Global CLO league tables - January 2021
Global CLO league tables - January 2021 YTD

Bain refinances CLO six months post-reinvestment
Bain Capital has refinanced three tranches of a CLO that left its reinvestment period in August

PGIM completes first multi-tranche floating-rate CLO refi since February
PGIM has hastened the return of pre-covid-style CLO refinancings by cutting the funding costs on multiple floating-rate debt tranches of its 2014-vintage CLO named Dryden 36 Senior Loan Fund

Skews flip in Europe after IG credit indices lead rally
Credit spreads are budging wider this morning after a relentless rally this week which culminated in iTraxx Main tightening 4.2bp (7.2%) and iTraxx Crossover tightening 18.8bp (5.54%) at the close yesterday

Fracking servicer FTS files for chapter 11 protection
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans

Europcar hits bumps on the road less travelled
A rough road for Europcar this week has taken its bond and CDS spreads back towards the outer reaches, setting the French car rental firm apart from a general improvement in fortunes for names at the wider end of the market

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Triple A investors lock in spreads for extra three months as Marble Point prices CLO
Marble Point Capital Management has a make-whole provision applied on its first new issue US CLO since February

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

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

US CLO league tables: light at the end of the tunnel as primary revives
May brought a rise in US CLO primary market activity with a combined $5.55 billion in new issuance for the month

One William Street launches fifth ABS-focused fund
One William Street Capital Management has launched its fifth ABS focused fund, OWS ABS Fund V

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables

Who’s got the moves Europe: CLO managers enjoy climb of Everest
The European S&P/LSTA Leveraged Loan index enjoyed a strong month in April as it rose from 83 of par on 1 April to 89.2 by the end of the month. The index closed at 89.4 on 4 May to start the week 

US CLO league tables: $2 billion reissue fires Apollo and JP Morgan to top spots
Apollo Global Management and JP Morgan teamed up to price the largest CLO of the 2.0 era in February that helped propel both to the top of the US CLO and global CLO league tables

Bloodbath in primary as credit bleeds months of profit
Some primary market bond issues that investors lapped up in the heady weeks of January are being put to the sword as February ends, while the coronavirus-led downturn in credit has squandered several months of gains in the CDS market

US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i 

US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July

Arrowmark prices 4.5-year reset with unusual triple A and double B structure
Arrowmark Colorado Holdings yesterday reset its CLO named Elevation 2013-1, with the first-pay tranche issued in a combo of the triple A and double As in loan format

US CLO league tables: CSAM dominates globally but Octagon takes US lead
Octagon Credit Investors clinched the top spot in the US broadly syndicated loan CLO market by a mere $129,000 from Credit Suisse Asset Management. 

Correction: US CLO round-up: newcomers make waves in CBOs and mid market
The CLO market is showing little sign of constraint as three new names entered the market last week – two debut middle market deals priced while one US CBO closed

Euro CLO round-up: after three-year hiatus, two Apollo/Redding Ridge CLOs come along at once
The Japanese bid for CLO triple A notes is taking a break for at least a few weeks, according to market sources, effectively removing a key contributor to the benchmark levels set this year. 

Octagon CLO pricing points to tightening mezz tranches
Octagon Credit Investors priced its second CLO transaction of the year yesterday and its first new issue, Octagon Investment Partners 40

Spreads widen as CIFC prices $470 million CLO refi via Citi
CIFC Asset Management priced its 15th CLO transaction of the year on Friday, with a $470 million refinancing of CIFC Funding 2015-IV

Benefit Street reworks 2016 CLO to reduce funding costs by 61bp
Benefit Street Partners has made a quick-fire return to the CLO market with a reset of its 2016 deal, Benefit Street Partners IX