CVC gets off the mark in 2023 as US CLO market edges wider
The primary US CLO market is trudging along after the rally in January with more evidence that conditions are not as favourable as they were last month.

European outperformance creates index options trading mismatch: Barclays
The recent outperformance of European credit over US has shifted the value of iTraxx index options, but CDX index volatility premiums stand out for having hit a new low

China property rescue plan keeps credit on front foot
China’s policy shift on covid rules and measures to prop up its ailing property market have brought a buoyant start to the week, despite financial markets having already rallied sharply last week

Trinitas prints US market's third static CLO in row
Trinitas Capital Management priced a new static CLO on Thursday, the third consecutive new issue backed by broadly syndicated loans in the US to not have reinvestment capability

CBOs return as Anchorage second deal takes year's tally to three
Anchorage Capital on Wednesday priced the third US CBO of the year, with outflows from the high yield market having prompted CLO and bond-flex CLO managers to step in to try to take advantage of deeply discounted bond prices

Fortress prices widest CLO triple As of 2022, but that's no obstacle
CLO triple As reached 162bp on Friday as Fortress priced a US deal. The firm has priced wide CLOs before, but that has not held it back from producing some of the best equity distributions in the industry 

Deerpath senior CLO tranche reaches 195bp to shed light on mid-market pricing
Deerpath Capital Management has revealed mid-market CLO pricing levels in the primary market after disclosing discount margins on its new issue, which priced on Monday 

Elmwood becomes first US CLO manager to print a third new issue this year
Elmwood Asset Management became the first US CLO manager to print its third new issue of 2022 on Wednesday, teaming up with JP Morgan on the new deal named Elmwood CLO 16

Blackstone uses CLOs as financing tool in new suite of deals
Blackstone Credit has added three non-traditional US CLOs to its collection this year

Convergence traders dine out as Europe widens in US absence
Traders betting on Europe / US credit convergence have much to be thankful for on Thursday, with the gap between investment grade CDS spreads having vanished and high yield noticeably reduced

Treasury desk lists $818 million b-wic as hedge fund looks to offload control CLO equity in bumper day
State Street once again listed over $800 million of US CLO triple A bonds on Tuesday, having sold $834 million of triple A paper last month

Three control CLO equity blocks trade, including rare CIFC deal with ultra-low funding costs
Three US CLO anchor equity positions traded Tuesday courtesy of one b-wic at 9.30am New York time

Credit Fundraising: Blue Owl and WhiteHorse gain from improving animal spirits
Fundraising perked up in July as managers raised $14.9 billion for credit funds - the third highest monthly amount this year

SLR targets $1 billion deployable capital for healthcare direct lending fund
SLR Capital Partners has surpassed the halfway mark on its first dedicated healthcare-focused direct lending fund, making a $480 million initial close

Lighten up, these are due an upgrade
CLO triple C buckets were overflowing last year, but the average exposure is now 7.3%. That is still close to trigger levels, but CLO managers are relaxed, as further loan upgrades are on the horizon

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

AB and NXT reset middle market CLOs
AB Private Credit Investors and NXT Capital both reset middle market CLOs on Thursday with the two deals adding a further $740.8 million to primary market supply

Global CLO trading lab: secondary volumes inflate and easily get absorbed
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice

US CLO pricing lab: let’s refi like it’s 2017
The new issue US CLO market has been a slow burn over the last two weeks with only six deals being brought to the market amid wider triple A spreads. But the repricing market has been booming with today’s triple A levels still comparatively cheaper than previous vintages exiting their non-call periods

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

CSAM lands third $700 million-plus US CLO refi of 2021
Credit Suisse Asset Management has priced its third CLO refinancing of the year with a par value above $700 million, meaning the manager can lay claim to the first, second and third largest refi transactions of 2021 so far

CSAM scores $732 million with largest CLO refi of 2021
Credit Suisse Asset Management priced the largest CLO refinancing transaction of the year on Monday, teaming up with Barclays to refi $732 million notes from its 2018 vintage CLO named Madison Park Funding XXXII

Pantheon collects $800 million for private credit strategy
The $50.7 billion manager has raised $800 million for a private debt fund, according to US regulatory filings

Fieldwood slips into second bankruptcy as CLOs hold $314 million
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years 

Deutsche Bank makes CLO arranging comeback with first new issue of 2020
Deutsche Bank priced its first new issue CLO of 2020 on Friday, placing a $406.27 million deal backed by middle market loans for Monroe Capital