Envision loans

The downgrade of Envision had the biggest impact on the CLO market. It affected $2.4 billion of CLO collateral. Moody’s downgraded the credit from B3 to Caa2, while S&P cut it from B to CC on 6 April and then to selective default on 28 April.

ArrowMark’s Peaks CLO I failed its senior OC test. Three First Eagle mid market deals are failing junior OC tests.