Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Rapid CLO M&A activity on the horizon as fee deferrals pick up
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers

Onex hires Jaber as it launches CLO investment business
Onex Credit Partners has hired Ronnie Jaber to start a CLO investment business in New Jersey, according to an announcement today

Euro CLO league tables: You wait all month for a pricing and then three come along at once
Two CLO managers chose April to price their first CLOs of the year. Three European CLOs priced last month as the primary market opened following a coronavirus-enforced closure in mid-March

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week

Who’s got the moves Europe: CLO managers enjoy climb of Everest
The European S&P/LSTA Leveraged Loan index enjoyed a strong month in April as it rose from 83 of par on 1 April to 89.2 by the end of the month. The index closed at 89.4 on 4 May to start the week 

Carlyle defers $4 million CLO sub fees after loan downgrades
Carlyle Group deferred $4 million CLO subordinated fees in the first quarter, as a result of rating downgrades across the industry, the firm's quarterly earnings call revealed

US and European CLO triple Bs hit secondary market as downgrade fear sets in
Downgrade risk is being priced into triple B-rated CLO tranches, according to market sources, after a wave of mezzanine and junior CLO debt tranches swept onto b-wics yesterday

OC health check: another two CLOs fail senior OC tests
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i.

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

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

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

Euro CLO league tables: Carlyle doubles down in February as 2019's leaders look on
Carlyle Group has jumped to the top of the European CLO manager league tables after bringing two deals to the market in February

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

Carlyle prices triple As at market tights with new European CLO
Carlyle Group has priced its first new European CLO since July 2019 with triple As printing at market tights of 92 basis points

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

Manager markets European CLO as single B attachments drop to 6.75%
Attachment points for CLO single B tranches are dropping with market sources indicating that a large European CLO manager is launching a deal with single Bs attaching at 6.75%

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 revives amortising euro CLO with upsized capital structure
Carlyle Group has reset a CLO in the middle of its amortisation period, giving a new lease of life to the deal named Carlye GMS Euro CLO 2015-1

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