Global b-wic round-up: focus shifts to the wings of the capital structure
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

Control equity in two US CLOs changes hands in secondary market
Control equity in three US CLOs was up for sale yesterday at 10am New York time, according to market sources

Large, liquid loans aren’t always perfect
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

Moving on from the late 2018 hangover
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

Global CLO b-wic round-up: Europe and US an ocean apart as flows reverse
Last week saw €102.35 million of European CLOs listed on the secondary market, only the second instance of 2019 with over €100 million of items put up for auction, but the US CLO b-wic market closed a strong month with a down week.

Global CLO b-wic round-up: fixed tranches make their way into European secondary
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i. 

Euro CLO b-wic round-up: mezz is where the money is
This year, there has been one constant: junior mezzanine tranches have accounted for most listings on the secondary market

US CLO b-wic round-up: fixed tranches search for secondary value
US CLO b-wics brought a surprise last week as $51.25 million of fixed double A notes became available in the secondary market

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

Managers swoop on largest DIP in years
San Francisco-based Pacific Gas & Electric has tapped $5.5 billion of debtor-in-possession financing. Restructuring is likely to be fraught, but ten CLO managers have bought the loans

Just because there have always been loan fees doesn’t mean they are the right way of doing things
Scrapping loan transfer costs of up to €3,500 per transaction is a bridge Europe should cross for the sake of liquidity

Junior debt investor looks to flip recently-priced CarVal CLO
Pancake Day brings double Bs from a CarVal CLO which is hot off the stove

Global CLO b-wic round-up: record February underscores secondary market value
A roaring February, bringing $2.615 billion listed in the US CLO b-wic market, ended with only a murmur last week

Global CLO b-wic round-up: momentum stalls in CLO secondary market
Only $589.94 million worth of assets were posted on CLO b-wics last week with a US public holiday disrupting the flow. But the trade rate was high with some $422.74 million of CLOs changing hands.

Euro CLO b-wic round-up: triple A notes boost volumes
At first glance, the European CLO secondary market has matched its US counterpart with b-wic volumes peaking last week

US CLO b-wic round-up: secondary market continues its hot streak
The US secondary CLO market last week reached its busiest pace of the year so far with $1.1 billion worth of b-wics posted, a 30% increase on the week before

2018 US CLOs pour into secondary market amid dry spell in primary
With the 2019 CLO market still warming up, investors are trading 2018 bonds in the secondary market. Last week just under a quarter of all b-wics featured 2018 CLOs, with reissues in particularly high demand

Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
Creditflux, Debtwire and Xtract discuss the current state of the market  

Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski

European CLO equity in focus for secondary market with 50% trade rate
European CLO equity valuations ranged from the 50s to 70s, but only two our of four positions traded yesterday

Goldentree floats price talk on 2019 CLO as market searches for a floor
Strong demand for a manager with a strong balance sheet to kick off 2019

European CLO secondary market wakes up as several b-wics emerge
European CLO issuance has been non-existent since 26 November, but a flurry of CLO b-wics have been posted over the last few days, which should give investors an indication of where bonds are trading following the prolonged period of inactivity

Strong demand for euro CLO triple As suggests expectations of a refi wave
A high volume of European CLO triple A bonds were marketed on bwics to trade today at 10am London time 

Neiman Marcus loan slumps amid debt restructuring talks
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit