New CVC issue cuts Euro AAA tight by two basis points
CVC’s first new Euro deal of the year priced triple As at 120, two basis points inside the previous low – but its overall cost of funding remained slightly wide of the tightest for the year

Euro CLO market re-opens as HPS breaks new issue duck with triple As at 205bp
HPS Investment Management has become the first European CLO issuer of the year, pricing Aqueduct European CLO 7-2022 and shaving off 10bp off triple A price guidance

HPS targets tomorrow for Euro CLO with triple As guided around 215bp
Price guidance on HPS Euro CLO is revealed 

HPS pre-markets 81%-plus ramped European CLO
HPS Investment Partners is pre-marketing a new issue European CLO, which is understood to be over 80% ramped

Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C.  

Global CLO league tables - Jul 2021 YTD
Global CLO league tables - Jul 2021 YTD

CLO pipeline: 2020 absentees join new issue rush
The CLO pipeline is growing by the minute as managers prepare their first new issues of the year after varying lengths out of the market

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

Global 2020 CLO league tables
Global 2020 CLO league tables 

Global CLO league tables - November 2020 YTD
Global CLO league tables - November 2020 YTD

European CLO double Bs jump wider amid October macro worries - but seniors stand firm
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time

CLO triple As expected to tighten to low 120s as CVC markets European deal
CVC Credit Partners is marketing a European CLO with triple As guided at Euribor plus 120 basis points to 125bp

Beneath the triple C: slowest downgrade pace puts market in recovery mode
The CLO market recovery is starting to benefit from borrower downgrades falling to their slowest rate since the coronavirus crisis began in March

Euro CLO league tables: Deer Park takes GSO to top and gets Deutsche off the mark
For the second time in as many months a new name sits at the top of the European rankings as GSO Capital Partners takes the throne

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CVC prices new CLOs in Europe and US
CVC Credit Partners has priced its first new CLOs post-covid 19 on both sides of the Atlantic - and dragged the US CLO market tighter in the process

Global CLO b-wic round-up: spreads tighten across the board as bond-flex CLOs trade well
Price levels have tightened and, more importantly, stabilised across the secondary CLO market over the last two weeks, but the Easter break led to a drop off in CLO b-wic supply

Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

Euro CLO round-up: smaller (and newer) issuers print deals as spreads edge wider
It has been a relatively busy week for the European CLO market after three new deals priced to end a 17- day silence in the primary market. The quiet spell was broken by smaller CLO issuers.

ICG reissues three European CLOs still bound by call locks in risk retention move
Intermediate Capital Group has shifted its CLO risk retention strategy to an originator structure by reissuing three of its deals