Creditflux unveils newsletter platform
Creditflux is today unveiling an online newsletter platform, which recreates our print magazine in a digital, user-friendly format.

Unique CLO upsizes to $22 billion
The world’s largest CLO has more than doubled in size to total a whopping $22 billion

Benchmark European 2020 CLO trades 11 points down in secondary
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches

Credit event hits new CDX HY as Crossover name's default risk surges
Whiting Petroleum has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled, making it the first constituent default in newly on-the-run series 34 of the CDX HY index

RBS makes cuts to ABS and CLO team as part of broader restructuring
Royal Bank of Scotland has made cuts to its ABS and CLO team as part of a broader restructuring plan, a spokesperson for the firm has confirmed

US/Europe CDS relative value in play as index gaps widen
A growing differential is opening this week between European and US credit derivative indices, with stark warnings yesterday on the impact of the coronavirus pandemic prompting a big sell-off in financial markets

Points up front: Despite the fees, European SME CLOs are the future
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital.

CLO warehouses trigger draw stops as loan market tanks
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

SME CLO features PDL mechanism
Details of the groundbreaking Alhambra SME Funding 2019-1 — the first 2.0 CLO backed by loans to small and midsized enterprises — were revealed at the Direct Lending Forum jointly hosted by Creditflux and Debtwire last month.

‘Hoard credit’ says PM as markets swing
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package.

CDS show the way as prices move and volumes surge
CDS volumes provide an eye-opening view of how the asset class has grown in prominence during the coronavirus pandemic, with index trading near doubling year-to-date on 2019, even as secondary bond markets hit lockdown.

Short-dated CSOs touted as jump-to-default risk hits curves
The coronavirus outbreak has all but vanquished hopes of any regular CSO business getting done, but sources say bespoke portfolios of short-dated CDS could soon be in the offing as investors look to express a view on when the crisis will end.

Leverage providers focus on direct lending eligibility rules
Banks will have to re-examine eligibility criteria for leverage facilities extended to direct lenders, according to market sources.

Managed accounts pose flexibility check for direct lenders
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed.

The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
Last year’s CLOs could become the benchmark for manager performance

Investors need to ask: can my asset manager survive the crisis?

Miscast as the villains of the 2008 crisis, CDS may prove to be the heroes of 2020
Credit default swaps provide investors with valuable signals on the depth of the coronavirus crisis

We’ve got time to work this out
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems

We’ve survived before, we can do so again

Credit funds at a glance

A round-up of fundraising and people moves in credit

CLOs at a glance: CLO primary market grinds to a halt
A round-up of CLO performance

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold