It's all relative: CLO spreads explore record tights as credit indices hit impasse
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged

It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018

It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

CLO issuers flex their bond muscles
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

The cost — a few basis points — is modest compared to the potency of bond buckets
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan

CLO rally keeps primary market flowing for most prolific issuers
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics

Legacy CLO warehouses brought into scope of Fed's talf programme
The US Federal Reserve has published an updated term sheet and FAQ for its term asset-backed securities loan facility programme with amendments to allow a greater scope of CLOs as eligible collateral

Fund perfomance: Slowdown for some as pandemic takes hold

Loan market slump feeds into CLO pricing
The loan market opened this week 2-4 percentage points lower than last week, pushing it toward 90—a threshold it has not crossed since February 2016. CLOs have reacted to this rapid drop

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Fund performance: Presents under the tree as CLO funds perform

Euro loan trading: CLO managers find a home for building specialist's downsized loan
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan

Volatility wave brings index-linked CLO funds into play
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’.

Managers amend CLO structures amid refinancing ripple
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

Marathon issues CLO with limitation on B3 loans
Marathon Asset Management’s new $405 million US CLO has a 25% cap on loans rated B3 and below, says a source close to the deal

DFG seeks secondary loans for new series of Pulsar CLOs
DFG Investment Advisers is launching a new line of CLOs with collateral sourced entirely in the secondary market

Fund performance
A round-up of fund performance click here.

Fund performance
A round-up of fund performance

Fund performance
A round-up of fund performance

Euro CLO managers ditch Moody’s as negative views rise
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook.