CLOs at a glance (November 2021)
A listing of CLOs that have priced in the last month

ICG resets European CLO for third time
Intermediate Capital Group has reset a 2013 European CLO transaction, having initially reset it in 2017, reissued in 2018 and reset the deal in 2018

ICG prints 2019 Euro CLO refi with tight triple As
Intermediate Capital Group has become the latest manager to partially refinanced its 2019 vintage European CLO, St Paul’s CLO IX

ICG ditches St Paul's label as it prints first European CLO under new PM
The “St Paul’s” branding has been synonymous with European CLOs managed by Intermediate Capital Group for a decade, but the London-based manager has dropped the title on its latest new issue

CLO pipeline: four US and two European managers prepare first 2021 CLOs
The CLO market is set to carry on roaring with the pipeline as full as ever despite the summer slowdown just around the corner  

Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit

ICG resets 2017 Euro CLO with triple As at 89bp
Intermediate Capital Group has paired with Goldman Sachs to reset its 2017 European CLO, St Paul’s CLO VII, taking the manager’s 2021 volume over the €1 billion mark

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

CLO pipeline: Five out, five in as market digests new issuance wave
Five new issue US CLOs priced from last week’s pipeline, but five more have replaced them in this week's edition of our pipeline report

Refi triple As widen as ICG prices partial European CLO refi
Intermediate Capital Group has refinanced the triple A notes on its 2014 European CLO, St Paul’s CLO X, with spreads wide of 2021 averages

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

Credit fundraising: three massive European direct lending funds notch up €17.6 bn
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

Credit funds at a glance (April 2021)
A round-up of fundraising and people moves

European CLO repricing volume passes €14bn as ICG resets 2019 deal
 Intermediate Capital Group becomes the latest CLO manager to reset a deal, having reworked its 2019 vintage St Paul’s CLO X

Euro CLO mezz spreads leak wider but seniors hold firm as ICG resets
European CLO mezzanine reset spreads have widened out slightly this week, highlighted by Intermediate Capital Group’s reset of St Pauls CLO VI via JP Morgan

At least 2020 wasn’t dreadful for CLOs
Last year’s downturn was another in which CLOs survived and in many cases thrived as active management and Libor floors helped managers deliver 13%-plus returns to equity

Senior Pimco distressed portfolio manager joins ICG
Intermediate Capital Group says that it has hired a senior Pimco official as managing director and co-head of special situations in London

ICG hires managing director to direct lending business
Intermediate Capital Group has appointed a managing director within its European senior direct lending team

OC health check: 41 CLOs heal their breaches
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates

ICG collects €4.2 billion for senior debt strategy, plans real estate debt fund launch
Intermediate Capital Group collected a further €1 billion for its latest senior debt strategy over the past six-month reporting period, taking the total amount for ICG Senior Debt Partners IV and separate mandates up to €4.2 billion

LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein

Elements work against CLO managers in Q3
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

OC health check: August reports slow torrent of fresh breaches to a trickle
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i