CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

Triple A investors lock in spreads for extra three months as Marble Point prices CLO
Marble Point Capital Management has a make-whole provision applied on its first new issue US CLO since February

CSOs start printing again with new money ready to invest
The synthetic bespoke market is putting behind it the turmoil of recent months, with a pipeline of new CSO transactions starting to price and a swelling supply of new money lining up to invest.

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

Rampant technicals push cash and CDS in different directions
Central bank interventions, primary market issuance and high yield defaults have conspired to create major distortions in credit performance, which sources say are ripe for opportunistic trading.

Redding Ridge back as top CLO issuer post sell-off with new US and EU deals
Redding Ridge Asset Management has shot back to become the largest CLO issuer by volume since the sell off in March after printing a new issue apiece in the US and Europe, according to market sources

AGL passes Palmer Square as most prolific US CLO issuer since sell-off
AGL Credit Management has become only the third manager to issue three new CLOs and the most prolific issuer of US deals since the coronavirus-led March sell-off

It’s all going to plan
Whether managers are relaxed because they can make up losses later, or are putting more money into their deals, panellists on the Creditflux West webinar weren’t panicking about OC breaches

Points up front: I’m terribly sorry, I didn’t quite catch that…
Creditflux has been running a series of webinars on CLOs and private credit, and despite the risk of unreliable technology, these have been held with few wifi-related issues...

US triple A spreads hit 160bp as GSO prices second post-covid CLO
Triple A spreads on new issue US CLOs have further tightened to 160 basis points

Bond buckets and greater flexibility: CLO market prepares for '3.0' era
3.0 CLOs are likely to see structural tweaks that give managers more flexibility in their investments, according to panelists on the Creditflux West webinar, which was held yesterday

CSOs are hurting but will emerge stronger, say sources
It is unsurprising that bespoke synthetic tranches have suffered during the covid-19 crisis, as they are backed largely by real money investors that have gone outright long credit risk. But more noteworthy and reassuring, say sources, is that most have held firm in their positions and look set to stick with the asset class — in contrast to the 2008 global financial crisis exodus

PGIM prices three-year US CLO via BNP Paribas as covid-era limitations ease
PGIM has priced the second new issue CLO to run a three-year reinvestment period following the market dislocation triggered by the coronavirus pandemic

Dealers zero in on pair of managed CSO formats
The eagerly awaited introduction of ‘managed’ CSOs is getting closer, with hopes still alive for an inaugural deal before the end of March and consensus forming around two alternative approaches.

Bank's former US CLO syndication head lands at Apollo
The former head of US CLO syndication at a bank has joined Apollo Global Management for a dual role in the firm’s structured credit business

Voya reworks second CLO in space of two weeks
Voya Alternative Asset Management has reworked a second CLO in as many weeks, with the manager turning to BNP Paribas to refinance four tranches of Voya CLO 2014-2

Redding Ridge prices senior triple As at 123bp in new US CLO
Redding Ridge Asset Management teamed up with BNP Paribas today to issue the manager’s latest new issue CLO, known as RR 8

GSO joins exclusive club of US CLO managers to price triple As under 100bp
GSO Capital Partners joined a select few US CLO managers that have priced a deal this year with triple As paying under 100bp

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

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

Medalist makes CLO breakthrough with $305.9 million new issue
Medalist Partners Corporate Finance has priced its first CLO since rebranding from JMP Credit Advisors, according to market sources

Medalist prepares first CLO since 2019 rebranding
Medalist Partners Corporate Finance is preparing to price the first CLO under its own moniker, according to market sources

Credit traders’ kickstand: primary market flood gives basis for relative value
A deluge of investment grade bond supply in the first two weeks of the year has weighed on the spread basis between the cash market and CDS, leaving opportunities for traders who believe this dislocation should correct over the coming weeks

Oil supply concerns grease CDS relative value trade
With credit spreads having begun 2020 circling post-crisis tight prints, there is not much room across the market for improvement and plenty of susceptibility to jitters. But at least one CDS index shows scope to narrow further and could form part of a relative value trade