Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

Global CLO league tables - October 2022 YTD
Global CLO league tables - October 2022 YTD

Creditflux CLO Census results: JP Morgan claims clean sweep of US CLO arranging categories
Following the close of this year’s census, JP Morgan was a quadruple winners in the US, with results declaring it the best at syndicating, structuring and providing both the best access to loans and the best warehouse service

Global CLO league tables - September YTD
Global CLO league tables - September YTD

Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C.  

Global CLO league tables - August 2022 YTD
Global CLO league tables - August YTD

Euro CLO league tables: gear shift brings flurry of new issues before summer break
After a slow June, the European market picked up its pace in July with managers eager to price deals before the summer lull 

Global CLO league tables - July 2022 YTD
Global CLO league tables - July YTD

Making the grade: CLO managers move into IG bonds
CLO managers have been using the incredible volatility in credit markets this year to add an unfamiliar asset to their portfolios – investment grade bonds

Global CLO league tables - June 2022 YTD
Global CLO league tables - June YTD

Quarterly rankings: Carlyle climbs to top of pack with CBAM boost
Carlyle Group has cemented itself as the largest manager globally, following its acquisition of fellow CLO manager CBAM

Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B.

Sound Point breaks one month European CLO market silence as pipeline builds
After the longest pause in the European CLO primary market since December 2018, Sound Point has broken the silence with a static new issue while other managers are exploring static and print and sprints to get deals done

Global CLO league tables - May 2022 YTD
Global CLO league tables - May YTD

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

BofA revises Euro CLO new issuance forecasts downwards
Bank of America CLO strategists have cut their base case forecasts for European CLO volume in 2022 to €22.6 billion for new issues and €10 billion for refi/resets, citing slower economic growth and higher tail risks. But further market disruption could take new issuance down to €16.5 billion, they warned

Global CLO league tables - April 2022 YTD
Global CLO league tables - April YTD

Ucits at a glance: Robus stands tall among Ucits funds
27% of Ucits funds had positive returns in March, a slight improvement from 10% in February

Fund performance: Credit slumps widely as CLOs lag furthest behind
February’s market turn brought a variety of fund categories into the Creditflux top ten as six different categories were represented -- US high yield standing tallest among them

Global CLO league tables - March 2022 YTD
Global CLO league tables - March YTD

Global CLO league tables - February 2022 YTD
Global CLO league tables - Feb YTD

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

I’ll see your 2020 and raise you 2021
Discounted loans, Libor floors and bond flexibility helped make 2021 an even better year for CLO returns than 2020, as US CLOs distributed 15.54% and European CLOs paid 13.93% annualised

Euro CLO league tables: Upstarts Jefferies and Palmer Square fall just short of market leaders
ABC as easy as 1, 2, 3: Apollo leads new issuance as Barclays and CVC emerge as overall leaders, despite the efforts of newcomers Jefferies and Palmer Square. The European CLO market had a record year in 2021 as overall issuance fell just €3.2 billion short of €100 billion, more than double the previous record set in 2017 of €45.7 billion and a 325% increase on the coronavirus-impacted market in 2020

Global 2021 CLO league tables
Global 2021 CLO league tables