$52 million b-wic suggests stabilising junior CLO spreads
A $52 million b-wic yesterday shed some light on junior CLO levels on a day of very little pricing transparency.

Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion

Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days.

Citi makes $100 million-plus gains on CLO triple A trade
Citi bought $2 billion of CLO triple As from PGIM last month and made more than $100 million in profit after selling the bonds when triple A prices recovered, according to Bloomberg

Kayne Anderson CLO trades high as double A investors factor in portfolio health
Demand for high quality mezzanine US CLO paper is picking up, according to trader sources, with the most sought after single As trading at about 425 basis points and the best triple Bs trading at 670bp towards the end of last week

Benchmark European 2020 CLO trades 11 points down in secondary
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches

The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
Last year’s CLOs could become the benchmark for manager performance

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

US CLO issuers get pricing signals as triple As trade in secondary at 375bp
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market

‘Hoard credit’ says PM as markets swing
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package.

CDS show the way as prices move and volumes surge
CDS volumes provide an eye-opening view of how the asset class has grown in prominence during the coronavirus pandemic, with index trading near doubling year-to-date on 2019, even as secondary bond markets hit lockdown.

Managed accounts pose flexibility check for direct lenders
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed.

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

US CLO double Bs struggle as 2020 deal drops 40 cents in three months
A gap is emerging between single A US CLO tranches and junior CLO debt after $33 million of single As changed hands yesterday via a b-wic with prices between 82 and 87 cents. But a 2020 CLO shows how fast and sharp the decline has been for junior CLO paper

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

European CLO triple As bounce back in secondary market
European CLO triple As have begun tightening in the secondary market with sources indicating that by Friday, these notes were trading at 250 basis points, which is down from about 400bp a week ago

US CLO triple As stage recovery as high quality paper trades near par
US CLOs are recovering with some first-pay tranches being bid near at and around par, according to data from Trace

US fund managers put on leveraged CLO triple A trade with a view to 13% returns
Hedge fund managers are looking to buy US CLO triple A tranches with leverage as valuations for these positions dip into the 80s

Bank looks to unwind $632 million loan TRS
A US bank has looked to liquidate a total return swap vehicle by putting out a loan bwic, according to market sources, with the vehicle sized at $632 million

Fed unveils IG bond buying programme and direct lending plans
The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses

CLO liquidity drops again as below IG tranches hit the market
US CLO liquidity has been weak of late, but it took another step lower yesterday, according to market sources

Fed accepts triple A-rated CLOs in new 'primary dealer credit facility'
The US Federal Reserve Board will establish a primary dealer credit facility on Friday (20 March) to help defend against the impact of coronavirus-led market volatility

Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Secondary CLO triple As slump below October levels
The secondary CLO market is showing no sign of stopping the rut with triple A rated paper in European and US markets displaying more weakness

Loan market slump feeds into CLO pricing
The loan market opened this week 2-4 percentage points lower than last week, pushing it toward 90—a threshold it has not crossed since February 2016. CLOs have reacted to this rapid drop