CLOs underperform recovery as central bank tone shifts: Barclays
CLOs have lagged the recovery in risk assets over the last week and remain at near year-to-date wides, according to research from Barclays. Strategists add CLO triple Bs look cheap versus high yield corporate bonds

CVC markets another Euro CLO following Nochu-withdrawal
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
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
Axa Investment Managers priced a European CLO on Friday (a few days before anticipated), printing a €324.75 million static deal via Barclays

CIFC's seventh new US CLO of year takes tally to $3.3 billion
CIFC Asset Management priced its seventh US CLO of the year on Friday, bringing its yearly issuance volumes to $3.3 billion and climbing to fifth on the manager leaderboard

Axa IM chooses static format for upcoming European CLO
Axa Investment Managers is marketing a static European CLO new issue named Adagio CLO X

Five Arrows and Cross Ocean print Euro CLOs with triple As at 200bp
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 

Trimaran comes at wider end with first CLO of year
Trimaran Advisors on Tuesday priced its first CLO of 2022

Four Euro CLOs emerge with target pricings as early as tomorrow
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

US CLO traders leave Barclays ahead of move to another bank
Two CLO trading specialists have left Barclays and are headed for another dealer

European IG CLO mezz is attractive versus US paper: Barclays
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
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
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

New Carlyle CLO with Citi and Barclays co-arranging scores tightest August triple As
Carlyle Group has teamed up with Barclays and Citi to print its latest CLO named Carlyle US CLO 2022-5 at $495.5 million

Short duration CLOs are putting reset risk in the post: Barclays
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
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

Euro CLO league tables: Permira and Barclays Providus with sole new issue
Just one manager priced a European CLO priced in June, when Permira Credit and Barclays brought Providus VII to market

Morgan Stanley Eaton Vance produces Thursday's tightest CLO execution
Morgan Stanley Eaton Vance priced a new CLO on Thurday, scoring the day's tightest triple A print in the process

Manager selection stakes are heightening as CLO pain points intensify: Barclays
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

Barings scores tight debt execution on latest new CLO
Barings priced a new CLO on Tuesday, achieving the third tightest liability pricing for a five-year reinvestment US CLO this month

CLO investors show more signs of optimism than other ABS: Barclays
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
Benjamin Cowley, head of European CLO trading at Barclays, is set to leave his role at the British bank

Carlyle prints new US CLO with triple As at 195bp
Carlyle Group priced its latest new CLO on Friday, placing the deal's triple A notes at 195 basis points over Sofr

European CLO triple As widen to 140bp with long-awaited Permira deal
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
Having lagged in the recent market recovery, CLO triple A paper looks attractive versus corporate investment grade and the CDX IG credit derivatives index