Top stories on creditflux.com: with early 2024 moves for AGL and Blue Owl
30 January
Blackstone takes back title of largest global CLO manager
Our latest league tables for CLO managers based on AUM got people talking as Blackstone took back its crown from Carlyle to officially become the largest CLO manager in the world again. The full rankings are available here.
Robert Zable: Blackstone’s global head of liquid credit oversees CLO management and investing
3 January
CLO market round-up: holiday cheer hits as US senior spreads move
The holiday period saw a brace of end-of-year US deals pricing, with a range of new issues, resets and a refi to lead the market into 2024, including CIFC Asset Management’s CIFC Funding 2023-III, which priced with AAA notes offered at 160bps.
4 January
Obra adds veteran CLO PM as it expands into CLO management
Obra Capital continued its push into CLO management with the hire of Scott Macklin, who joined the firm as head of US leveraged finance, responsible for managing Obra’s CLO management platform.
4 January
Deutsche Bank markets new US CLO with triple As at 157bps
AGL Capital Management became one of the first players to move in the 2024 CLO primary market, as Deutsche Bank issued indicative pricing for its forthcoming AGL CLO 29.
4 January
Investor wades into debate over whether CLO BB notes are literally underrated
The latest piece of thought-provoking research from Flat Rock Global broached the thorny topic of structured credit ratings, asking: “Are CLO BB notes investment grade?”
5 January
New research says that CLO arb is better than you think, but still not good enough
Research by Barclays’ Powell Eddins and Pranava Boyidapu suggested that CLO arbitrage was in a better place than many investors thought, but that BBs were still more attractive.
10 January
Blue Owl prices first private credit CLO of the year
Blue Owl pulled the trigger on its CLO primary market activity in 2024, pricing the first private credit deal of the year, and its 25th private credit CLO.
8 January
Investcorp goes for growth with promotion of Lane to manage strategic projects
Investcorp Credit Management promoted Barry Lane to a new position of managing director, where he is tasked with managing European CLO issuance and working on strategic projects to grow the business.
16 January
Global head of CLO origination jumps to the buy-side
Hildene Capital Management raided Jefferies for its new head of capital markets, Jason Schechter. He joins Hildene from Jefferies, where he served as the global head of CLO origination and US CLO trading.
17 January
US CLO market hits tightest mark since 2022 as AGL prices
AGL Capital Management followed through on the tight pricing foreshadowed earlier in the month for its new US BSL CLO, AGL CLO 29. The confirmation of its senior triple-A notes printing at 157bps over SOFR was (briefly) the tightest non-short-dated or non-static deal since the first half of 2022.