Landmark new CLOs from Barings and Oak Hill pull triple A spreads to 175bp
Barings and Oak Hill Advisors priced new CLOs on Wednesday, securing the tightest triple A debt spreads since June last year in the process

Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. 

Credit Suisse spreads hit year's new wides
Protection buying against a Credit Suisse default has taken the bank’s five-year CDS to the widest levels of the year, with the front end of the curve increasingly inverted

Down in the hole: investors hedge their bets ahead of pivotal Powell
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell

Bulls extend credit improvement as oil falters at key level
Having hit their widest prints of the month on Monday, credit indices are extending their run of gradual improvement into a third day – but with investors wary of placing big bets ahead of Friday’s Jackson Hole meeting

BlackRock prints first MM CLO in over a month
BlackRock broke the middle market CLO silence on Thursday by pricing its latest deal, named BlackRock Maroon Bells CLO XI

"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
The two segments of the loan market are on different paths as mid-market volumes rise

Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B.

CLO 2022 Outlook: 2021 is hard act to follow, but CLO buyers have positives aplenty
New CLO issuance in 2022 will remain elevated but below 2021’s record numbers, banks agree. But there is no consensus among strategy desks on the volume of repricings to come, partly due to the unknown impact of the Sofr transition.   

Sculptor moulds unusual debt/equity hybrid tranche into new US CLO
Sculptor has issued a CLO with a senior equity tranche, which pays a recurring coupon 

Trimaran goes long with five-year US CLO as it splits triple Bs
Trimaran Advisors has priced its second new CLO of 2021, and first with a full five-year reinvestment period.

Global CLO trading lab: Seasoned equity prices lag as debt spreads level out
The CLO secondary market took a back seat to the surging primary market in August and September with secondary US CLO volume accounting for just 3.7% and 4.2% of the total US CLO market (primary and secondary volumes). But opportunities are there in CLO equity tranches

Rally resumes as investors read US job miss as tapering delay
Credit and equity markets have opted to rally - albeit far from emphatically - after digesting the import of the US missing its August monthly news jobs target by a big margin, which could bring a setback for hawkish central bank voices

US spreads narrow gap with Europe as credit hits new record tights
Corporate credit spreads are exploring new tights for the year, with Europe taking its turn to grind inwards once again today after strong sessions in Asia earlier and the US on Tuesday

BlackRock and Oaktree reset and upsize legacy CLOs
BlackRock and Oaktree Capital Management have reset legacy CLO deals with both managers opting for an upsize

Unusual double As jump tighter as BMO keeps it in-house again with CLO refi
BMO has refinanced a CLO for BMO that resulted in junior double As moving much tighter relative to senior double As 

BlueMountain US CLO reset splits triple B piece
Assured Investment Management has reset a 2019 vintage CLO, tightening the top tranches. The reset also split the triple Bs into two pieces.

Oak Hill injects $28.5 million equity and splits triple Bs in US reset
Oak Hill Partners has injected an $28.5 million of equity in its reset of OHA Credit Partners X-R

Credit manager prices second tech-focused CLO after 2.5-year break
Vista Credit Opportunities has priced its second ever CLO backed by loans to middle market companies in the technology sector

BMO caters to Europeans with new US mid market loan fund
BMO Financial Group has launched a US mid-market credit fund for European institutional investors

First Eagle prices one-year mid market CLO
First Eagle has priced its latest CLO backed by middle market loans

PGIM gives $150 million upsize to CLO that priced last month
PGIM has completed a rare feat by upsizing a US CLO in the window between its pricing date and closing date

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

Zais returns to CLO primary market with one-year deal
Zais Group has made its CLO primary market return, teaming up with RBC to price a 1.12-year reinvestment deal via RBC