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Points up front: There are lies, damn lies and awards pitches
4 years ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered. -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
4 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet
4 years ago
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity -
Points up front: Best to price your deals between 12 and 6am
4 years ago
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry -
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly
4 years ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs -
Enhanced CLOs are no more enhancing than run-of-the-mill distressed funds
4 years ago
Triple C-heavy CLOs that try to time the market may be paying for options they never use -
CLOs are pricing with an acronym premium rather than an illiquidity premium
John Popp of Credit Suisse Asset Management takes our credit quiz
4 years ago -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
5 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
5 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
Past returns: Columbia wins at long game
5 years ago
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009 -
Selling at the time of the default or downgrade can often be the worst value decision for the CLO
5 years ago
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski -
Loan managers need an equity-like mindset instead of relying on docs
5 years ago
Octagon's Lauren Basmadjian takes our credit quiz and talks about buying CLO equity in 2009, the impact of technology on the retail sector and Eddie Murphy's 1980s heyday -
If the loan was not cov-lite, it is likely that Weight Watchers would have defaulted
5 years ago
Cov-lite loans have negative connotations, but they will enable some companies to trade through a bad patch and return to health -
The perception of liquidity is often not the same as the reality
5 years ago
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix -
Borrowers who made the one-month Libor election at the beginning of the year saved only a bit of money
5 years ago
The spread between one-month Libor and three-month Libor has garnered a significant amount of attention in the CLO market this year. Indeed, some market prognosticators suggested that the difference between the two rates could have such an impact that it would shut down the primary CLO market. -
We are not structured finance investors – we are corporate credit specialists
6 years ago
Fair Oaks' Miguel Ramos-Fuentenebro takes our credit quiz -
They said it: regulators are using The Big Short as their frame of reference
6 years ago
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market -
Points up front: traders are dedicated, no matter how hot it gets
6 years ago
When a fire alarm goes off, you should make your way to the nearest exit: unless you’re a trader -
Tech is benefiting from all the trends that are hurting retail
6 years ago
CBAM's Don Young takes our credit quiz -
Join the debate: most memorable moment in credit
6 years ago
At Creditflux we’ve now produced 200 monthly magazines since Fishknife first came up with the idea of tracking the global credit markets in 2001). We asked several key credit industry officials about their most memorable moment in credit -
Staying afloat in credit takes care and character
6 years ago
In his final article, our columnist sheds light on his identity and has some 'nice' advice for those navigating credit’s changeable oceans -
Fishknife classified advertising
6 years ago
Classified ads -
Past returns: drawing crowds is not easy for bond trading platforms
6 years ago
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