CLOs

  • CLO market set for pause to digest oversupply

    CLO market set for pause to digest oversupply

    The CLO market is expected to take a pause after the oversupply of the first months of the year, allowing investors to digest the unprecedented volume of new issue, refi and reset, and giving much needed breathing space to market participants. Managers, sources say, are in less of a rush to lock in tight spreads, as the market is considered healthy and more stable in the medium term.

  • BlueBay hires CLO portfolio manager from Challenger

    BlueBay hires CLO portfolio manager from Challenger

    BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.

  • NoChu return could be hampered by tough stips

    NoChu return could be hampered by tough stips

    CLO managers once happily sold huge volumes of triple-A securities to NorinChukin, sucking up the Japanese bank’s terms in return for a reliable anchor order which locked in their senior notes ahead of public syndication. The bank has been slowly running down its portfolio since it was forced to stop buying by its regulator, but if it comes back, it might find managers keen to preserve their flexibility and place their bonds elsewhere.

  • CLO reissues resurface with Canyon

    CLO reissues resurface with Canyon

    Alongside the rush of refi and reset activity, a third form of CLO refinancing is once again emerging, with Canyon Capital choosing to reissue a 2015 CLO as a new $420m deal called Canyon CLO 2021-2.

  • Pension funds eye riskier CLO tranches

    Pension funds eye riskier CLO tranches

    A growing number of pension funds are turning their attention to the riskier part of the CLO capital stack in search of extra yields, attracted by the risk-adjusted returns offered by CLO equity and mezz, compared with other fixed income asset classes.

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