CLOs take advantage of valuations to cash out of Refinitiv
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm.

Rate cuts force US and Europe price re-adjustment
Central banks’ latest round of interest rate cuts sent relative value between US and European CLOs to head into a whirlwind in recent weeks, sources say

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

Global CLO b-wic round-up: secondary market awakens with control equity bonanza
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.

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.

They said it: "CLO Euribor floors are in the money"
In a blog, TwentyFour Asset Management’s Aza Teeuwen says that Euribor floors are worth over 50 basis points of extra spread, but this is not being priced in.

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. 

CLO investors should be looking at CSOs

Short-dated CLOs still have life in them

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  

Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.

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

Arrival of five-year bespokes draws in CLO investors
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.

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.