CLO market braces for another wave of loan downgrades
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners

Global CLO b-wic round-up: spreads tighten across the board as bond-flex CLOs trade well
Price levels have tightened and, more importantly, stabilised across the secondary CLO market over the last two weeks, but the Easter break led to a drop off in CLO b-wic supply

Benchmark European 2020 CLO trades 11 points down in secondary
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches

We’ve survived before, we can do so again

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

US CLO league tables: old deals get a fresh start in the new year
The majority of CLO issuance last month was in all forms of repricings, which totalled $4.8 billion and accounted for 54.5% of US CLO volumes

Global CLO league tables - January 2020 YTD
Global CLO league tables - January 2020 YTD

Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. 

CLO pipeline: Medalist ascends podium as new issues pace themselves
CLO managers are biding their time before re-entering the primary CLO market, but this week Investcorp Credit Management, KKR and Medalist Partners are marketing new issue US CLOs

Investcorp lines up new CLOs on both sides of the Atlantic
Investcorp Credit Management is gearing up to price new issue CLOs in both the US and Europe, according to market sources

Investcorp resets and upsizes 2017 European CLO
Investcorp Credit Management has reset and upsized its 2017 CLO named Harvest CLO XVII, according to market sources

Investcorp appoints co-head of US credit as mid-market acquisition closes
The new hire will join Jim Feeley, who was appointed as co-head earlier this year following the retirement of John Fraser

Investcorp refinances 2016 US CLO
Investcorp has joined the list of managers refinancing 2016 vintage CLOs after pricing a $368 million deal with GreensLedge

Investcorp enters into mid-market lending with CM Investment acquisition
Investcorp Credit Management announced today that it has bought CM Investment Partners from Cyrus Capital and Stifel Venture

Investcorp adds fund placement business as it brings Mercury buyout to the boil
The transaction for the alternatives placement agent will help “serve investors worldwide with an array of attractive opportunities in alternative investments”, says Investcorp

Investcorp hires ex-Medley structured credit head as John Fraser retires
Investcorp has appointed a CLO specialist as co-head of US credit, following the retirement of the firm’s previous sole US credit head

US pension fund earmarks $375 million for various credit strategies
Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has committed $125 million to distressed, $100 million to aviation investments, while earmarking $150 million for structured credit    

Past returns: short and sweet
Five years ago in Creditflux, we reported on Pimco emerging as a major buyer of triple A-rated US CLO tranches

US CLO round-up: years fall off CLO market as it gets back to its old self
The CLO market is starting to look rejuvenated, with the dense pipeline having this week offloaded seven new broadly syndicated deals and one middle market deal as Creditflux goes to press – totalling $3.7 billion of new paper. 

CLO managers exposed as US mortgage lender files for bankruptcy
CLOs hold $164.9 million exposure to the debt of Ditech Holding Corporation, who refiled for Chapter 11 bankruptcy on Monday 

CLO spreads drift wider as Investcorp prices double Bs at 768bp
Investcorp Credit Management teamed up with Citi yesterday to price a $455.2 million CLO named Jamestown XII

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Updated, upgraded and ready to launch
Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations

US CLO round-up: managers find short-dated resets are the way to go
Short-dated resets are popular right now - as are single B tranches