CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

Three managers think alike with refis of two-year European CLOs
Three European CLO managers hit the primary market on Friday to print two-year refinancings. This deal profile has been popular of late with seven such deals pricing in little over a month

Invesco Euro CLO triple As leak wider to 99bp, but mezz tranches print tight
Invesco on Tuesday priced the 90th European CLO new issue of the year with Invesco Euro CLO VII. BNP Paribas arranged the €407.5 million deal

Loans will be winners in bearish year for credit: BNP Paribas
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

Investcorp reworks 2020 European CLO via BNP Paribas
BNP Paribas arranged the €443 million transaction, which cuts the CLO’s cost of debt by over 18 basis points to 190.3bp

Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait

BNP Paribas AM cuts CLO tranche costs throughout structure with refi
=BNP Paribas Asset Management has refinanced a 2019 Euro CLO, arranged via its banking arm, with tightening across all tranches

PGIM drops fixed rate triple A tranche in reset
PGIM has paired with BNP Paribas to price the reset of its 2019 European CLO named Dryden 69

Partners goes long again with five-year European CLO
-Partners Group has priced its latest European CLO, named Penta CLO 10

Credit Rendezvous: Credit spins full circle
The third quarter was massive in terms of volumes with CLOs, high yield, leverage loans and private equity registering record issuance. But credit spreads were up and down as inflation fears, crackdowns in China and rising coronavirus cases became catalysts for risk-off sentiment in July and September

BNP Paribas markets Partners European CLO new issue and PGIM reset
BNP Paribas is marketing a new issue European CLO managed by Partners Group and PGIM’s reset of its 2018 vintage deal Dryden 69, according to market sources

Redding Ridge tops Euro CLO new issue tables with fourth new issue in four months
BNP Paribas served as lead arranger on the manager’s latest €507.55 million deal - cementing Redding Ridge's top spot for highest European CLO new issue volumes in 2021 

Everyone’s ramping

CLOs at a glance (September 2021)
A listing of CLOs that have priced in the last month

Blackstone regains top CLO spot as it slashes 60bp funding costs on 2020 reset
BNP Paribas has reset and upsized Blackstone's Avondale Park, cutting the CLO’s funding costs by over 60 basis points

Euro 2021 CLO volume exceeds €60 billion as BNPP and Axa IM pair for new issue
BNP Paribas arranged Axa IM's return to the primary CLO market after 21 months 

Blackstone, Chenavari, CIFC and Five Arrows add €2 billion to weekly Euro CLO issuance
Nearly €2 billion of European CLO issuance priced this week, with Blackstone, Chenavari, CIFC and Five Arrows adding to Napier Park’s reset earlier in the week

CLO demand to drive loan outperformance over bonds: BNP Paribas
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

Credit funds at a glance (June 2021)
A round up of fundraising and people moves in credit

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

BNP Paribas hires senior European CLO trader from asset manager
BNP Paribas has expanded its CLO trading team 

Sticky European CLO triple As refuse to budge but mezz comes in as Redding Ridge resets
BNP Paribas arranged the €461.3 million transaction, which cuts the deal’s financing costs by around 38 basis points

CLO pipeline: new issue becomes name of game with 14 managers preparing to price
Only $3.2 billion of CLO paper priced globally across all forms of pricings this past week. But the market looks to set to explode back into life with 14 US CLO new issues in the pipeline

CLO triple As leak wider but mezz comes in as Carlyle, PGIM and KKR price Euro new issues
CLO heavyweights Carlyle, KKR and PGIM all took to the primary market on Friday pricing a total of €1.22 billion issuance