European CLO market weakens on shock US tariffs and trade war escalation
EXCLUSIVE: Traders in "price discovery mode" with CLO BBs down about 25bps points, and BBBs a point or more, while others see less of a decline in morning

Fund performance
August returns were largely positive for credit hedge funds, as 88% of those listed in the Creditflux database reached into the black

Fund performance
CLO funds dominate again as they take 18 spots in top 30 list

Golub prints tightest new middle-market CLO of 2024
Golub Capital, working with RBC Capital Markets, has priced a new middle market CLO with the tightest senior and mezz spreads so far this year

Fund performance
Q4 has kicked off with structured finance funds leading the way in the Creditflux league tables, as the category index reached 0.61%, and all but one fund made positive returns.

Fund performance
Positive August for credit sees CLO funds on top again

CLO round-up: blinded by the tights
Secondary CLO spreads continued to grind tighter this week and, at last, the primary market began to follow in both the US and Europe

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

Question your assumptions
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Sound Point becomes 5th largest CLO manager as Assured deal completes
Sound Point announced the completion of its partnership with Assured Guaranty yesterday jumping Sound Point into position as 5th largest CLO manager in the world.

Global CLO league tables - May 2023 YTD
Global CLO league tables - May 2023 YTD

CLO and structured credit PM parts ways from Hildene
An experienced CLO and structured credit specialist has left Hildene Capital Management

Rope-a-dope brings knock-out returns
Post-pandemic US and European CLOs delivered mid-teen equity returns in 2022, despite a barrage of weak macroeconomic news and what could have been a heavyweight Libor mismatch  

Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. 

Euro CLO league tables: Jefferies wins at a canter as fellow newcomer Palmer Square wins in new issues
A year of turmoil in the CLO market inevitably led to European CLO issuance dropping in 2022 from its record 2021

Global 2022 CLO league tables
Global 2022 CLO league tables

CLO rankings: manager AUM, advisory firm and trustees Q4 2022
As 2022 draws to a close manager consolidation through mergers and acquisitions have been balanced out by new market entrants to leave roughly the same number of managers that entered the year, at least for now.

Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

Euro CLO league tables: Final whistle beckons in close manager race as Jefferies looks to park the bus
Last month, just shy of €3 billion of European CLO paper was priced in the primary market, the most since March and Russia’s war with Ukraine

Global CLO league tables - November 2022 YTD
Global CLO league tables - November 2022 YTD

Manager looks to cut HY exposures in CLO-heavy credit interval fund
A credit fund manager has provided a performance update on is multi-strategy closed-end credit fund through regulatory filings, revealing it has beat its benchmark from 1 April to 30 September despite losing 13.66%

European CLO managers trade loans to avoid (par) burn
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine

Credit Suisse to streamline European CLO manager client list
Credit Suisse is unlikely to be among the heavyweights in European CLO origination with market sources indicating that the bank is reducing its CLO manager client list