TCW follows debut AMR deal with tight-priced regular CLO refi
TCW Asset Management has priced a regular, old-fashioned CLO refinancing, having last month roadtested an Applicable Margin Reset feature for its first refi of the year

US CLO league tables: old deals get a fresh start in the new year
The majority of CLO issuance last month was in all forms of repricings, which totalled $4.8 billion and accounted for 54.5% of US CLO volumes

They said it: "Ticking time bombs"
In the article “We need to talk about high triple C/bond-heavy CLOs”, we asked the CLO market for consistency in how we describe triple C-heavy CLOs. One anonymous poster didn’t hold back. (We ended up selecting triple C-flex CLOs.)

Landmark AMR auction drags CLOs into the digital age
The CLO market is set to witness its first digital refinancing as TCW Asset Management teams up with Kopentech to road test the latter’s applicable margin reset (AMR) platform, as Creditflux goes to press.

Global CLO round-up: welcome back, give us a (refi) wave
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative

First AMR auction passes smoothly with all bonds trading
The first applicable margin reset (AMR) auction took place between 8am and 10am eastern time yesterday to refinance TCW CLO 2019-1, with all five tranches clearing successfully

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

TCW to revamp CLO refi market with first digital repricing this week
CLO refinancings are set to get a digital makeover this week with TCW Asset Management testing the applicable margin reset (AMR) on Thursday

TCW takes advantage of lower base rate to price new CLO
TCW's second new CLO of the year has made use of a rallying market since its last venture in February

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

Managers back AMR following CLO auction improvements
Applicable margin reset (AMR) protocol, though untested as yet, is beginning to gather steam in the CLO industry

US CLO round-up: years fall off CLO market as it gets back to its old self
The CLO market is starting to look rejuvenated, with the dense pipeline having this week offloaded seven new broadly syndicated deals and one middle market deal as Creditflux goes to press – totalling $3.7 billion of new paper. 

MUFG prices new issue CLO for TCW with AMR mechanism written in
TCW Asset Management Company priced a new issue CLO yesterday featuring Applicable Margin Reset (AMR) technology

Minnesota pension slates $200 million to private credit after strong returns over Q3 2018
Minnesota State Board of Investments has awarded a $200 million commitment to two private credit managers

CEO of TCW's European business joins Investcorp
Investcorp Credit Management has poached the chief executive officer for TCW Europe Heinrich Riehl

Los Angeles manager refinances previously reset CLO
A west coast manager has reworked a 2013 vintage CLO for the second time, according to market sources

First Trust teams with TCW to launch unconstrained credit ETF
First Trust Advisors will act as investment advisor to the new actively managed fund, while TCW Investment Management will act as sub-advisor

TCW hits back at sexual harassment claims involving 'terry bathrobe-wearing' MD
TCW has been accused of unfairly dismissing a managing director in retaliation after she reported sexual harassment – but the firm has denied the allegations, on Tuesday saying she was fired for unspecified “compliance violations”

TCW seeks to ramp up potential BDC
TCW is ramping up a new fund that intends to operate as a business development company (BDC) – having just hired a TCW affiliate as investment advisor and manager

Japanese insurance giant acquires minority stake in TCW from Carlyle
Japanese life insurer Nippon Life Insurance Company has completed its previously announced acquisition of a 24.75% minority stake in TCW from Carlyle Group

Loan managers pile into BDCs amid possible change to leverage ratios
Golub Capital Partners and TCW are among those to have launched new BDCs as regulators look to revamp leverage limits

TCW completes return to CLO market with $408.6 million deal
Jefferies has continued to build on its relationship with TCW Asset Management by pricing the firm’s first new CLO since 2014

TCW ends three-year absence from CLO market to price reset of 2013 deal
TCW Asset Management has priced a reset of a 2013 CLO. And Creditflux analysis shows exactly how this CLO print compares to all other US CLOs this year

TCW muscles in with bid to take over Hercules BDC
TCW has put forward a proposal to take over as manager of business development company Hercules Capital