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Nov 25, 2021 · There are currently an estimated 50-55 CLO warehouses open and ramping, while various market commentators expect European issuance to take center stage during the start of 2022, as the U.S. market transitions to the secured overnight financing rate.
Dec 17, 2021 · BofA Securities expects €37 billion of new European CLO issuance in 2022 and €35 billion on the reset and refinancing front, while analysts at Deutsche Bank forecast €36 billion in new-issue supply and €40 billion of reset and refinancing activity.
- Michael Rae
- It's All About The Par
- The Year of Par?
- Is Par All That Clos Need to Perform?
- Table 1
- Ongoing European Clo Updates
- Appendix
- Related Criteria and Research
After normalizing target par at €400 million for the 195 CLOs included in this analysis, par reduced only during April and September 2022, while all other months of the year saw a par gain. A small number of CLOs had par losses of over €3 million in a single month, while a handful of CLOs gained over €2 million of par in a month. Overall, as an agg...
Of the 195 CLOs we considered for this report, 41 saw a par reduction and 154 gained par based on the ACB between the start of 2022 and the end of the year. Over the same period but based on the ACPB, 81 CLOs experienced par loss and 114 par gain. The ACB change range is between a 0.65% loss and 1.19% gain, while for the ACPB the range was 1.36% lo...
Par is just one component of how we analyze the performance of a transaction's cash flows, and may not necessarily be the main consideration for the collateral manager when performing portfolio adjustments. That said, market-driven opportunities such as those observed in 2022 present CLOs with unique chances to help support the performance of their...
In table 1, a change in the average 'CCC' category to 4% from 3% would be an increase of 100 bps, and a WAS increase to 2.65 from 2.50 would be an increase of 15 bps. To compare benchmarks, we used trustee reports from January 2022 and December 2022, with ratings, prices, and dates taken from the end of January 2022 and December 2022. The portfolio...
In response to investors' growing interest following the COVID-19 pandemic and ongoing credit effects on companies and European CLOs, we are publishing a regularly updated list of the rating actions we have taken globally on nonfinancial corporations that have had an effect on CLOs, and a summary of how CLOs have been affected with key benchmarks. ...
In this report, we included all S&P Global Ratings rated European CLOs issued before 2022 where a trustee report has been provided for each month during 2022, including only those in their reinvestment period for the whole of 2022, for a total of 195 European CLOs. Generally, at issuance, a CLO notes' proceeds exceed the target par amount, which is...
Jan 26, 2024 · Bain Capital’s €417m reset of its Euro CLO 2022-2 showed the continued tightening of senior spreads in the primary market. The triple-A tranche of the deal was priced at 155bp over three...
- victoria.thiele@globalcapital.com
- Senior Reporter-Clos
Mar 14, 2022 · As we move into 2022 and refinancing of transactions slows, many CLOs will remain in a par loss as prices of primary and secondary market loans continue to increase, making it hard to trade back into a positive amount.
Mar 11, 2008 · Three decades after his death, why does CloClo remain such an iconic figure in France? Did he really die while trying to change a light bulb?
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Jul 14, 2024 · On average, 2022 and 2023 vintage CLOs were issued with shorter non-call periods, many of which will expire in the coming quarters – and this could be good news for CLO equity holders. CLOs can be refinanced at lower debt costs in today’s market.
