Five refis add $1.43 billion to CLO market
The CLO primary market has absorbed another $1.43 billion of refinancing paper as five managers printed cost-cutting transactions

Credit funds at a glance (April 2021)
A round-up of fundraising and people moves

CLO refi paper worth $1.61 billion hits market
Five managers have printed transactions worth a combined $1.61 billion over the last few days, in a CLO refinancing bonanza 

MUFG makes three big hires to bolster US private equity sponsor and direct lending coverage
Mitsubishi UFJ Financial Group has hired from Antares, RBC and Regions Bank 

MUFG hires leveraged syndicate and high yield trading heads in New York
MUFG has bolstered its leverage finance team with two senior hires from RBC Capital Markets and Goldman Sachs 

MUFG cuts CLO funding costs with first primary deal of 2021
MUFG priced its first CLO primary market transaction of 2021 on Monday, arranging a $492 million refinancing of three tranches of Symphony CLO XV

Owl Rock prices tech-focused CLO
Owl Rock Capital Partners has priced a rare middle market CLO backed by loans to companies in the technology sector

Symphony splits CLO tranche to fixed and floating following refi
Symphony Asset Management has split the fixed-rate double A tranche of its 2015 vintage CLO named Symphony XVI as part of a refinancing

Fortress prices first BSL CLO in over a year
Fortress Investment Group has priced its first CLO backed by broadly syndicated loans in over 12 months

CSAM returns to five-year CLO structures with new issue deal
Credit Suisse Asset Management priced its third new issue US CLO post-covid on Thursday, and its first with a full five years of reinvestment

Alcentra and Black Diamond print unusual CLO refis with variable call structures
Black Diamond Capital Management and Alcentra have priced unusual CLO refinancings in the last few days. Uniquely among post-covid deals, the two managers have completed fixed-note refis where different tranches of their CLOs will have variable non-call periods

Fortress prints third fixed rate CLO refi of the year
Fortress Investment Group placed its third fixed-rate CLO refi post-covid yesterday, teaming with MUFG to rework the double A-rated notes of its 2017 transaction named Fortress Credit BSL V

Three CLO managers join rush to refi or reprice fixed rate CLO tranches
Three CLO managers - American Money Management Corporation, Teachers Advisors, and ArrowMark Colorado Holdings - have jumped on the fixed rate CLO refinancing or repricing trend

CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

CSAM jumps in on fixed CLO refi craze
Credit Suisse Asset Management has become the latest manager to refinance a fixed-rate CLO tranche, bringing the total refi volumes since April to over $600 million

MUFG refis fixed rate tranches in two US CLOs
Mitsubishi UFJ Financial Group refinanced fixed rate tranches in CLOs managed by CBAM and Invesco yesterday

CLO refinancing auction draws plaudits despite failure to clear
A novel approach to refinancing a CLO failed to clear, despite optimism behind the concept.

Another $1.68 billion of US CLO paper is refied
Four CLO refis worth $1.68 billion priced on Wednesday and Thursday of this week, with the 2017 vintage still appearing the most attractive

MUFG and CSAM adopt novel auction concept for upcoming CLO refi
Credit Suisse Asset Management and Mitsubishi UFJ Financial Group are taking a fresh approach to US CLO refinancings with sources indicating that the pair are joining forces to conduct a refi via an auction

Credit funds at a glance

First AMR auction passes smoothly with all bonds trading
The first applicable margin reset (AMR) auction took place between 8am and 10am eastern time yesterday to refinance TCW CLO 2019-1, with all five tranches clearing successfully

Bifurcation in loan market will continue in 2020, says MUFG
Bifurcation in the leveraged loan market, a trend that dominated the market in 2019, looks set to continue in 2020, according to MUFG’s co-head of debt capital markets Jeffrey Knowles

MUFG adds to US leveraged finance unit with senior hire from Deutsche Bank
A senior credit specialist has left Deutsche bank in New York after 10 years in order to join MUFG

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

Insurance companies could ramp exposure to CLOs and private credit in 2020
US-based insurers have roughly $7 trillion in assets and a small increase in allocations could have huge implications for the leveraged loan market, CLOs and private credit managers—a dynamic that could unfold in 2020