CLO round-up: secondary market rallies amid increased primary supply
CLO primary activity increased across the board this week, with US new issue supply amounting to $1.8 billion - up 48.7% on the week prior - while in Europe supply increased 208.8% to €1.2 billion

Irradiant surpasses $1 billion of CLOs issued in 2023
Irradiant Partners passed $1 billion CLO issuance volumes for 2023 on Thursday after printing its third new issue

ICG prints its first new US CLO in over 12 months
Intermediate Capital Group returned to the US primary CLO market on Friday with its first new issue transaction in over 12 months

Three's the magic number for Carlyle as it prices new CLO
Carlyle priced its third CLO of the year today. Carlyle US CLO 2023-3, arranged by Barclays, is a new US CLO backed by broadly-syndicated loans.

Golub's new CLO shows over 5bp of triple A spread tightening since March
Golub Capital Partners priced its fourth CLO of 2023 on Friday and its second of the year backed by broadly syndicated loans

Slow pace of loan prepayments increasing CLO tranche WAL, finds Barclays
Prepayment rates in the leveraged loan market have dropped to post-financial crisis lows, thereby increasing CLO debt tranches' weighted average life and slowing the pace of amortization for deals that have left reinvestment, according to new research published by Barclays

CVC prints sixth CLO of 2023 and becomes second largest issuer this year
CVC Credit Partners priced its sixth new CLO of the year on Friday, growing its issuance volumes for 2023 to $2.7 billion

HalseyPoint structures new CLO to comply with EU risk retention rules
HalseyPoint Asset Management's volume of CLOs under management surpassed three billion for the first time on Wednesday after the firm teamed up with Barclays to print its seventh deal

Tikehau prints its fourth US CLO
Tikehau Capital priced its fourth US CLO on Monday, growing its US deals under management to $1.74 billion in the process

Silver Point returns with follow-up second CLO
Silver Point Capital has priced the followup transaction to its debut US CLO from 2022

Barclays won't let sleeping dogs lie after another Newfoundland CLO reset
Newfoundland CLO, the long running and world's largest balance-sheet CLO, has been given a new leash of life by upsizing in a reset yesterday, according to announcements from Moody’s and Scope Ratings.

Muzinich prints new CLO with triple As selling at discount to par
Muzinich & Co priced a new CLO on Wednesday with the triple A debt tranches trading at a discount

Primary US CLO triple As 40bp cheaper after secondary rally, says Barclays
A rally in the secondary market for CLO triple A paper last week has meant that primary spreads are cheaper on a relative value basis by around 40 basis points

Fidelity and Onex price new CLOs in busiest issuance day for 2023 so far
Fidelity Investments and Onex Credit Partners both priced a new CLO on Thursday, pushing daily issuance volumes to $1.35 billion on the busiest day for US CLO primary activity so far this year

US CLO pipeline: Oak Hill aims for tightest triple As since July, as other CLO markets at 245bp
Nine US CLO managers are in various stages of marketing their latest CLOs, and while Oak Hill is seeking a benchmark-setting deal, there are other CLOs that are expected to price well wide of this

US and European CLO metrics diverge, finds Barclays
CLO spreads saw a month-on-month move wider in December while key portfolio metrics such as weighted average rating factor (warf) and triple C buckets deteriorated in the US. However, European portfolio metrics showed some improvement 

Silver Point makes CLO debut to become 2022's seventh debut manager
Silver Point Capital became the final manager to debut in US CLO management on 21 December, teaming up with Barclays to print its inaugural deal named Silver Point CLO 1

Guggenheim returns with second new US CLO in two months
Guggenheim priced a second new US CLO in as many months in late December, bringing a striking end to its two-year pause on new issuance

CLO 2023 Outlook: CLOs look set to rise to the challenge of a tough 2023
CLO researchers had an (understandable) inability to accurately predict the staggering array of macro shocks that affected the CLO market this year. So it comes as a surprise that overall CLO issuance reached a lot closer to anticipated levels than many would have expected back in Q2

US CLO investors express cautious optimism for 2023
After a turbulent year in 2022, US CLO investors are sounding a cautiously bullish tone heading into 2023

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Canyon scores 225bp triple A print on latest CLO
Canyon Partners priced a new CLO on Thursday with the triple A notes printing at 225 basis points over Sofr

US CLO tranches had best month of year in November: Barclays
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month

Sound Point prints its first new CLO in 11 months
Sound Point Capital Management returned to the CLO primary market on Monday to print its first new CLO in 11 months

Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles