CLOs at a glance (July 2022)
A listing of CLOs that have priced in the last month
 
 

   

They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform 

CLO spreads are not pricing in recession: JP Morgan
CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts

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

Oaktree identifies CLOs among top picks in credit
Oaktree Capital Management’s head of performing credit Armen Panossian has outlined CLO tranches among his three favoured investments in this market

Octaura's real-time trading solution paves way for loans and CLOs to drop illiquid tag
The unprecedented cooperation between CLO trading desks that culminated last week in the launch of Octaura could change the way credit investors judge the relative value merits of loans and CLOs versus liquid alternatives such as high yield bonds

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

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

Duration, decompression and dispersion disconnects grow
Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Wide yields mean high times again for corporate hybrids
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

CLOs at a glance (June 2022)
A listing of CLOs that have priced in the last month
 
   

"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities

Macro drivers set to give lift to CDS tranche trading
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far

CLOs at a glance (May 2022)
A listing of CLOs that have priced in the last month
   

High yield / loan slowdown affects year-end projections and pricing: Barclays
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value

CLOs at a glance (April 2022)
A listing of CLOs that have priced in the last month  

CLOs at a glance
A listing of CLOs that have priced in the last month

CLO sellers bide their time amid widening Ukraine crisis
Russia’s invasion of Ukraine has sent shockwaves across the world, and CLOs, despite limited exposure to either country, have felt its impact. Those signs are most visible in the secondary market

Sofr spike boosts CLO debt as Europe and US go out of sync
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January)

CLOs at a glance (February 2022)
A listing of CLOs that have priced in the last month

Banks and loans to benefit in 2022 as safe havens dwindle
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes

CLOs at a glance (January 2022)
A listing of CLOs that have priced in the last month