European CLO managers bake in triple C flexibility
Three European CLO managers are understood to have embedded language in post-covid CLO documentation that affords them flexibility in managing triple Cs, according to market sources

US pension terminates three credit mandates due to 'underperformance' and relative value
The New Mexico pension terminated one multi-asset credit mandate and two bank loan mandates

Loan pipeline builds to fuel US CLO production into Q2
US CLO new issuance, already on a high, is set to be spurred on by a healthy loan pipeline over the second quarter of 2021

Angelo Gordon CLO deputy portfolio manager departs
Angelo Gordon has lost a deputy portfolio manager from its CLO management team

Angelo Gordon features two tight triple A loan tranches in European CLO new issue
Angelo Gordon priced its first European CLO transaction of 2021 on Friday in a new issue deal named Northwoods Capital 23

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

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

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

Angelo Gordon sets Euro triple A benchmark with new CLO
The deal, a post-covid 19 tight for triple A pricing, also features a single B tranche, which have typically been absent from CLO capital structures post-covid 

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.

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

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

Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.