Allstate CLO takes on ESG guidelines following reset
Fair Oaks Capital has laid claim to the first instance of converting a US CLO into an ESG-compliant transaction courtesy of a reset following the reworking of Aimco 2017-A this week

Refis price on top of new issues as four managers print US CLOs
Four US CLO refinancings priced yesterday, giving the impression that CLO pricing is fitful and the term curve flat

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

Ares joins group of tight US issuers with sixth tightest 2021 CLO
Ares Management became the eighth CLO manager of the year to issue a five-year deal with funding costs below 150bp on Tuesday by teaming up with Natixis on its latest issue named Ares LIX

Ares, Brigade and Redding Ridge issue CLO resets totalling $1.61 billion
$1.61 billion in CLO resets issued on Wednesday as new deals emerged from Ares Management, Brigade Capital Management and Redding Ridge Asset Management

Ares/Crestline CLO overlap jumps to 60% following Ares takeover, Fitch says
CLO acquirers have been busy converting purchased portfolios to their house-style, according to research by Fitch

OC health check: 41 CLOs heal their breaches
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates

Ares rides vaccine rally to price tightest three-year US CLO
CLO primary spreads have tightened dramatically after Ares Management priced its first US new issue post-election, with weighted funding costs of just 167.38 basis points over Libor

CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break

Ares prices third new US CLO since April
Ares Management printed its third US CLO post-covid yesterday, bringing its new issue volume amid the pandemic to $1.39 billion

Former Ares partners put ESG and tech at centre of new CLO business
Three former Ares Management partners have established a CLO business with plans to launch a first US CLO early next year

Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

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

Fracking servicer FTS files for chapter 11 protection
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans

Ares prices second tightest CLO post-covid with 180.5bp funding costs
Ares Management has priced its second US CLO amid the coronavirus pandemic, securing the second tightest funding costs for a three-year reinvestment deal since the March sell off

Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

Loan slump brings managers closer

Ares 2016 US CLO suffers downgrades to three tranches
Moody’s has downgraded three debt ranches from Ares XL CLO, a 2016 US CLO which is passing its par value tests

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Ares sets CLO triple A benchmark with senior notes at 170bp
Ares Management has priced a new three-year reinvestment US CLO at the tight end of price guidance, setting new benchmark levels in the process

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

Three-year US CLOs set to tighten as large managers market deals
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s