CLO captive funds surge as US manager becomes latest to launch
The New York-based manager joins the likes of Kayne Anderson and GoldenTree this year to raise funds to invest in their own CLO equity and warehouse lines

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

Angelo Gordon joins ranks of bond-flex CLO issuers
Angelo Gordon teamed up with Credit Suisse on Thursday to issue its first ever bond-heavy CLO

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

Refis, resets and reissues back in vogue as four US CLO managers print deals
Various shades of CLO refinancings dominate the US CLO primary market with four deals - two refis, a reset and a reissue - printing on Wednesday for a total volume of $1.1 billion. This surpassed all US CLO refinancings in the six months from March to September last year

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

Angelo Gordon prices US CLO with make-whole on senior notes
Angelo Gordon has priced its first US CLO since the coronavirus outbreak, teaming up with Barclays to issue the $294.8 million Northwoods Capital CLO 22

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

OC health check: first senior breach in middle market pushes CLO tally to 13
41 CLOs have breached an overcollateralisation test in the last week, according to the latest trustee reports on CLO-i, taking the overall total to 182

Angelo Gordon hires well-known credit strategist in New York
Angelo Gordon has hired an experienced credit strategist as a manging director in its investor relations team in New York

CLOs process Internap bankruptcy as they hold $212 million
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday

ESG pervades US CLOs but screening approach divided
Environmental, social and governance (ESG) investing is reshaping the US CLO market, with February bringing the first CLOs marketed that have explicit ESG-related investment criteria.

Two-year spreads gap out as Angelo Gordon prices short-dated CLO
Angelo Gordon has gone the short-dated route for its latest new issue CLO, named Northwoods Capital 20

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

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. 

Credit funds at a glance

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

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