Relief rally extends despite US and EU sending mixed signals on recession
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession

Blackstone prints Euro CLO triple As at tight 170bp
Blackstone priced its latest European CLO yesterday with triple As pricing at least 50bp tighter than current market levels

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Euro double As and US triple As offer best value in CLOs: BNP Paribas
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists

Points up front: Who is going into the Creditflux interview room?
The Creditflux CLO Symposium brought together 620 market participants from across the globe, and they had one question on their lips: what’s going on in the Creditflux interview room?

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Wide yields mean high times again for corporate hybrids
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

European CLO trading head leaves BNP for new credit fund manager
An experienced European structured credit trader is joining a recently launched long-short credit fund manager 

Euro CLO league tables: PGIM and Jefferies lead as Euribor caps come back in fashion
April was the quietest month of the year in the European CLO market with only €2 billion pricing across four new issues and one reset

Macro drivers set to give lift to CDS tranche trading
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far

European CLO managers aim for bigger bond bucket fix
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches

PGIM opts for two-year reinvestment on Euro CLO with triple As at 110bp
BNP Paribas arranged the €401.3 million deal, which features a shorter than traditional reinvestment and non-call period 

WhiteStar gets off the mark in Europe with reset of 2020 CLO
WhiteStar Asset Management has reset a 2020 vintage former MacKay Shields European CLO, slashing triple As down to 117 basis points over Euribor and adding additional equity

LCH extends credit index option product to buy side
BNP Paribas and JP Morgan are the first banks to offer client clearing of credit index options through LCH CDSClear

Traders eye expensive options as they look to get creative
Credit market volatility trades may look exceptionally expensive, but that is not stopping them being a prized tool for investors on a number of fronts — from hedging longer-term macro risks, through pre-March index roll positioning, to cross-asset relative value plays

Sculptor prices European CLO and establishes 92bp as triple A benchmark
European CLO new issue floodgates have opened with Sculptor Capital Management’s European CLO IX the latest deal to price, following the first four new issues of the year to price end of last week

Ucits at a glance: Robus claims top spot in 2021 after tight race
Ucits funds have ended 2021 on a high as 62% made positive returns in December

Barings and BNP Paribas team up for first European CLO reset of year
BNP Paribas has reset Barings Euro CLO 2015-1 with all tranches (bar the double Bs) pricing roughly in line with December resets.

Credit awash with volatility in first week but investors load up
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds

BNP Paribas bolsters CLO sales team with hire from DB
BNP Paribas has hired a Frankfurt-based CLO and ABS sales director

CLO 2022 Outlook: 2021 is hard act to follow, but CLO buyers have positives aplenty
New CLO issuance in 2022 will remain elevated but below 2021’s record numbers, banks agree. But there is no consensus among strategy desks on the volume of repricings to come, partly due to the unknown impact of the Sofr transition.   

Banks and loans to benefit in 2022 as safe havens dwindle
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes

ESG template fires up hopes of CSO issuance
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022

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

Leisure and retail companies improve despite UK rates and travel rule noise
Easing of market tensions around the omicron covid variant have allowed traders to broadly mark single name credit spreads tighter on Wednesday, despite caution returning to indices over central bank policy and travel restrictions