Sound Point resets 2015 CLO with just days of reinvestment remaining
Sound Point Capital Management has squeezed in a $470 million reset of 2015’s Sound Point CLO IX just days before it left its reinvestment period

CLO pipeline: managers return in force after varying time-outs
CLO managers in all markets are taking the view that the time is ripe to print their latest deals. There are 30 transactions in the US CLO pipeline this week with a further four in the middle market space and Europe

CLOs at a glance

CLO managers process Fusion bankruptcy implications
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy 

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  

New kids on the block dominate awards

Seriously, the CLO arb is difficult right now

Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II

It’s possible to be big — and still be picky
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.

CLOs at a glance
A round-up of CLO performance

It’s possible to be big — and still be picky

Sound Point opts for fixed rate triple As with latest US new issue CLO
Sound Point Capital Management priced a $608.15 million new issue CLO on Friday named Sound Point CLO XXIII

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Credit funds at a glance

A round-up of fundraising and people moves in credit

Sound Point slashes leverage in 2015 vintage CLO following reissue
Sound Point Capital management reissued its 2015 vintage deal Sound Point CLO VIII yesterday, slashing the transaction’s leverage in the process

Former Ares partner takes on head of structured products role at Sound Point (correction)
A figure with more than 20 years of experience in CDO and CLO markets has resurfaced at Sound Point in New York 

Points up front: Credit Suisse and Sound Point rekindle the fire
Sound Point CLO XII was refinanced on 14 February and arranger Credit Suisse displayed its passion for CLO structuring by embedding half a dozen hearts in its pricing email

US CLO round-up: years fall off CLO market as it gets back to its old self
The CLO market is starting to look rejuvenated, with the dense pipeline having this week offloaded seven new broadly syndicated deals and one middle market deal as Creditflux goes to press – totalling $3.7 billion of new paper. 

Sound Point cuts funding costs on 2016 CLO with $643.5 million refi
Sound Point Capital Management has refinanced its 2016 vintage deal Sound Point CLO XII

Sound Point shrugs off flat CLO curve as it targets 43bp tighter triple As with refi
New issues have been the main source of business in the US CLO market this year with market sources divided over the merits of CLO refinancings

Points up front: Favouritism - that’s the long and short of it
The rift between Sound Point Capital Management and its former portfolio manager Jeff Teach highlights some of the difficulties managers face when overseeing multiple funds with both competing and similar interests

US CLO round-up: it's a slow start, but at least we have a benchmark as 42 deals fill pipeline
It’s safe to say 2019 is off to a slow start for the US CLO market. This past week, $1.4 billion has priced, bringing total issuance in January 2019 to $5.7 billion. That’s 70% below the January 2018 new issue volume of $20 billion.

Sound Point starts 2019 with a bang pricing $508.8 million new issue CLO
Sound Point Capital Management priced a $508.8 million new issue CLO yesterday named Sound Point CLO XXII