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

Carlyle and Octagon bring first reinvesting US BSL CLOs since 19 October
Carlyle Group and Octagon Credit Investors each priced a new US CLO on Friday, bringing the first reinvesting transactions backed by broadly syndicated loans to the market in nine days

Carlyle scores 225bp triple A print on new CLO due Friday
Carlyle Group has secured a 225 basis points triple A print on its new CLO named Carlyle US CLO 2022-6, which is expected to price on Friday

Blackstone leads key category as investors lash out at loan settlement by fax: CLO Census latest
CLO market participants have voted for the three most prolific US CLO issuers as the ones to have taken greatest advantage of credit volatility this year, according to the latest updates from the Creditflux CLO Census. There are just hours left to add your voice if you have not already done so, with the Census set to close later today

US CLO pipeline: MidOcean and Seix look to end three-year drought as others rock and reload
14 US CLO managers are in various stages of marketing their latest offerings, with a wide scope of names for investors to choose from

CIFC hires Carlyle's credit investor relations head
CIFC Asset Management has hired T Michael Johnson as managing director and co-head of business development

What matters is what you do with it
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

Secondary CLOs stand firm as credit markets take a hit
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market

CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default

New Carlyle CLO with Citi and Barclays co-arranging scores tightest August triple As
Carlyle Group has teamed up with Barclays and Citi to print its latest CLO named Carlyle US CLO 2022-5 at $495.5 million

CLOs at a glance (August 2022)
A listing of CLOs that have priced in the last month

US CLO pipeline: like a (Center)bridge over troubled water
A large asset manager is marketing its first US CLO at a time of volatility in the underlying loan market. Whereas other funds build walls, CLOs build bridges 

Carlyle's global credit business becomes largest share of firm's fee-earning AUM
Carlyle has held a first close on its second revolving credit fund, while saying its CLOs are ‘well positioned’ and it does not expect management fee deferrals anytime soon

Bain and Carlyle print five-year reinvestment CLOs with senior triple As at 210bp
Bain Capital Credit and Carlyle Group each issued a new five-year reinvestment CLO on Thursday, with each deal's senior triple A tranche paying a coupon of 210 basis points over Sofr

CLO counterparties hunt for signs of optimism: SFIG conference
Leveraged loan and CLO investors are hunting for signs of optimism as they face the prospect of a US recession

Quarterly rankings: Carlyle climbs to top of pack with CBAM boost
Carlyle Group has cemented itself as the largest manager globally, following its acquisition of fellow CLO manager CBAM

CLOs at a glance (July 2022)
A listing of CLOs that have priced in the last month
 
 

   

CLO pipeline: large managers defy loan drought to keep market moving
US CLO senior spreads may have blown out to 180-190 basis points over Sofr for five-year deals, and even wider for short-dated new issues, but that will not stop the market from soldiering on

Carlyle prints new US CLO with triple As at 195bp
Carlyle Group priced its latest new CLO on Friday, placing the deal's triple A notes at 195 basis points over Sofr

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Credit funds at a glance (May 2022)
A round up of fundraising and people moves in credit
   

We’re drifting apart
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

Two more seasoned CLOs poised to switch to Sofr based on issuance trigger
CBAM 2018-6 has joined Greywolf III-R and IV-R as another pre-2022 US CLO to switch its benchmark rate from three-month Libor to three-month Sofr after the market hit the same issuance trigger