CLOs

A CLO is a collateralized loan obligation or collateralised loan obligation known collectively as CLOs. CLOs are CDOs that reference loans, such as leveraged loans, SME loans or a bank's whole loan book (a balance sheet CLO). They come in both managed CLO and static CLO form and can be market value CLOs or synthetic CLOs.

• SCI Start the Week - 27 April

  A review of securitisation activity over the past seven days

  Last week's stories Accessing liquidity The role technology plays in securitising trade finance...

  News    27 April 2020

• De-risking deluge?

  US CLO managers' initial crash response assessed

  The current unprecedented trading conditions will only lead to ever-greater CLO manager differentiat...

  News    27 April 2020

• Inventory ABS prepped

  Sector developments and company hires

  Inventory ABS prepped Fintech platform Supply@ME Capital (SYME) has entered into an agreement with...

  Market moves    24 April 2020

• Grandfathering for Dutch CLO issuers

  Sector developments and company hires

  Grandfathering for Dutch CLO issuers The Dutch tax authorities have provided written confirmation t...

  Market moves    23 April 2020

• Structural review

  New shape of European CLOs examined

  CLO issuers are having to adapt to the current market environment and consequently new deals are mov...

  News    22 April 2020

• Rating reaction?

  Potential shift to non-investment grade drives selling

  The CLO BWIC calendar has been dominated by triple-B paper so far this week, as sellers look to off-...

  News    21 April 2020

• Moody's puts CLOs under review

  Sector developments and company hires

  Moody’s puts CLOs under review Moody's has placed on review for downgrade its r...

  Market moves    20 April 2020

• SCI Start the Week - 20 April

  A review of securitisation activity over the past seven days

  Last week's stories Bilateral activity Opportunistic capital redeployment underway Coverage...

  News    20 April 2020

• CMBS secured, unsecured sub debt weighed

  Sector developments and company hires

  CMBS secured, unsecured sub debt weighed Senior US CMBS loans with unsecured subordinate debt (s...

  Market moves    16 April 2020

• Second wave

  Widespread CLO rating downgrades add further uncertainty

  Extensive CLO downgrades are expected to follow the widespread pandemic-driven negative rating actio...

  News Analysis    16 April 2020

• Uncertain ratios

  OC senior test failures accelerate, but options remain for some CLO managers to cure breaches

  As the April reporting season gets underway in earnest, the number of US CLOs failing their OC tests...

  News Analysis    15 April 2020

• TALF sparks rally

  US CLO seniors tighten, but Fed support may not be enough

  The end of last week saw US triple-A CLO bonds tighten in the secondary market, partly in response t...

  News Analysis    14 April 2020

• TALF 2.0 eligibility expanded

  Sector developments and company hires

  TALF 2.0 eligibility expanded The US Fed has expanded the range of assets that are eligible collate...

  Market moves    9 April 2020

• Mixed results

  Coronavirus consequences for European CLOs examined

  Outstanding European CLO transactions are expected to remain resilient despite downgrades and defaul...

  News    9 April 2020

• EIF calls for guarantee applications

  Sector developments and company hires

  EIF calls for guarantee applications The European Commission has unlocked €1bn from the Eu...

  Market moves    8 April 2020

• CLO stress scenario updated

  Sector developments and company hires

  CLO stress scenario updated Fitch is set to apply an updated stress scenario to all CLO portfolio...

  Market moves    7 April 2020

• Negative outlook for asset performance

  Sector developments and company hires

  Negative outlook for asset performance Fitch is updating its rating assumptions for all global st...

  Market moves    6 April 2020

• SCI Start the Week - 6 April

  A review of securitisation activity over the past seven days

  Last week's stories Breathing space? EU banks benefit from Basel 3 delay Capacity con...

  News    6 April 2020

• Statics deployed

  Simpler CLO structure in vogue, but creates its own challenges

  The first US CLO to price since the Covid-19-driven market collapse utilises a static structure and...

  News    6 April 2020

• Credit challenges

  CLOs show resilience in stress scenarios

  Central bank and government countermeasures are likely only able to offer short-term liquidity suppo...

  News    2 April 2020

• CRR compliance for NHG guarantee

  Sector developments and company hires

  EMEA Addleshaw Goddard has hired structured finance partner Rachel Kelly from McDermott Will &...

  Market moves    1 April 2020