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

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

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

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.

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.   

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