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Points up front: Channelling Twain, Agent Smith and Mike Tyson
3 years ago
Lockdown can adversely affect one’s grasp of reality, and for credit portfolio managers this has manifested itself in a penchant for quoting famous (sometimes fictional) figures -
Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
3 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones -
A lot of CLO portfolios look similar and I’ve never been one to follow the herd
4 years ago
Zais's Vinnie Ingato takes our credit quiz -
Past returns: Death by triple Cs? A step too far
4 years ago
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers -
Points up front: Blame it on capitalism
4 years ago
You know it’s a tough month for returns when a hedge fund manager quotes Lenin and laments that capitalism and globalisation have failed to distribute wealth efficiently -
Investors need to ask: can my asset manager survive the crisis?
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was -
Points up front: Introducing CHOs — finance for farmers
4 years ago
Bancorpsouth Bank, based in Tupelo in Mississippi, has issued loans to a farm using horses as collateral, according to various media reports, with Data Driven Investor dubbing these 'collateralised horse obligations'. -
Points up front: “Thanks for the loan.” “What loan?”
4 years ago
Direct lending sounds simple enough; borrowers have direct engagement with a small set of lenders and negotiate a private agreement for the long-haul. Sounds easy enough, except when the lender claims to have no idea about the deal you’ve just announced. -
You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
4 years ago
Investors can’t afford to be too conservative as they prepare for the end of the cycle -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
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 manager, not the market, decides value in direct lending
4 years ago
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash -
Points up front: Talking his book (which is available on Amazon)
4 years ago
For listed asset managers, an earnings call is generally not the right forum to market or advertise upcoming funds. But it might be exactly the right place to try and sell your book. -
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 -
If national income were a four-cylinder engine, the US economy is really only firing on one
4 years ago
The US economy’s reliance on consumers increases the likelihood of further rate cuts and diminishing returns for credit investors -
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 -
Points up front: Loan deal with 23 takes Griezmann to Barcelona
4 years ago
Soccer financing firm 23 Capital has been adding credit experts to its team and now has a CLO specialist captaining its capital markets effort, with former Guggenheim Securities co-head of ABS/CLO syndication Sreesha Vaman joining last month. The squad already features credit portfolio managers Sam Filer (ex-BMS Finance), David O’Connor (Mizuho) and Ardeshir Sorabjee (Deutsche Bank). -
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 -
Points up front: Benefits of being unethical
4 years ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage. -
Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
4 years ago
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment
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