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

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

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

Ares takes different approach to primary CLOs as it plans three-year US deal
The primary market for CLOs since the coronavirus escalated into a pandemic last month is evolving briskly with Ares Management planning a new US CLO with a three-year reinvestment period

Credit funds at a glance

A round-up of fundraising and people moves in credit

CLO pipeline: down but not out, as deals find new ways to limp forward
Deepening credit instability has taken a toll on CLO appetite, but there is still life in the primary market

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

CLO market celebrates Valentine's Day by romancing with resets
Refinancings have been the talk of the month in the CLO market, but this Valentines day saw managers turn their minds to resets

Ares buys seven CLOs from Crestline Denali
Ares Management has bought management contracts for seven Crestline Denali CLOs

Few CLOs charred by Murray bankruptcy
25 CLO managers hold  $389.6 million exposure to the debt of coal company Murray Energy Holdings, which filed for Chapter 11 bankruptcy in the Southern District of Ohio on Tuesday, according to the latest trustee reports from CLO-i   

Ares joins exclusive group of managers to price six new CLOs in 2019
Ares Management yesterday completed its sixth new issue CLO of the year, joining the exclusive list of managers to have achieved this number of new money deals

CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago

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

CLO managers cash in their chips as Caesars trade pays off
Caesars Entertainment was the most sold issuer in June with $158.8 million of its term loan sold out of CLOs.

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

Ares refinances single tranche of 2016 CLO
Ares Management returned to the CLO primary market on Friday to price its seventh transaction of 2019

US CLO b-wic round-up: secondary volumes reach new heights with equity lagging
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest

New kids on the block dominate awards

Ares hires Natixis deputy CEO for the Americas to credit investing role
Ares Management has poached the Americas deputy chief executive officer from Natixis's investment banking business

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II