Recette reset takes US CLO market to new tights
Invesco has priced the tightest CLO reset in the market with a triple A print of just 108 basis points over Libor

Large US manager launches CLO equity fund
A US manager headquartered in Atlanta has raised its latest CLO equity fund and collected at least $133.6 million of capital for the strategy

US CLO league tables: new issue rankings go to wire as post-pricing upsizes pop up
The new issue US CLO rankings are tightly contested with JP Morgan leading Citi by just $641 million with one month left of the year. Even in December's typically slower weeks this is a closeable gap 

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

Invesco scores tightest three-year triple A print with first US CLO in 12 months
Invesco has returned to the CLO primary market with a first new issue deal since October 2019

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

MUFG refis fixed rate tranches in two US CLOs
Mitsubishi UFJ Financial Group refinanced fixed rate tranches in CLOs managed by CBAM and Invesco yesterday

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Fieldwood slips into second bankruptcy as CLOs hold $314 million
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years 

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

Managers raise billions to take advantage of talf opportunities
Aegon, Payden & Rygel, Invesco, Morgan Stanley IM, Voya and Palmer Square are just some of the latest managers to have raised funds dedicated to the strategy 

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

European investors eye 180bp pick-up on triple B CLOs traded in April
A b-wic consisting of mostly European triple B CLOs that traded in late April is on offer at 9.30am New York time tomorrow, according to market sources, as data shows spreads for the rating band averaging 546 basis points over Euribor as of 27 May

Invesco suffers Moody's downgrade after struggling to delever balance sheet
Moody's has downgraded Invesco Ltd from A2 to A3 citing the "challenges Invesco has faced delevering its balance sheet following the acquisition of Oppenheimer Funds", the rating agency said in a notice

Benchmark European 2020 CLO trades 11 points down in secondary
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

Invesco is first manager to refinance late 2017 CLO
Invesco yesterday became the first CLO manager to refinance a deal that priced in the second half of 2017, according to market sources

Private credit specialist hires Wells Fargo for first CLO after poaching Invesco PM
A $20 billion asset manager is working with Wells Fargo on its first CLO. The manager is well versed in mid market loans, but its first CLO will be backed by syndicated loans

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Deluxe decline leaves CLOs feeling deflated

Invesco prices largest new CLO in three years
Invesco returned to the CLO primary market yesterday to issue its largest new money transaction in three years, according to market sources

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. 

Invesco refinances 2016 CLO and moves to floating rate-only liability structure
Credit Suisse collapses fixed into floating tranches

Market goes green with envy at Invesco's tight Verde CLO print
Invesco marked its return to the CLO primary market on Friday with a $506.44 million new issue named Verde CLO

US CLO round-up: Golub orbits curve as managers double up
A breakthrough regarding Japanese risk retention rules ended last week on a high note for CLOs as the Japan Financial Services Agency has announed that CLOs can sit outside the remits of its securitisation regulations