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CVC markets another Euro CLO following Nochu-withdrawal
2 years ago
CVC Credit is wasting no time in getting back to the Euro CLO arena and marketing a full five-year reinvestment European CLO, CVC Cordatus Loan Fund XXVI. The firm had originally had originally lined up CVC Cordatus Loan Fund XXV via Citi to print first, but lost triple A anchor investor Norinchukin earlier this month -
Sofr away from me – basis puts new CLO triple As in dire straits
2 years ago
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business -
European CLO primary re-awakens to tune of Adagio X
2 years ago
Axa Investment Managers priced a European CLO on Friday (a few days before anticipated), printing a €324.75 million static deal via Barclays -
Axa IM chooses static format for upcoming European CLO
2 years ago
Axa Investment Managers is marketing a static European CLO new issue named Adagio CLO X -
Credit funds at a glance (October 2022)
2 years ago
A round up of fundraising and people moves in credit
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Five Arrows and Cross Ocean print Euro CLOs with triple As at 200bp
2 years ago
Five Arrows Managers and Cross Ocean both priced European CLO triple As at 200 basis points over Euribor - one has a 4.5-year and the other a one-year reinvestment period -
Barclays hires European ABS trading head
2 years ago
Barclays has hired a head of European ABS/RMBS/CMBS trading in London -
Four Euro CLOs emerge with target pricings as early as tomorrow
2 years ago
According to the latest marketing blasts, WhiteStar is targeting pricing tomorrow, Palmer Square and Cross Ocean are aiming for ‘as early as’ tomorrow and Five Arrows will aim for early-to-mid next week -
European IG CLO mezz is attractive versus US paper: Barclays
2 years ago
There is no reason for European CLO mezzanine tranches to be as wide as they are versus equivalent US paper, according to a strategy note from Barclays. -
Euro CLO IG mezz tranches look attractive amid cap stack divergence: Barclays
2 years ago
European CLO IG mezzanine debt tranches are more attractive than triple As or double Bs, say strategists at Barclays, owing to greater dispersion and a lag in recovery. -
Widening asset/liability gulf will hurt CLOs: Barclays
2 years ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Rising stars, decompression and trade unwinds set to drive September roll: Barclays
2 years ago
Decompression and US / Europe relative value trade unwinds look set to characterise the September CDS index roll, with the prospect of no changes to iTraxx Europe for the first time in recent memory, say Barclays credit strategists -
Short duration CLOs are putting reset risk in the post: Barclays
2 years ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
CLO arrangers take down triple As to get European deals completed
2 years ago
European CLO arrangers are taking down large chunks of triple A paper to get deals over the line amid market volatility, according to market sources. Others, meanwhile, have committed to investing in triple As to secure future mandates -
Italian rout gathers pace as credit relationships warp well beyond historical norms
2 years ago
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment -
IG payers provide best tail-risk hedges: Barclays
2 years ago
Investors seeking the cheapest tail risk hedge should look to CDX IG payers, while iTraxx Europe payers are the best hedge against further European underperformance, finds Barclays -
Euro CLO league tables: Permira and Barclays Providus with sole new issue
3 years ago
Just one manager priced a European CLO priced in June, when Permira Credit and Barclays brought Providus VII to market -
Euro loans with FX hedging offer better value than US: Barclays
3 years ago
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
3 years ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
CLO investors show more signs of optimism than other ABS: Barclays
3 years ago
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre -
Bank's head of European CLO trading leaves after crypto gains
3 years ago
Benjamin Cowley, head of European CLO trading at Barclays, is set to leave his role at the British bank -
Euro IG credit looks set to outperform US, HY and equities: Barclays
3 years ago
An outlook of elevated inflation and low growth favours credit over equities, and euro investment grade over high yield, according to European credit strategists at Barclays -
Market jitters mount as US delivers May CPI
3 years ago
Credit spreads have moved sharply wider for the fourth day straight as investors digested the European Central Bank’s hawkish turn and watched with trepidation for the US to reveal its May consumer price index numbers -
European CLO triple As widen to 140bp with long-awaited Permira deal
3 years ago
European CLO triple As have widened out to 140 basis points over Euribor, as Permira Credit breaks the two-week CLO market silence by pricing its long-awaited new issue deal, Providus CLO VII -
CLO top stack offers best value versus corp debt after junior tranche rally: Barclays
3 years ago
Having lagged in the recent market recovery, CLO triple A paper looks attractive versus corporate investment grade and the CDX IG credit derivatives index
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