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After December Hiatus, European CLO Market off to Deliberate Start to 2019

Market pros see leveraged loan default rate holding at low levels

S&P: BBB downgrade risks in Europe look manageable

As specter of rate cuts grows, investors retreat from leveraged loan asset class

Retail investors flock to US high yield bond funds with $1.8B inflow


After December Hiatus, European CLO Market off to Deliberate Start to 2019

Europe CLO issuance

The market for collateralized loan obligations in Europe has gotten off to slow start this year, with one deal totaling €510 million, according to LCD. The scarce activity comes after a December with no new CLO issuance, and amid wild gyrations in the usually less-volatile global leveraged loan market.

Before December there was some €27.3 billion of CLO issuance in 2018, a record.

CLOs are an essential component of the leveraged loan investor base. Leveraged loans, which are undertaken by riskier borrowers (those rated BB+ and lower), now total the equivalent of some $1.35 trillion in outstandings, according to LCD, rivaling the high yield bond market. In the U.S. roughly 60% of these credit are held by CLOs.

Activity in CLOs could well pick up.

The pipeline should start to deliver some more meaningful supply this month, and leveraged loans backing Ahlsell and Proxiserve already are on offer to early-bird investors, writes LCD’s David Cox.

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