Banks tighten asset approval terms for CLO warehouses
Managers have raised concerns over tighter, lender-friendly terms in new-look US CLO warehouses as banks gradually reopen these lending facilities

CLOs at a glance: CLO managers are quite partial to a refi
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches

European CLO portfolio overlap increases by 3%: S&P
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P

PGIM gives $150 million upsize to CLO that priced last month
PGIM has completed a rare feat by upsizing a US CLO in the window between its pricing date and closing date

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

Big US banks pull back from CLO primary market to preserve cash
CLO triple As have tightened substantially in recent weeks to tights of 155 basis points in the primary market - but sources say the big US banks that typcially invest in these bonds are not buying

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

US CLO league tables: refis return as Apollo and Citi maintain leads
US CLO monthly issuance rose above $8 billion in July for the first time since the coronavirus pandemic wreaked havoc across the globe

CLO managers offer views on ESG for upcoming PRI report
Principles for Responsible Investment (PRI) is set to unveil a report detailing results from its ESG structured credit survey in the next few months, and the institution anticipates that this will be a launch pad for further investigation about ESG integration into the asset class

CLOs hold $600 million of bankrupt retailer Tailored Brands
Tailored Brands has become the latest US retailer to file for Chapter 11 as a result of the coronavirus-induced pandemic. 37 US CLO managers hold $588.9 million in term loans of the Houston-headquartered firm,

PGIM prints new CLO on busiest day for issuance since pandemic outbreak
PGIM on Monday priced its second new CLO since the March sell off, coming on the busiest day for CLO issuance since the onset of the coronavirus pandemic

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

OC health check: CLO managers drop their breaches
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time

HPS CLO warehouse hit by downgrade as it reaches 8.34% triple C assets
CLO warehouses have been hit with an increasing number of triple C assets in their portfolio. And those in one CLO warehouse managed by HPS increased from 0.5% in March to 8.34% by May

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

US CLO league tables: light at the end of the tunnel as primary revives
May brought a rise in US CLO primary market activity with a combined $5.55 billion in new issuance for the month

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus