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Primary spreads have so far withstood geopolitical risk and borrower concerns, but the balance is shaking
The manager’s first new issue since 2022 was priced tight across the stack
The way PE firms operate is changing and banks are being forced to adapt
Even a small tightening could unlock huge dealflows, but investors appear to push back amidst a wave of issuance
Approach to credit monitoring matters more than triple-C bucket size as market vulnerability is expected to drive manager tiering
European CLO debt index will be the first benchmark provided by a manager
Bank researchers expect second-busiest year ever while BofA told GlobalCapital it will stick with the initial figure for now
Amortisations will drive CLO managers’ fight for AUM and leave investors striving to stay invested, supporting issuance
Biggest CLO of 2023 bumps Citi ahead of Jefferies and Barclays despite equal deal counts
Repayments support demand for new paper but managers who cling to the 'last penny' may lose followers
French telco cut but a downgrade nor a default should have dramatic impact on European CLOs
Tight spreads have lured back many managers that had paused deal activity amid difficult markets since 2022
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Risk retention funds and other equity vehicles have proved their merit in keeping the market alive, even if they annoy some participants -
Manager is first to refinance a vintage before 2022 for more than 18 months
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Manager equals tightest prints of the year but 147bp appears to be line of resistance for triple-A tranches
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Young CLO manager has found unusually faithful following but tight print largely down to better markets
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Michael Klein’s attempted spin-off of Credit Suisse’s investment bank was complex and conflicted, but it could have reshaped the landscape in a way the UBS takeover does not
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Deal size increases show high demand for European deals, says banker
