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Doing CLOs is hard work as recovery lags
6 years ago
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
6 years ago
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
6 years ago
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
6 years ago
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. -
Control equity available in BlackRock CLO just one month after first payment
6 years ago
Control equity in BlackRock's 2018 European CLO is up for auction today at 10am New York time (3pm London), according to market sources -
Global b-wic round-up: secondary flows drop to $599 million in the US
6 years ago
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
6 years ago
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
6 years ago
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
6 years ago
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
6 years ago
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
6 years ago
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i. -
Euro CLO b-wic round-up: mezz is where the money is
6 years ago
This year, there has been one constant: junior mezzanine tranches have accounted for most listings on the secondary market -
US CLO b-wic round-up: fixed tranches search for secondary value
6 years ago
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
6 years ago
Applicable margin reset (AMR) protocol, though untested as yet, is beginning to gather steam in the CLO industry -
Junior debt investor looks to flip recently-priced CarVal CLO
6 years ago
Pancake Day brings double Bs from a CarVal CLO which is hot off the stove -
Global CLO b-wic round-up: record February underscores secondary market value
6 years ago
A roaring February, bringing $2.615 billion listed in the US CLO b-wic market, ended with only a murmur last week -
Global CLO b-wic round-up: momentum stalls in CLO secondary market
6 years ago
Only $589.94 million worth of assets were posted on CLO b-wics last week with a US public holiday disrupting the flow. But the trade rate was high with some $422.74 million of CLOs changing hands. -
Euro CLO b-wic round-up: triple A notes boost volumes
6 years ago
At first glance, the European CLO secondary market has matched its US counterpart with b-wic volumes peaking last week -
US CLO b-wic round-up: secondary market continues its hot streak
6 years ago
The US secondary CLO market last week reached its busiest pace of the year so far with $1.1 billion worth of b-wics posted, a 30% increase on the week before -
2018 US CLOs pour into secondary market amid dry spell in primary
6 years ago
With the 2019 CLO market still warming up, investors are trading 2018 bonds in the secondary market. Last week just under a quarter of all b-wics featured 2018 CLOs, with reissues in particularly high demand -
Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
6 years ago
Creditflux, Debtwire and Xtract discuss the current state of the market -
European CLO equity in focus for secondary market with 50% trade rate
6 years ago
European CLO equity valuations ranged from the 50s to 70s, but only two our of four positions traded yesterday -
Goldentree floats price talk on 2019 CLO as market searches for a floor
6 years ago
Strong demand for a manager with a strong balance sheet to kick off 2019 -
European CLO secondary market wakes up as several b-wics emerge
6 years ago
European CLO issuance has been non-existent since 26 November, but a flurry of CLO b-wics have been posted over the last few days, which should give investors an indication of where bonds are trading following the prolonged period of inactivity -
Strong demand for euro CLO triple As suggests expectations of a refi wave
6 years ago
A high volume of European CLO triple A bonds were marketed on bwics to trade today at 10am London time
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