Direct lender AlbaCore prepares first ever CLO
AlbaCore Capital is in the market with its first ever CLO, according to market sources. Named AlbaCore Euro CLO I, the new issue deal is expected to price at a deal size of €201.9 million as early as next week

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

Mezzanine CLO spreads tighten by over 20% with Spire European deal
European CLO spreads have tightened sharply across the board after Spire Partners priced Aurium CLO VI at levels much tighter than recent deals

Spire to price European CLO later today
Spire Partners is set to price Aurium CLO VI later today, sources say, with the CLO subject on all its tranches

Global CLO b-wic round-up: secondary prices reach March levels
The Memorial Day bank holiday in the US and the late May bank holiday in the UK meant a short week for CLO trading, but that did not stop a good supply of US CLO triple A rated paper making its way to the secondary market

Volatility trading has room to run, say strategists, as market holds firm after rally
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading

Global CLO b-wic round up: dealer bid strengthens secondary CLO market across the board
The US CLO secondary market had over $1 billion listed in b-wics last week, the first time at this level in three weeks according to CLO-i. A further €270 million went on sale in the European CLO secondary market, as the dealer bid returned to assist in continued tightening across the capital stack

Autos dominate in BofA €25 billion fallen angel watchlist
Downgrade impact for fallen angels in the coming months could be more extreme than during the 2008 financial crisis, Bank of America strategists have warned, as they identified €25 billion worth of debt at European investment grade companies most at risk of falling into high yield territory

Sovereign borrowing will crowd out corps and produce fallen angels, warns BofA
Investors should be wary of buying coporate credit that yields less than sovereign debt, Bank of America strategists have warned, predicting €20-30 billion of European fallen angel volume lies ahead as the market cycle turns

Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Dutch VAT ruling to reduce impacted CLO equity returns by 1 to 2%, says BofA
The Dutch tax authority’s decision to charge a 21% VAT on CLO collateral management fees will have a ‘substantial’ impact on equity, with returns likely to be 1 to 1.2% lower going forward, according to a research paper published by Bank of America

BlueBay adds distressed specialist to EM credit team
The hire follows BlueBay appointing Mihai Florian in January to develop the firm’s capabilities in illiquid emerging market corporate credit 

European CLO single Bs jump to 1,100bp with GSO deal - but seniors hold firm
Junior European CLO spreads have slumped, with GSO Capital Partners pricing new issue single Bs at 1,100 basis points on Friday

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

Invesco sets new benchmark in European CLO market
Invesco priced Europe’s sixth new issue CLO of the year on Friday, according to market sources. Invesco Euro IV pays 93bp over Euribor on its triple As, the tightest print of any European CLO with four or more years of reinvestment  

Credit funds at a glance

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

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

CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press

Oaktree scores second new euro CLO of 2019
Oaktree Capital Management priced its second new European CLO of the year, known as Arbour CLO VII, via Bank of America

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.

Boeing/Airbus dogfight widens spreads as WTO ruling exposes Europe's trade weaknesses
The World Trade Organisation’s go-ahead for the US to impose $7.5 billion of tariffs on imports from the EU has sent credit spreads sharply wider. And, according to latest credit research from Bank of America Merrill Lynch, it exposes Europe’s “Achilles heel”

Angelo Gordon prices first euro CLO and matches market's tightest triple A print
Angelo Gordon made its European CLO market debut on Friday and scored the continent’s tightest triple A print in the process, according to market sources

Two managers market their first ever European CLOs
Two CLO managers are in the process of marketing their inaugural European CLOs to investors, according to market sources