3Q23 manager rankings by AUM
Carlyle Group is now the largest CLO manager in the world, according to the latest update to our rankings of the CLO manager universe published today

Carlyle prices first CLO reset of 2023
Goldman Sachs arranged the reset of a late 2022 vintage Carlyle CLO

Easy gains of 2022 won’t be repeated but shorted-dated CLOs could still have upside
The latest trend to hit the US market is the pricing of short-dated CLOs. Palmer Square and BlackRock both priced CLOs with one-year reinvestment periods, and Nuveen printed a Symphony CLO with a two-year reinvestment period.

US loan market rallies despite increasing stress and default rates
Casual observers of the US broadly syndicated loan market may be forgiven for feeling a little confused at the moment. Despite rising default rates and growing stress, loan prices continue to rally, and the primary pipeline is busy.

Vertical Capital Income fund changes name as Carlyle takes over and shifts focus to CLOs
Vertical Capital Income Fund is set to rebrand as Carlyle Credit Income Fund after a transaction appointing Carlyle Group as the fund's investment manager and shift the fund's investment mandate to CLOs closed on Friday

Three's the magic number for Carlyle as it prices new CLO
Carlyle priced its third CLO of the year today. Carlyle US CLO 2023-3, arranged by Barclays, is a new US CLO backed by broadly-syndicated loans.

Carlyle names future CFO
Carlyle has named John Redett its new chief financial officer and head of corporate strategy, the company has said.

Carlyle tightens its CLO triple A print over 10bp in one month
Carlyle Group has priced a new CLO via Goldman Sachs, and in the process tightened its triple A print over 10 basis points from its previous new issue in April

CLO rankings: manager AUM, advisory firm and trustees Q1 2023
Two acquisitions close to shake up the top and Dechert takes early lead over Milbank in manager counsel rankings

Tranches go subject as Carlyle readies first new US CLO in six months
Carlyle Group is readying its first new US CLO of the year and the deal's senior triple A notes went subject at Sofr plus 190 basis points

CLO market turns international as new investors land
The global CLO market attracted new investors over the first quarter of 2023, according to market sources, while others have moved across the capital stack or into different regions than those to which they have been accustomed

US CLO pipeline: Spreads and tenors disperse as six managers eye new issues
Dispersion has come to the fore in the US CLO market with higher tier managers able to price their triple As in the 180-185 basis points range and others up around 200bps. But this week’s pipeline shows there is some divergence in the length of CLOs coming to the market too

CLO market needs a deeper investor base, conference hears
CLOs are toughing through the fallout from this month's banking crisis, but speakers at Creditflux's CLO Investor Summit in New York on Wednesday bemoaned that the market's investor base is lacking depth

Large CLO investor sells three post-reinvestment anchor equity positions
Three control equity positions were on sale on Thursday at 9am EST (2pm GMT) in the same list. The bwic listing was made up of three 2017 US CLOs, all of which are post-reinvestment and have not been reset in the years since

CLO M&A hits new heights with anticipated Assured deal
Last year saw a record M&A volume centred on credit asset managers, with a study by Gapstow revealing the total assets under management of acquired firms was $326 billion, compared to $140 billion in 2021.

Carlyle strikes agreement to manage $112m listed fund and shift strategy to CLOs
Vertical Capital Income Fund has struck an agreement for Carlyle Group to take over as investment advisor in a move which will result in the New York Stock Exchange-listed fund shifting focus towards CLO debt and equity investments.

Loan amendment alert: Wellpet offers 10bp CSA
Wellpet has issued a loan amendment request with a view to including a 10 basis points credit spread adjustment (CSA), market sources say. Although this is an improvement on recent amendments it still falls short, according to CLO investors.

CLO rankings: manager AUM, advisory firm and trustees Q4 2022
As 2022 draws to a close manager consolidation through mergers and acquisitions have been balanced out by new market entrants to leave roughly the same number of managers that entered the year, at least for now.

Carlyle targets $6.5 billion for credit opps fund
Carlyle Group is targeting $6.5 billion for its third opportunistic credit fund, according to a pitchbook seen by Creditflux

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

Structured credit pair among 61 to earn promotion at Carlyle
Carlyle has promoted two members of its US CLO team among 61 new partners and managing directors 

CLO managers to jump into action as Covanta loan proposal omits spread adjustment
Covanta Holdings is the latest example of a US loan issuer looking to switch benchmark from Libor to Sofr, but without an accompanying credit spread adjustment

Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

US CLO league tables: Usual suspects keep market rolling as Citi moves within $1 billion of BofA
October experienced $7.1 billion of US CLO issuance with over half of that priced by the managers that occupy one to eight in the US CLO new issue league tables