US CLO double Bs struggle as 2020 deal drops 40 cents in three months
A gap is emerging between single A US CLO tranches and junior CLO debt after $33 million of single As changed hands yesterday via a b-wic with prices between 82 and 87 cents. But a 2020 CLO shows how fast and sharp the decline has been for junior CLO paper

Californian pension allocates $325 million to aviation and corporate private credit
San Francisco County Employees’ Retirement System has allocated $325 million to private credit strategies, according to 11 March board minutes

Credit funds at a glance
A round-up of fundraising and people moves in credit

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

Senior portfolio manager leaves Octagon ahead of move to rival CLO issuer
A CLO portfolio manager has left Octagon Credit Investors with market sources indicating that she is heading to a rival CLO issuer in New York

Global CLO b-wic round-up: that's another fine mezz you've gotten me into
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market

Beneath the triple C: $1 billion of CLO credits take a dive
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi.

Flurry of US CLO refis takes year's tally to 16
Four US CLO refinancings took place on Friday, underlining that 12- to 18-month deals can price their senior liabilities in the low 100s

CSAM sees sun after nine years in shade

Carlyle appoints regional head of credit opps fund
Carlyle Group has hired a managing director to serve as North American head of its credit opps fund

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

Morgan Stanley IM hires from Carlyle again as it makes direct lending "strategic priority"
The new hire rejoins former colleague Jeff Levin, who Morgan Stanley Investment Management added in February last year to establish a direct lending business as a "strategic priority"

CLOs face losses as Constellis loan drops to 28.5
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December

Carlyle hires CLO investment specialist to structured credit team in New York
Carlyle Group has added to its CLO investment team after losing its co-head of global structured credit at the end of last year

Carlyle matches 2018 US new issue CLO volume with fourth deal of 2019
Carlyle Group completed its fourth US new issue CLO offering of the year on Friday, according to market sources

CLO tranche investor leaves Carlyle after 12 years
The New York-based co-head of global structured credit has parted ways with Carlyle, sources say. The firm is understood to have appointed a replacement in London

CLO pipeline: ESG, risk retention and secondary loans come to the fore
Managers new and old are trying different strategies and structures to price their latest deals    

Carlyle hires to New York credit opportunities team
Carlyle has appointed a former Guggenheim official to its credit opportunities team in New York

US CLO round-up: Fed up of waiting
The US CLO market made a bright start this year, but 2019 now lags 2018 and 2017 after a weak August checked its momentum. This has left some pinning their hopes on a favourable outcome to the US Federal Reserve meeting this week, amid political overtures to up its game in the wake of the European Central Bank's stimulus package

Carlyle prices its largest CLO transaction of 2019
Carlyle Group yesterday returned to the primary market with its largest CLO transaction of 2019, according to market sources

CLO pipeline: Carlyle and KKR plan swift re-entries
Carlyle Group and KKR are included in the CLO pipeline this week as both managers have started marketing their latest transactions as the US CLO pipeline begins to look full after a quiet week

14% of 2016 CLOs left waiting amid refinancing wave
One of the most prominent CLO market trends this year is the relative decline of the refi compared to previous eras, as wider spreads make these often costly transactions less economical. But one vintage has stood out as an exception: CLOs issued in 2016 have driven 65% of refi activity this year

Market rallies as key CLO investor retreats

Carlyle switches to corp structure as credit portfolio grows 31%
Carlyle Group is set to become a full C corporation, moving away from its publicly traded partnership structure, amid global credit portfolio growing 31% year-on-year, according to the investment firm’s 2019 Q2 results  

Carlyle teams up with Morgan Stanley to reset post-reinvestment CLO
Carlyle Group priced its ninth CLO transaction of the year on Friday, becoming the second manager after PGIM to achieve the feat