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1 month ago | 
9fin.com | Charlie Dinning |Sam Robinson
US CLO managers are increasingly wary that rating agencies are likely to downgrade a large number of leveraged loan borrowers off the back of increased uncertainty and volatility which stemmed from the tariff announcements made on ‚ÄėLiberation Day‚Äô. In this analysis 9fin looks at the average triple-C buckets versus the percentage of a portfolio that is rated B3/B-in reinvesting CLOs that closed before 2024, to see how US CLOs are positioned.
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Dec 1, 2024 | 
9fin.com | Tanvi Gupta |Sam Robinson |Charlie Dinning
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Aug 8, 2024 | 
9fin.com | Charlie Dinning
News and AnalysisCharlie Dinning8 August 2024•6 min readThe largest buyers in the US CLO market have traditionally been anchor triple-A investors and two Japanese banks ruled the roost in this regard; Norinchukin Bank and Japan Post.
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Aug 2, 2024 | 
9fin.com | Charlie Dinning
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Mar 10, 2024 | 
9fin.com | Charlie Dinning
News and AnalysisCharlie Dinning11 March 2024•7 min readThird party US CLO equity investors are coming back to the primary market with the arbitrage now at levels not seen for 18-24 months, according to 9fin sources. Third party CLO equity participation is not back to 2021 or 2018 levels (widely viewed as banner years for CLO equity investors), but the market is bouncing back from a poor 2023 when CLO managers generally retained most of the equity in their CLOs in order to get deals done.
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Jan 29, 2024 | 
9fin.com | Charlie Dinning |Sam Robinson
Market WrapCharlie Dinning+Sam Robinson30 January 2024•5 min readThe US CLO market roared into life last week as $4.5bn of US CLO new issuance priced across 10 deals, while a further four resets ($1.7bn) were brought to market. There was also $910m of middle-market new issuance across three deals. Before last week, there had only been $2.6bn of US CLO new issuance in January across six transactions.
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Jan 21, 2024 | 
9fin.com | Charlie Dinning |Tanvi Gupta
Market WrapCharlie Dinning+Tanvi Gupta22 January 2024•5 min readThe US CLO market has started the year steady but has yet to take off as some had anticipated. Through the first three weeks of January, there has been $4.5bn of CLO issuance across US and middle-market CLOs. This is $1bn more than in 2023, but the market was projecting a 2021-like year, when there had already been $14.6bn of US and mid-market CLO issuance. Recently PublishedWhat are you waiting for?
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Dec 4, 2023 | 
9fin.com | Sam Robinson |Charlie Dinning |Michelle D'souza
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Nov 23, 2023 | 
9fin.com | Sayed Kadiri |Tanvi Gupta |Charlie Dinning
News and AnalysisSayed Kadiri+Tanvi Gupta+ 1 more24 November 2023•3 min readThis article is part of our new service, 9fin Structured Credit. If you're interested in a free trial, contact [email protected] has revamped its CLO origination platform with sources informing 9fin that Laura Coady has been appointed global head of CLO origination. She adds this position to her role as head of European securitised markets in London.
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Nov 21, 2023 | 
9fin.com | Charlie Dinning |Tanvi Gupta
News and AnalysisCharlie Dinning+Tanvi Gupta22 November 2023•2 min readThis article is part of our new service, 9fin Structured Credit. If you're interested in a free trial, contact [email protected]'schief investment officeris understood to have returned to US CLO investing with the bank said to have bought into KKR CLO 44, which priced today, according to sources.
