Global CLO round-up: 15 months to one month - managers set their own pace
Three new US CLOs priced this week courtesy of; Seix Advisors, via BNP Paribas; Kayne Anderson, via Goldman Sachs; and Steele Creek, via RBC. In Europe, Oaktree Capital Management paired with Barclays to price Arbour CLO VI.

CLO pipeline preview: Waterville fills the pipe as Par Four surfs high triple-C wave
At least seven CLO managers chose last week to launch their first deals of the year, with the market still set to absorb a robust level of issuance in the pipeline

CLO pipeline preview: resets and refis set to make a comeback
Despite a slow build up, the pipeline offers respite with many deals lined up to come to market

Loans recover slightly after late-2018 havoc
Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
 

Global CLO b-wic round-up: record February underscores secondary market value
A roaring February, bringing $2.615 billion listed in the US CLO b-wic market, ended with only a murmur last week

Keep calm and buy corporate loans
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

Retail fund pain is a CLO manager’s gain
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years

Global CLO league tables: new year, new issues
Momentum in the CLO market at the start of 2019 is less forceful than it was at the beginning of 2018 and 2017, on the basis of opening volumes

Loan volumes fall in Europe but rise in US
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets

Global CLO round-up: there's something for everyone as CLOs put on a good spread
This week, equity investors have something to be thankful for with triple A CLO spreads showing signs of tightening

Global CLO league tables at a glance - October 2018
A snapshot of the overall league tables as of 31 October

Dwindling refi viability forces revision of CLO forecasts
A combination of a flatter term curve and squeezed arbitrage is causing market participants to adjust their CLO forecasts on both sides of the Atlantic

Buy and hold isn’t only option for CLO equity
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

Widening whisks market back to 2017
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.

Buy and hold isn't only option for CLO equity
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

Global CLO round-up: what goes around comes around
It is no news that spreads are reverting back to the elevated levels of last year and, with each new deal pushing the market wider, the rolling three-month term curve in the US has been forced to stretch and move left, right and centre.

New issues keep managers busy in summer season
New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1

September: CLOs at a glance
For a full breakdown of CLO issuance in September click here

Global CLO round-up: US market has a fair-way to catch up to Europe
As the Ryder Cup drives a wedge between the US and Europe, managers putt their hopes in CLOs. But the European market is in the lead with three deals to one as Creditflux goes to press

Loan market finds balance as spreads edge wider
New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers

CLO b-wic line up: equity in Apollo euro deal with low funding costs goes on sale
European CLO equity is so often described as being the most illiquid part of the global CLO market, but the last few days there has been a significant amount of trading in this area.

MJX ventures into Europe with risk retention-compliant US CLO
MJX Asset Management priced a new issue US CLO on Friday that is compliant with European risk retention rules

CLO b-wic lineup shows it’s never too late to trade 1.0 equity
Old legacy deals make a comeback today as €37 million and $12 million of 1.0 equity is up for grabs in two European deals - Eurocredit CDO VI and Oak Hill European II - and one US deal, Gale Force 3 CLO.

CLO spreads disperse as Japanese investors reallocate to triple As at fiscal year end
The past two months saw backup on CLO liability pricing on both sides of the Atlantic for the first time in years, this coming at the time of year when Japanese banks plan their CLO allocations