Spreads tighten as GoldenTree and BlackRock print tightest CLO triple As since March
The CLO market moved tighter on Friday as GoldenTree Loan Management and BlackRock each priced new issues with triple As at 155 basis points over Libor, scoring a new record print following the coronavirus sell off in March

Loan slump brings managers closer
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average

Primary equity investor shortage fuels issuance fear
A lack of demand for primary equity could lead to a drought of new CLO issuance in the second part of this year

Loan slump brings managers closer

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

Onex prices second US new issue CLO in three weeks
Onex Credit Partners priced its second new issue US CLO in just three weeks yesterday, via Natixis, to become the fourth US CLO manager to price two new issue CLOs during the covid-19 pandemic

Mezzanine CLO spreads tighten with BlackRock US deal
BlackRock has priced a $397.7 million new CLO via Goldman Sachs, acheiving a 175 basis points print on its tightest triple As, according to market sources

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

Three-year US CLOs set to tighten as large managers market deals
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s

Fitch places five BDCs on negative outlook
Fitch Ratings has changed the outlooks of five business development companies from stable to negative folllowing a review of its rated BDCs

We’ve survived before, we can do so again

Credit funds at a glance

A round-up of fundraising and people moves in credit

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Making arb work of it

Dispersion tests hedge fund managers

Real assets are now the top picks in private credit
Direct lending is no longer the darling of the private credit market, with pension funds increasingly making space for credit strategies backed by real assets.

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

Apollo Global Management ends year with a bang
CLOs returned 8% while direct origination continues to be "rocket fuel", the company said

Double B CLO spreads drop back to 725bp as BlackRock prices US CLO
CLO double B spreads in the US have gone tumbling back to 725 basis points after BlackRock priced a new CLO yesterday via Wells Fargo

BlackRock upsizes upcoming US CLO amid overwhelming demand
BlackRock’s upcoming US CLO, Magnetite XXIV, was heavily oversubscribed last week as price talk circulated, according to two investor sources

BlackRock’s first mid-market CLO to be managed by experienced team acquired from Tennenbaum in 2018
BlackRock is on track to become the latest manager to start issuing CLOs backed by loans to middle market companies.

BlackRock joins BDCs with increased leverage approval
BlackRock Capital has become the latest business development company to adopt the higher leverage after the Small Business Credit Availability Act was amended last year

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

BlackRock brings triple A spreads back to 130bp with new US CLO
BlackRock has priced its latest new CLO named BlackRock XXIII, scoring the tightest triple A print for three months

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