Let's play the Great CLO B-wic Price Drop
When CLO liquidity is weak, sometimes you have to take matters into your own hands. That's what happened last week as part of a novel auction set up by a CLO investor

Market participants split over biggest risk to CLOs: Creditflux US CLO Summit
There are potential threats to the CLO market from all angles, but during a lively opening panel at Creditflux’s US CLO Summit on Tuesday – the first CLO conference to be held in New York since the pandemic – speakers responded to a poll showing 67% of audience members felt inflation/rising interest rates was the biggest hazard

Marathon changes pace with rival's head of US CLOs set to join
Marathon is bringing in a senior portfolio manager from another CLO issuer

Marathon promotes CLO specialist to managing director
Marathon Asset Management has a promoted CLO specialist to managing director, in a role which encompasses the management of all non-credit elements of the firm’s CLO business

Marathon sees value in Sofr CLO tranche over fixed-rate option
Marathon Asset Management stole a march on other CLO issuers by including a Sofr tranche as part of a new issue transaction on 10 November via Bank of America. Officials at the company say the Sofr tranche makes a compelling alternative to a fixed-rate tranche

Market ponders Sofr spread adjustment amid investor lag
The CLO market is waving goodbye to Libor as a benchmark rate and transitioning to alternatives for the first time in the history of the asset class. But there is no consensus as to what the Sofr spread adjustment should be, and some of the largest buyers are said to be slow to consider the impact of a benchmark transition

Sofr/Libor CLO basis rises to 20bp as Marathon prints double As with alternative benchmark
Bank of America has inked the second Sofr CLO tranche as part of a $429.6 million new issue deal for Marathon Asset Management

Marathon prints $407.2 million CLO via Citi
Marathon Asset Management teamed up with Citi on Tuesday to print a $407.2 million new issue CLO

AMMC and Marathon refinance CLOs due to leave reinvestment in April
Another $800 million of CLO refi paper has been absorbed by the market after American Money Management Corporation and Marathon Asset Management cut financing costs for CLOs set to leave reinvestment in April

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.

Marathon prices first new issue CLO of 2020
Marathon Asset Management has completed its first new issue CLO of 2020

Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i

OC health check: interest diversion failures foreshadow breaches
14 CLOs reported over-collateralisation test breaches last week, five for the first time, according to the latest trustee reports available on CLO-i. 

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

OC health check: failures lift above 100 as five more deals breach senior test
Another 116 CLOs have breached their overcollaterisation tests in the last week, according to the latest trustee reports on CLO-i. Out of this, five deals have failed OC tests for all classes – bringing the overall tally of deals that have breached senior OC tests to nine.

S&P pushes downgrade button on three US CLO tranches
S&P Ratings has downgraded two tranches of Marathon CLO V and one tranche of Mountain View CLO 2013-1

Two US CLOs fail senior OC tests
Apex Credit Partners and Marathon Asset Management have become the first CLO managers in the 2.0 era with deals failing their senior overcollateralisation tests, according to latest trustee reports on CLO-i

CLOs dock $100 million of Pier 1 as it plunges into Chapter 11
CLOs hold just over $100 million debt of Pier 1 Imports, which filed for voluntary Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia yesterday 

Clover bankruptcy leaves print marks on CLOs
CLOs hold $256 million of the debt of printing supply company Clover Technologies Group, which filed for Chapter 11 bankruptcy on Monday

Marathon issues CLO with limitation on B3 loans
Marathon Asset Management’s new $405 million US CLO has a 25% cap on loans rated B3 and below, says a source close to the deal

CLO pipeline: US takes up baton after European July sprint
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August