Armada Euro CLO II Reset
The recent reset of Armada Euro CLO II, managed by Brigade Capital Europe, was an interesting one. This deal had...
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The recent reset of Armada Euro CLO II, managed by Brigade Capital Europe, was an interesting one. This deal had...
Please find below the estimated US CLO equity IRRs of a sample of 66 US CLO deals that were redeemed in Q2 2024, categorized by vintage. An issue price of $95 is assumed.
The rate of paydown for CLO-rated debt after the conclusion of the reinvestment period (RP) is influenced by several factors....
Please see the table below for the list of US BSL CLO managers who have priced a deal in June...
The top five non-short-dated US BSL CLO deals with the narrowest weighted average liability spreads based on discount margins (DMs)...
A sample of 557 EU CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool factor below 65% are excluded. Market Value Over-Collateralization (MVOC), for instance, at the BB tranche level, is calculated by dividing the collateral market value (MV) by the sum of CLO liabilities (AAA to BB). MVOC is a crucial point-in-time metric for pricing CLO-rated tranches, closely monitored by primary and secondary market participants.
According to LCD news, Alcentra has announced the proposed redemption of Jubilee CLO 2014-XI, originally issued in 2014. Subordinated noteholders...
The top five deals, characterized by the narrowest weighted average liability spreads (AAA-BB) year-to-date (YTD), excluding the single-B tranche, are...
A sample of 1,635 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...
Below are tables presenting the MVOC (AAA-B) and EQ NAV of US BSL CLO deals by vintage, based on asset...
It is evident that the AAA tranches of top-tier deals are still priced wider than historical norms, albeit the gap has been narrowing each week. In contrast, AA tranches are largely in line with historical levels, while single-A to BB tranches are significantly tighter.
Please find the table below for the net interest margin (NIM) change year-to-date, by vintage, for reinvesting US BSL CLO deals with a reinvestment end date from 1 July 2024 onward.
Thanks to the solid performance of the deal, no new equity capital was needed, and only a small class X tranche was added.
A sample of 1,651 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...
Despite the fast pace of primary CLO issuance in Q2 2024, the net senior AAA supply for BSL CLOs was...
