PGIM adds small equity upsizing in US CLO reset

The manager reset the 2023-vintage deal with triple As tightened by 35bps and a reduction in leverage

Trinitas joins pick-up in new CLO activity as US market finds its feet
The manager’s latest deal priced its triple As at SOFR plus 134bps

Brigade and Palmer Square price US CLO resets with equity upsizings
The 2021-vintage BSL deals were both arranged by Morgan Stanley  

Fidelity tightens up with first Euro CLO reset of 2025
The repricing set a new year-to-date triple-A tight for European resets of Euribor plus 123bps  

Run in to holidays sees brace of US CLO refis price
Bain, TCW, Palmer Square and ArrowMark has priced refis totalling over USD 1.75bn  

Blackstone resets 2020 vintage CLO with small equity injection
Blackstone has reset Clover 2020-1 in the second reset of a CLO that debuted four years ago under the AIG banner

KKR keeps it short-dated for latest reset
Morgan Stanley has priced the first short-dated deal of the year, with a USD 427.9m reset of the 2020 vintage KKR CLO 28

Structured finance secondary market quiets down as volatility intensifies
Secondary market activity in European structured finance was subdued this week, in the wake of further market volatility sparked by the Israel-Hamas war

Onex prints Europe's seventh static CLO of year
Onex Credit wrapped up a static European CLO late on Wednesday, with Citi and NatWest arranging the €339 million deal

Palmer Square includes senior/junior triple As and delayed draw double Bs in Euro CLO
Barclays arranged the €400.8 million deal, which features a one-year reinvestment period 

Fidelity becomes latest manager to price Euro CLO with delayed draw single B
Fidelity International has become the latest European CLO manager to issue a delayed draw single B tranche as part of its new issue

Irradiant splits US CLO triple A tranches with two non-call periods
Irradiant Partners issued its first US CLO of the year today via Goldman Sachs with a longer non-call periods for one of the triple A tranches

US CLO triple As reach 225bp as CIFC prints sixth deal of the year
CIFC Asset Management printed its sixth US new issue of the year yesterday, pairing with Morgan Stanley on the $392.3 million transaction

CSAM prints first European CLO in 12 months
Credit Suisse Asset Management has become the latest manager to navigate through challenging market conditions to price a European CLO

Alcentra prints European CLO with triple A coupon at 212bp
Alcentra’s Jubilee 2022-XXVI is the fifth European CLO to price in July, taking the month up to €1.89 billion. That is dwarfed by the 11 European CLOs that priced with a combined €4.78 billion in July 2021

Nuveen and Ares print fourth US CLOs of 2022
Ares' CLO feature four triple-A rated tranches and Nuveen's deal is structured to comply with European risk retention

Market jitters mount as US delivers May CPI
Credit spreads have moved sharply wider for the fourth day straight as investors digested the European Central Bank’s hawkish turn and watched with trepidation for the US to reveal its May consumer price index numbers

Treasury desk lists $818 million b-wic as hedge fund looks to offload control CLO equity in bumper day
State Street once again listed over $800 million of US CLO triple A bonds on Tuesday, having sold $834 million of triple A paper last month

Capital One scores first solo CLO arranging credit for Brightwood Capital
Captial One Securities has priced its first CLO as sole placement agent by arranging a middle market deal for Brightwood Advisors

$1 billion CLOs refinanced as Carlyle, Carlson and Z Capital print deals
Over $1 billion CLO refinancings priced on Friday after three managers took to the primary market to refinance deals

US CLO pricing lab: let’s refi like it’s 2017
The new issue US CLO market has been a slow burn over the last two weeks with only six deals being brought to the market amid wider triple A spreads. But the repricing market has been booming with today’s triple A levels still comparatively cheaper than previous vintages exiting their non-call periods

Orix completes first CLO since Mariner spin-off
Orix Advisers has priced its first CLO transaction following the spin-out of Mariner Investment Group

Neuberger Berman joins tightest CLO resetters with triple As at 104bp
Neuberger Berman has reset its 2017 vintage CLO named Neuberger Berman CLO XVI-S, with the triple A notes printing at just 104 basis points over Libor

Refis, resets and reissues back in vogue as four US CLO managers print deals
Various shades of CLO refinancings dominate the US CLO primary market with four deals - two refis, a reset and a reissue - printing on Wednesday for a total volume of $1.1 billion. This surpassed all US CLO refinancings in the six months from March to September last year

CLO investor draws up solution to phase out ‘TriMark loopholes' but concept divides market
TriMark’s latest transaction has sparked widespread debate among the CLO community, with the borrower having joined Serta Simmons and BoardRiders earlier this year to aggressively amend its credit agreements. One CLO investor says it is working on industry-wide solutions to address the issue including adding concentration limits to CLO documentation