CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

Anchorage and Credit Suisse unite for first regular-way US CLO as partnership
Anchorage Capital Group has teamed up for the first time on a regular-way US CLO with Credit Suisse

Anchorage resets CLO it bought from Garrison in 2020
Anchorage Capital Group has reset a CLO it bought the management rights to from Garrison Capital, which decided last year to exit the CLO management industry

Anchorage prices first new European CLO since 2019
Anchorage Capital Group has returned to the European CLO primary market with its first new issue since 2019

Anchorage upsizes 2016 bond-flex CLO by $267 million with reset
Anchorage Capital Group has reset its 2016 vintage bond-flex CLO, Anchorage Credit Funding 4, upsizing the deal by $266.7 million in the process

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

European CLO triple As circle early 2020 levels as Redding Ridge and Anchorage enter market
European CLO triple A spreads are set to drop to low to mid 90s with Anchorage and Redding Ridge marketing new issue deals

CLO issuers flex their bond muscles
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

Ares/Crestline CLO overlap jumps to 60% following Ares takeover, Fitch says
CLO acquirers have been busy converting purchased portfolios to their house-style, according to research by Fitch

LP round up: Arcmont, Ares and Sixth Street win European direct lending mandates
Investors have allocated around $2 billion to credit funds in recent weeks, according to board documentation seen by Creditflux. Among those to recieve allocations include ADM, Arcmont, Ares, Audax, Bain, Centerbridge, Clearlake, Goldman Sachs merchant banking,  Invesco, Monarch, Oaktree, Raven, Sixth Street and Sound Mark

Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Global CLO league tables - October 2020 YTD
Global CLO league tables - October 2020 YTD

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

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

Anchorage mixes it up with unusual 'partial reset' of US bond-flex CLO
Anchorage Capital Group has become the first manager to partially reset a bond-heavy CLO

Senior bond-flex CLO tranches are 'cheapest bonds within securitised products': BofA
Triple A-rated notes of bond-flex CLOs are 'one of the cheapest bonds within securitised products', according to a new research paper by Bank of America

Anchorage returns to three-year reinvestment structure for latest CLO
Anchorage Capital Group has returned to the market-standard three-year CLO structure for its latest Barclays-arranged deal, Anchorage Capital CLO 16

Anchorage prices first-of-its-kind bond flex CLO refi
Anchorage Capital Group has taken the unusual step of refinancing three tranches of its 2018 vintage CBO named Anchorage Credit Funding 5. Creditflux data shows the deal to be a first-of-its-kind transaction

Anchorage prices first five-year CLO structure since March
Five-year CLO structures have returned for the first time since the coronavirus outbreak, thanks to a bond flex deal issued by Anchorage Capital Group

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Investors spy opportunities in CLOs subject to negative rating action
Rating agency downgrades come into play in Thursday's secondary market for CLOs, with a $15 million b-wic at 10am New York time highlighting how double and single B spreads have moved in opposite directions through July

Anchorage prints its first loan-only CLO in a year
Anchorage Capital Group has priced a new $341 million CLO via Citi, the manager's first new issue following the coronavirus outbreak

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence