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

Jefferies raids Citi CLO team again with key trading hire
Jefferies is poised to poach another top Citi European CLO official

Another head of European CLO trading departs
The head of European CLO trading at a major bank has left his role in London

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

European secondary volumes rise through ups and downs
Europe’s secondary CLO market has been boosted by elevated supply as primary issuance trickles amid market volatility. Sources indicate that around €370 million of paper appeared on b-wics across the capital stack in each of the first two weeks of May.

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 

Accunia seeks diversification with Euro CLO equity fund
Accunia Credit Management’s first fund geared predominantly to secondary European CLO equity has been launched with a view to ensuring better diversification across managers and vintages, according to portfolio manager Christian Grane

CLOs look attractive after corporate rally - but not all tranches: Barclays
Rallying corporate cash credit spreads over the past two weeks have widened the basis with CLOs and made these products look attractive again, according to Barclays strategists

CLO prices drop under weight of massive secondary volumes while CDS rallies
CLO spreads have underperformed versus liquid credit instruments in the past week after a massive $2.3 billion of paper hit the secondary US CLO market. But that could create opportunities for investors.

CLO sellers bide their time amid widening Ukraine crisis
Russia’s invasion of Ukraine has sent shockwaves across the world, and CLOs, despite limited exposure to either country, have felt its impact. Those signs are most visible in the secondary market

Banks join fight against slow loan settlement in mini-win for CLOs
Several developments are in the works to tackle painfully slow loan settlement times in Europe, with Goldman Sachs, JP Morgan, Clifford Chance and the Loan Market Association among the firms looking to drive change

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

CLOs and loans find footing as post-Sofr trends emerge
The US leveraged loan and CLO markets transitioned to a new base rate from 1 January without the lengthy issuance pause that was widely predicted in the months leading up to the switch

Former Wells Fargo CLO researcher joins Credit Suisse in New York
A former CLO and ABS researcher at Wells Fargo has joined Credit Suisse as a CLO trading desk strategist in New York 

HalseyPoint keeps Libor-linked CLO notes after digital refinancing
HalseyPoint Asset Management has cut the funding costs of its 2020 CLO named HalseyPoint CLO II, managing to keep the notes linked to Libor by selecting a digital dutch auction to reprice the notes

CLO pricing holds up against omicron as liquid credit takes a hammering
Being illiquid sometimes has its advantages, with the CLO market the picture of serenity as CDS swings imply volatility is afoot

CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion

Experienced CLO official joins GreensLedge in the US
GreensLedge has hired an experienced CLO official as a managing director

Treasury desk lists $818 million b-wic as hedge fund looks to offload control CLO equity in bumper day
State Street once again listed over $800 million of US CLO triple A bonds on Tuesday, having sold $834 million of triple A paper last month

Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait