We were battered in 2020 — but we weren’t beaten
The CLO industry has survived a year blighted by covid-19. We talk to portfolio managers about the strengths of CLOs and preparations for what was expected to be a ‘cataclysmic’ recession

Octagon secures second-tightest funding costs for a three-year CLO
Octagon Credit Investors priced the second-tightest three-year reinvestment CLO post-covid on Friday, teaming with Goldman Sachs on the $481.29 million deal named Octagon Investment Partners CLO 49

Relative value has shifted towards CLO double Bs, conference hears
CLO double B tranches are on course for significant spread tightening, according to participants on day one of Creditflux's CLO Investor Summit on Thursday

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.

Octagon cements itself as most prolific refinancer of fixed-rate CLOs
Octagon Credit Investors teamed up with Goldman Sachs on Friday to refianance the $10 million double A-rated fixed tranche of its 2017 CLO Octagon Investment Partners 32

Octagon reaches milestone with CLO number 50
Octagon Credit Investors reached a milestone yesterday as it priced the 50th deal in its series of CLOs

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

Octagon steams ahead with fourth fixed CLO tranche refi since August
Octagon Credit Investors has become the first CLO manager to complete four fixed-rate CLO tranche refinancing or repricing transactions this year, after teaming up with Citi to refinance the double A-rated fixed notes of Octagon Investment Partners 31

Octagon prices first single A-only fixed rate CLO refi
Octagon Credit Investors has priced its third fixed-note CLO refinancing amid the coronavirus pandemic, becoming the first manager to complete a single A-only refi in the process

Octagon scores one of CLO market's biggest coupon cuts with repricing
Octagon Credit Investors has joined the trend of managers looking to reprice CLO tranches. The manager teamed up with Bank of America to reprice the fixed rate debt of Octagon Investment Partners 27 in a $22.5 million transaction

Fortress and Octagon add to 2018 fixed-rate CLO refi trend
Another two CLOs refinanced their fixed rate debt tranches on Thursday, bringing the total refi activity in the last two months to 15 transactions

Octagon prices CLO with lowest funding costs since covid-19 outbreak
Octagon Credit Investors priced the tightest three-year CLO since the coronavirus-triggered sell-off on Wednesday, with the firm's latest transaction, named Octagon Investment Partners 48, printing at a weighted funding cost of just 200.01 basis points over Libor

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Trading places: it can pay to bet on the little guy
It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

Loan slump brings managers closer
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average

Loan slump brings managers closer

Octagon becomes third manager to exceed $500 million with CLO amid covid
Octagon Credit Investors has become only the third manager to price a new issue CLO larger than $500 million following the outbreak of covid-19

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence

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.

Rapid CLO M&A activity on the horizon as fee deferrals pick up
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

Octagon prices $496.85 million new CLO as market stabalises
Octagon Credit Investors today priced the second largest CLO of the pandemic era via Wells Fargo

First Creditflux web panel discusses outlook for CLOs amid covid crisis
Panellists at the first ever Creditflux webinar conference on CLOs struck a balanced view on the outlook for their market, highlighting crucial differences between the crisis resulting from the coronavirus pandemic and the global financial crisis of 2008

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