Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market 

Two roads diverged in the CLO wood

CLO pipeline: Capital time to debut in Europe as liability spreads drop
CLO managers are showing no signs of slowing down, as a further 16 US and five European new issue CLOs, including Capital Four's CLO management debut, appear in the pipeline

Past returns: From zero to $7.6 billion in five years
Five years ago in Creditflux we reported that Angelo Gordon was planning to move into US direct lending. Shortly after that the firm created a middle-market subsidiary known as Twin Brook Capital Partners and drafted in Trevor Clark and Chris Williams to lead the venture after the pair had left Madison Capital in 2013.

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

CLO pipeline: new kids in class look to excel on first assignments
The summer holiday is well and truly over with the European CLO market building on last week’s momentum as three new deals and one reset are to enter the primary market. 

Texas pension to lift direct lending budget to $250 million
Texas County & District Retirement System (TCDRS) is considering investment in a number of direct lending funds, with existing and new managers, according to documents seen by Creditflux  

Credit funds at a glance

Monroe bolsters direct lending team across the US
Middle market lender Monroe Capital has bolstered its direct origination team with hires across several US offices,

Sungard bankruptcy to cause minor burns for CLOs
A total of $202.5 million of the loan basks in CLO structures - but managers are unlikely to get badly burned, sources say. And CLOs are fairly well-positioned to retain such assets with several structural factors and indenture provisions

Twin Brook hires healthcare specialist to direct lending team
Direct lender Twin Brook Capital has appointed a managing director solely focused on healthcare opportunities 

Senior CLO investors get extra call protection as Angelo Gordon prices
Senior CLO investors are scoring enhanced call protection this month, as Angelo Gordon yesterday became the second manager to price a CLO with variable levels of callability

Angelo Gordon readies new CLO with unusual callability structure
Angelo Gordon is marketing a $448.75 million new issue CLO via Citi, according to market sources

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Angelo Gordon reissues 2014 CLO with triple As printing at 130bp
Angelo Gordon has reissued its 2014 vintage CLO Northwoods Capital XIV via Barclays, according to market sources

Maine pension bolsters private credit allocation with $100 million mandate
The pension fund mandated $100 million to a US direct lending firm, after it was underweight its 5% target allocation to alternative credit 

Twin Brook holds $2 billion first close for third direct lending fund
Twin Brook Capital Partners, an Angelo Gordon subsidiary, has held a first close for its third direct lending fund with approximately $2 billion capital commitments

Texas pension fund earmarks $650 million to four private debt funds
Angelo Gordon, HIG Whitehorse and Värde have secured commitments from the Texas pension fund for their direct lending funds

Past returns: Atlantic crossing
Five years ago in Creditflux we reported on Axa Investment Managers planning its debut US CLO with a view to becoming a global CLO manager. Today, US managers are prioritising the build-out of European CLO platforms

Barclays prices CLO reissue with unusual step-up
A New York-based manager has completed its second CLO reissue of the year, binging its annual volumes for these types of transactions to $1.21 billion

US firms to continue CLO charge in Europe despite risk retention still applying
Europe is expected to welcome an influx of new CLO managers this year, despite the continent being subjected to CLO risk retention

New York manager prices second deal of the year via Credit Suisse
The manager issued its second CLO of the year yesterday via Credit Suisse, according to market sources

Manager teams up with Credit Suisse for the first time to launch new CLO
The manager has priced its first transaction in the CLO market this year, teaming up with Credit Suisse to issue a new deal

Angelo Gordon hires new global distressed debt head from GSO
New York-based Angelo, Gordon & Co has appointed Ryan Mollett as global head of distressed debt