to its Bravo portfolio — a CSO reference entity in which the bank made two-way markets

Long awaited comeback as ArrowMark brings first CLO reset since Q1
ArrowMark Colorado Holdings has reopened the market for CLO resets after pricing the first in more than eight months

Go long index mezz tranches to pick up spread: Citi
Citi research has outlined some of the opportunities that have arisen in the index tranche market as a result of elevated correlation

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

CLO reset market set to reopen after eight months as ArrowMark plans deal
ArrowMark Partners is marketing the US CLO market's first reset since February, as the industry takes another step on the path back to normality

Voya passes $1 billion US CLO issuance in 2020
Voya Alternative Asset Management has surpassed $1 billion CLO new issuance since the March coronavirus sell off began, joining the ranks of managers to print three transactions in this time

Static US CLOs snap back to early March levels as Palmer Square prints
Palmer Square Capital Management priced its fourth static CLO of the year yesterday, with its triple A spread tightening to just 100 basis points over Libor. The print is another step for the CLO market toward pre-pandemic levels

Octagon steams ahead with fourth fixed CLO tranche refi since August
Octagon Credit Investors has become the first CLO manager to complete four fixed-rate CLO tranche refinancing or repricing transactions this year, after teaming up with Citi to refinance the double A-rated fixed notes of Octagon Investment Partners 31

Manager tiering inceases as Sound Point prices fifth largest CLO post-covid
Sound Point Capital Management has priced the fifth largest CLO amid the coronavirus pandemic known as Sound Point CLO XXVII at a deal size of $503.2 million

Junior triple A-double A basis narrows as CIFC prices third post-covid CLO
CIFC Asset Management on Friday became just the ninth CLO manager to issue three new US CLOs post-covid after teaming with Citi on the $498.3 million deal named CIFC Funding 2020-III

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years