US CLO Senior AAA Flows: Net Supply Q2-to-Date
With less than a week remaining, it appears that the net supply for senior AAA tranches of US BSL CLOs...
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With less than a week remaining, it appears that the net supply for senior AAA tranches of US BSL CLOs...
The recent pricing of Madison Park Funding XLIV (44) saw the deal’s liability notional downsized by around $79 million, from...
Following the reset, the deal's reinvestment period extended by 4.6 years, and its WACC decreased by around 4 bps, despite a wider AAA pricing. This was achieved thanks to a more efficient capital structure and tighter pricing in other rated tranches.
Following the recent pricing of the reset OCP CLO 2019-17, the deal’s reinvestment period was extended by 5 years, and...
The latest pricing of the reset of Allstate’s AIMCO CLO 18 saw its WACC tighten by a significant 87 bps,...
The recent reset of Blackstone-managed Bear Mountain Park CLO was highly accretive, reducing its WACC by around 77 bps from...
The table below shows the estimated historical median new issue MM CLO pricing DMs for AAA/AA/A/BBB when the four-week moving...
Partners Group achieved an impressive milestone with an AAA print of 136 bps for its Penta CLO 17 deal on...
This study examines a sample of 218 deals from 2015 to 2019, utilising the Morningstar European Euro-Denominated Loan Index as the benchmark loan index.
The top managers with the highest number of deals in the top quartile are Oak Hill Advisors, Golub Capital, CSAM, Benefit Street Partners, Sixth Street, Elmwood, CVC, Blackstone, and Blackrock.
A sample of 1,684 US BSL CLO deals (vintage 2013–2023) is included in this study. Deals with a collateral pool...
The pricing of the second reset of Elmwood CLO III saw its WACC tighten by 23 bps, from 206 bps to 183 bps, and its reinvestment period increase by 2.8 years. Its AAA pricing at 138 bps was the tightest year-to-date in the reset and new issue CLO market at the time of pricing.
In the 2.0 CLO landscape, it is quite uncommon to see very high cash-on-cash equity distributions. However, 42 regular reinvesting US BSL CLO deals have distributed impressive cash payments to their equity investors, with annualized payments of around 25% or more so far this year.
The recent pricing of the second reset of NB CLO 17 was accretive. This reset added 5 years to its reinvestment period and reduced its current WACC from 188 bps to 183 bps. The deal now has a staggering 15 years of reinvestment period based on its primary issue closing date on July 16, 2014. The manager had been successful in keeping the deal invested after the reinvestment end date in April 2022.
The recent pricing of Madison Park Funding XXXI saw the deal’s liability notional slightly upsized by $18 million, from $718...
