CLO managers look to move away from ‘spiky’ triple Cs
CLO managers are in the process of de-risking their portfolios by rotating out of triple Cs into less risky credits following a volatile month in markets, according to multiple sources. Creditflux analysis shows that, for the past couple of years, managers have become emboldened with triple C and B3/B- loans making up 25% of the portfolios of 50 US CLO managers.

One day, two investors, three CLO controlling stakes in secondary
Two investors are inviting bids for anchor positions they hold in three CLOs.

CLO 'mascot' appears on b-wic but fails to trade
A $2.25 million triple B CLO tranche with a mascot feature embedded appeared in the secondary market yesterday, but failed to trade.

Rival manager’s warehouse contributes to new CIFC US CLO
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager.

THL anchor CLO equity seeks purchase in secondary market
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

CLO investor looks to offload US and European anchor equity positions
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer

Global CLO b-wic round-up: control equity hits the market as secondary market picks up
The CLO secondary market in both Europe and the US brought healthy volumes last week. There was €174.9 million listed in the European CLO secondary market, while the US returned a with just over $600 million in CLO b-wics. 

Insurers dump floating rate CLOs
Two large insurance firms rotated out of floating rate CLOs by selling roughly $259 million of single A notes via b-wics last month, according to market sources.

Global CLO b-wic round-up: secondary volumes make up for slump in primary
June saw the highest volume of US CLO b-wics this year with over $3.8 billion of US CLOs on the auction block, according to CLO-i. 

Anchor equity in 2018 CLO reissue fails to trade in secondary market
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux

Controlling equity stake in 2018 CLO fails to trade in secondary market
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade  

US CLO b-wic round-up: secondary volumes reach new heights with equity lagging
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest

Doing CLOs is hard work as recovery lags
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

CLO single Bs to return with higher attachments
US CLO equity investors this year seem to be focused on downside risk and this is evident in the lack of single B-rated debt in 2019 CLOs. However, there is demand emerging for a new style of single B-rated tranches that are forcing some equity investors to reconsider their stance.

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

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

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. 

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