European CLOs back on track for record year, but caution remains – Global ABS panellists
Panellists at this year’s Global ABS conference in Barcelona say European CLO issuance has recovered from its April hiatus – but concerns remain, especially over lack of leveraged loan supply and deteriorating credit quality

US CLO and leveraged loan market roiled by dramatic Trump tariffs
ANALYSIS: Leveraged loans and CLO fell lower in the aftermath's of President Donald Trump's new tariffs 

Octaura launches new protocol for CLO liquidations
Electronic loan trading platform Octaura has released a new set of processes to streamline loan BWICs and OWICs

Palmer Square liquidates 2022 CLO through BWIC
Palmer Square is the seller of a mammoth EUR 350m loan and bond BWIC portfolio that was auctioned last Thursday (4 January) as it has been winding down Palmer Square European Loan Funding 2022-3

Leveraged loan market shrinks as CLO trading grows
A lack of primary issuance has caused the leveraged loan market to shrink this year for the first time since the aftermath of the global financial crisis, according to market sources.

Up to 40% more US loan supply will hit primary market next year: Barclays
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index

Private equity firms are becoming CLO converts: TwentyFour
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense"

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally

Secondary CLOs stand firm as credit markets take a hit
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market

The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Short duration CLOs are putting reset risk in the post: Barclays
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned

Euro loans with FX hedging offer better value than US: Barclays
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
It is possible to hit a home run with a print and sprint CLO, but execution is difficult  

They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform 

CLOs aim to pick up pieces as fear drives dip in loans
Leveraged loan investors grew skittish in June, with prices slipping as the likelihood of a US recession increased, according to market sources.

Loan traders eagerly await electronic trading solution
The announcement of Octaura’s electronic loan and CLO trading platform last month has been met with positivity by market participants, who laud the unified approach taken by large investment banks in supporting the initiative

Octaura's real-time trading solution paves way for loans and CLOs to drop illiquid tag
The unprecedented cooperation between CLO trading desks that culminated last week in the launch of Octaura could change the way credit investors judge the relative value merits of loans and CLOs versus liquid alternatives such as high yield bonds

US loan market drops to record low for 2022
The loan market reached a new record low for the year on Thursday with the S&P/LSTA Leveraged Loan Index trading at an average bid of just 93.66 cents on the dollar

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

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

Loan dip brings longest CLO primary pause since January
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week 

CLO managers in the mix for first US credit event auction since 2020
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently

Loan fintech drills into private data to free up analysts’ time
The role of credit analysts could be redefined if a new product launched by a tech company takes off