Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis

US CLO single Bs reach post-crisis tights despite rating pressure
US CLO single Bs are trading at their tightest levels since the coronavirus pandemic outbreak and ,while these bonds make up a tiny slice of the market, more and more instances of single B b-wics are ocurring

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Majority equity in BlueMountain US CLO goes up for sale
A majority of the equity in BlueMountain CLO 2018-1 is up for sale tomorrow in a sign that Assured Guaranty could be following through on its plan to change its CLO manager’s issuance model

Single A CLO investors fight volatility as market widens
Two single A-rated CLO tranches appear on a b-wic due at 1pm New York time Tuesday, after investors in the volatile rating band faced another week of widening spreads

Investors spy opportunities in CLOs subject to negative rating action
Rating agency downgrades come into play in Thursday's secondary market for CLOs, with a $15 million b-wic at 10am New York time highlighting how double and single B spreads have moved in opposite directions through July

Global CLO trading co-head leaves bank in New York
A CLO trader with over a decade of experience has parted ways with a large US bank

Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks

Double B CLOs on downgrade watch up for grabs as market eyes tightening
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further

Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

Liberty pulls off successful equity b-wic auction
The first successful equity b-wic following the pandemic selloff took place last month, with several sources telling Creditflux that insurance company Liberty Mutual was behind the auction

Go for short-duration and high-end CLO paper, says JP Morgan
This year is shaping up to be nearly as weak for CLO new issuance as 2008, according to JP Morgan strategists, who recommend investors seek value in short duration double/triple A paper or in higher-tier triple/double B

CLO double Bs on sale as sub-investment grade rally fizzles out
After more than a month of rapid tightening, CLO double Bs trended wider last week by roughly 60 basis points, as the market for these sub-investment grade tranches stabilises in the mid-800s

Fair Oaks tops up on double B CLO tranches in May
Fair Oaks topped up on double B-rated CLO tranches in its listed CLO fund in May, adding $79 million par value of BB-rated paper

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

CIFC CLO funds outperform after using tech to identify tail risks
CIFC Asset Management has been using technology to its advantage as two of its CLO funds were in the top 10 of our credit hedge fund return tables in April

CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

Global CLO b-wic round-up: secondary prices reach March levels
The Memorial Day bank holiday in the US and the late May bank holiday in the UK meant a short week for CLO trading, but that did not stop a good supply of US CLO triple A rated paper making its way to the secondary market

CLOs face trading restrictions as bankruptcies mount
CLO managers could be handcuffed in impending bankruptcies if tranche downgrades continue and restricted trading periods kick in

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

CLOs at a glance: Momentum starts to gather in primary market
Primary issuance is picking up with 13 CLOs pricing globally in May as Creditflux goes to press