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ESG initiatives should avoid unfavourable reactions by pursuing substance over form
4 months ago
By any financial measure, the collaboration of trans activist Dylan Mulvaney with Bud Light hurt the brand. What was formerly America’s best-selling beer saw its market share collapse — from over 35% in May 2023 to around 9% in June — because of a boycott by US conservatives after a 60-second TikTok video aired of Mulvaney drinking it. -
Fed members need to restore their credibility, which could translate into excessive tightening
6 months ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
1 year ago
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments -
"All that remains is to thank all of you who have kept faith with my monthly confessions of insanity"
1 year ago
With the economic outlook now beyond a joke, Welshcake signs off amid denials he is actually a Welsh footballer -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
1 year ago
Sometimes you have to swallow your medicine and take a step back to go forwards -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
Points up front: Exhibit A: every single CLO slide deck ever
1 year ago
In a recent note, the National Association of Insurance Commissioners said they needed “more data to showcase that CLO pools have outperformed the loan market” -
"There is ample time and flexibility on the pathway from warehouse to securitisation"
1 year ago
A big loan sell-off does not mean CLO warehouses will be forced to liquidate -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
1 year ago
The two segments of the loan market are on different paths as mid-market volumes rise -
Points up front: ESG official rants at ESG
1 year ago
Stuart Kirk, the former head of responsible investing at HSBC Asset Management, signed off on a frank note as he unveiled his resignation on LinkedIn -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ramp-up failings
1 year ago
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios. -
They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
1 year ago
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
Past returns: Silvermine CLOs splash the cash
1 year ago
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again -
Points up front: Making a meal of the arb
1 year ago
Credit market participants are always looking at the best arbitrage opportunity and right now that seems to be at McDonald’s -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"It’ll take something special to drag my attention away from Depp/Heard, but Jerome Powell could just do it"
1 year ago
It’s not easy letting go of the past, but May heralds the start of something new in credit -
Points up front: Italian international tackles banking after rugby
1 year ago
In his latest column, on page 21, Thomas Majewski draws similarities between the CLO market and a youth soccer game. Turns out there might also be parallels between investment banking and rugby -
Points up front: "It’s all me, me, me"
1 year ago
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists. -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
1 year ago
We need to accept the pain and cut dependence on Russian oil today -
Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
1 year ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile
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