Global credit funds & CLO's
April 2020 | Issue 222
Published in London & New York.
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Data CLOs
CLOs at a glance.
April 2020 | Issue 222
CLO primary market grinds to a halt
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PGIM were the first to price a European CLO following the coronavirus induced market sell off. Dryden 74 was launched in mid-February before market volatility kicked in and as a result triple A spreads widened from the projected 92-95bp to 100bp. Neuberger Berman via Wells Fargo priced a one-year reinvestment CLO in the wake of current volatility. According to sources, Neuberger Berman 36 was outlined as a five-year CLO but was revised to a one-year transaction a week prior to pricing. Trinitas Capital Management teamed up with JP Morgan to be the last amongst the select list of managers to issue CLOs in the previous month.
New CLO issues have come to a halt in the wake of the coronavirus pandemic. With no assets in loan books trading above par, CLO managers and investors shift their focus to trading which has seen an increase in activity.
US CLO triple A spread (bp) vs years left on reinvestment
Euro CLO triple A spread (bp) vs years left on reinvestment