Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Making arb work of it

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

KKR beats CIFC's European CLO benchmark one day later
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp

CIFC pushes European CLO spreads to new tights
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp.

Ucits at a glance: Ucits end strong year on a high

Credit funds at a glance

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

CIFC beefs up investor relations team in London with two hires
CIFC Asset Management has hired from Muzinich and Murano in a bid to strengthen its European investor relations effort

Two roads diverged in the CLO wood

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

Past returns: Unfinished business in CLOs
Five years ago in Creditflux we reported that DA Capital was looking for a way back into CLO management. The firm had sold its four US CLOs in 2011 to Citi Alternative Investments (now known as Napier Park Global Capital), but a rally had convinced the firm it was time to issue CLOs again. 

CLO pipeline: US takes up baton after European July sprint
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.

Euro CLO league tables: before the holidays is the best time to price a deal
Over €5 billion of new issue CLOs was priced last month, the first time the market ever crossed that monthly threshold

CLOs at a glance
A round-up of CLO performance

Euro CLO round-up: returnee CIFC comes full circle, seven years after CLO sale
Having sold a European CLO contract seven years ago, CIFC is back and determined to build on its debut 2.0 European CLO

Credit funds at a glance

Fund performance

CIFC announces four analyst hires in London
CIFC Asset Management says that it has completed phase one of its build-out of a European credit team

Europe welcomes CIFC after manager prices its debut 2.0 CLO
CIFC Asset Management has made the breakthrough in Europe, pricing its debut 2.0 CLO on the continent today

CLO pipeline: newcomer emerges with unusual transaction
The US CLO pipeline continues to fill up, with 20 new issue US CLOs featured and another 17 deals set to be refinanced.

CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates

CIFC kicks off in Europe as its first CLO on the continent enters marketing stage
CIFC Asset Management has launched its debut European CLO transaction, with eyes to becoming the continent’s fourth debut manager of the year

CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.