Three control CLO equity positions hit market with another to follow
Three anchor US CLO equity positions were listed on the secondary market yesterday in what was a busy day for investors

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

Gap between primary and secondary CLO triple As widens in bumper trading week
There was over $1 billion of CLO paper available in the secondary market last week and a central theme has been demand for triple A-rated notes

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

Oxford Lane reveals reinvestment goal as it trades over $200 million in secondary CLOs in Q2
Senior officials at Oxford Lane Capital Corp described the firm's second quarter approach to CLO investing on a Tuesday earnings call, revealing trades of CLO equity and junior debt amounting to $237.8 million

Wells Fargo hires US CLO trader
Wells Fargo has added to its US CLO trading team in Charlotte

"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  

"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
Something has gotta give as a recession looms in the US. Might it be energy?

Can someone call the triple A? We’ve stalled
CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt  

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 

Points up front: BofA takes both sides
As dealers joined forces for the Octaura electronic trading platform, KopenTech announced a rival...

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

Euro double As and US triple As offer best value in CLOs: BNP Paribas
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists

CLO spreads are not pricing in recession: JP Morgan
CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts

KopenTech launches digital peer-to-peer CLO trading platform
Los Angeles-based FinTech platform Kopentech has launched a digital peer-to-peer trading platform for CLOs

Oaktree identifies CLOs among top picks in credit
Oaktree Capital Management’s head of performing credit Armen Panossian has outlined CLO tranches among his three favoured investments in this market

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

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

Let's play the Great CLO B-wic Price Drop
When CLO liquidity is weak, sometimes you have to take matters into your own hands. That's what happened last week as part of a novel auction set up by a CLO investor

SMBC brings in experienced CLO trader after departure
SMBC Nikko has filled a gap on its CLO trading desk 

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