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"Three CLOs issued in 2021 have included triple C baskets of 20%"
3 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
A year that looked like it would be a total wipe-out ended up being very constructive indeed
3 years ago
Our columnist looks back at some of the surprises of 2020 -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
They said it: "It’s been a tale of the haves and the have nots"
3 years ago
At Creditflux’s US Private Credit event, binary outcomes in direct lending were discussed -
Points up front: (Direct) lending a helping hand in an emergency
3 years ago
Global lockdowns this year may have forced us to confine ourselves to our homes, but for BlackRock’s co-head of US direct lending they opened a window of opportunity -
Points up front: Pup talk from our team
3 years ago
At Creditflux’s US Private Credit event last month, Creditflux teamsters Dan Alderson and Michelle D’souza were analysing the panel discussions and noted that, on an upcoming mid-market CLO discussion, moderated by our own Hugh Minch, they were looking forward to an appearance from Minch’s pet dog -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
Investors take comfort from an active secondary market, but liquidity can be a mixed blessing
3 years ago
One of the most interesting characteristics of credit behaviour during the coronavirus era has been the momentum of junk bonds, with sharp changes in issuer and investor confidence around the asset class driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels and skewed-to-worse ratings for leveraged loans -
Liquidity is king. A company with a sound long-term value proposition may not last the next few weeks
3 years ago
For borrowers — and credit providers seeing revolvers drawn down — liquidity is the greatest concern -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
4 years ago
Last year’s CLOs could become the benchmark for manager performance -
Private credit is not overcrowded — there is four times as much private equity dry powder
4 years ago
With much negative reporting around private credit, our columnist debunks oft-heard complaints -
Points up front: Credit picking follows on from investor picking
4 years ago
Credit picking skills will be important this year amid heightened idiosyncratic risk, so everyone seems to say. But Ares Management, one of the biggest names in direct lending, has demonstrated that asset managers can also be picky with the mandates they take on, when the firm walked away from a private debt mandate with London CIV in January. -
‘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 -
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 -
They said it: "Risky unmarked things are not not-risky. It will end in tears"
In response to a Creditflux article published on 23 October ('NEPC sees bias towards private markets despite lower return expectations'), an anonymous comment warned of the dangers of direct lending.4 years ago -
For a while, it seemed like every private equity fund was launching a credit fund
Trent Webster, Senior investment officer for strategic investments, State Board of Administration of Florida, takes our credit quiz4 years ago -
Past returns: From zero to $7.6 billion in five years
4 years ago
Five years ago in Creditflux we reported that Angelo Gordon was planning to move into US direct lending. Shortly after that the firm created a middle-market subsidiary known as Twin Brook Capital Partners and drafted in Trevor Clark and Chris Williams to lead the venture after the pair had left Madison Capital in 2013. -
Negotiating terms up front and getting comfortable with the precedent document is key
4 years ago
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants -
Points up front: What’s the word for when agreements evolve?
4 years ago
New jargon has a habit of sticking in the credit market. Perhaps the buzz-phrase of 2019 is ‘covenantive easing’, a term concocted by Churchill Asset Management’s Randy Schwimmer and one that he’s pushing in his Lead Left publication. -
Points up front: Funky fund manager is music to our ears
It’s important for direct lenders to strike a chord with borrowers when they pitch flexible financing solutions. But for Churchill chief executive officer Ken Kencel, it’s equally important to play major chords outside work. -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
4 years ago
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences -
Experience has taught me to be sceptical of second lien loans
5 years ago
Alex Jackson takes our credit quiz -
Points Up Front: The best opportunities are way, way over there
5 years ago
Competition was a big theme at last month’s Creditflux European Direct Lending conference. The market has evolved to the point where new entrants are on the fundraising trail, which could lead to a compression in any illiquidity premium prevalent in direct lending loans -
Bubble-watchers cite the popularity of leveraged lending as evidence against it
5 years ago
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds
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