- Direct lending (1)
- Emerging markets (1)
- High yield bonds (9)
- Investment grade credit (2)
- Structured credit (2)
- CLO (17)
- Distressed debt (2)
- Credit derivatives (5)
- Leveraged loans (6)
- Real assets (2)
Private equity firms are becoming CLO converts: TwentyFour3 months ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense"
European junior CLO debt can withstand downturn without taking principal loss: TwentyFour6 months ago
European CLO single Bs are able to weather a “moderately pessimistic forecast” in which loan defaults spike to 6.5% for two years, without coming close to taking a principal loss, according to a blog written by TwentyFour Asset Management’s Elena Rinaldi.
Junior debt investors gain seat at Euro CLO negotiation table8 months ago
CLO documentation and structural negotiations are no longer limited to triple A noteholders and majority equity investors in Europe
Defaults should keep low despite looming recession, says TwentyFour8 months ago
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management
TwentyFour promotes US credit head to partner1 year ago
TwentyFour Asset Management has promoted its head of US credit to partner, effective in the early part of this year
TwentyFour names new CEO as Holman steps down1 year ago
Mark Holman, who has been TwentyFour Asset Management’s chief executive officer since the firm's launch, will step down from the position in January with another founding partner named as his successor
CLO wormhole opens as deal pricing blurs1 year ago
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing
What summer slowdown? Carlyle, Hayfin and Investcorp add €1.2 billion Euro CLO issuance1 year ago
Europe’s CLO market has shown no sign of a summer slowdown in the first week of August as Hayfin and Investcorp rework 2020 deals and Carlyle refis
Triple Bs gain momentum as IG buyers pick best spots1 year ago
The absolute tightness of credit spreads has led many to lament their chances of delivering strong returns in 2021, while stressing the need to move down either the quality or duration curve. But even within investment grade, European and US managers are still finding pockets of value
Vontobel takes full ownership of TwentyFour after bringing forward acquisition plan1 year ago
Vontobel says that it owns all of TwentyFour Asset Management after fast-tracking a plan to top up its previous 60% stake in the structured credit fund manager
Credit Rendezvous: ready and waiting1 year ago
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress
Inflation fears add to allure of CLOs and keep fatigue at bay1 year ago
CLO debt investors took a breather in late March, but sources indicate a busy second quarter is in store.
Faith in structures has been rewarded2 years ago
CLOs have been resilient against covid-19 fallout, said speakers at Creditflux’s CLO Symposium last month. But there’s always room to improve and 3.0 deals may add ESG and bullet tranches
European CLO volumes expected to rise and fall in coming months: Creditflux CLO Symposium2 years ago
Europe's CLO primary market is gearing up for a busy few months as managers seek to term out pre-covid warehouses before they enter their amortization periods, but the longer-term outlook for issuance is more uncertain, according to panelists on the European CLO panel at Creditflux's CLO Symposium today
US and Europe diverge on credit spreads and more2 years ago
US and European corporate credit performance has diverged since cities went into lockdown in March, with Europe tending to do better. But the CLO market gives a different picture, with 17 US transactions pricing to four in Europe since 1 April, and with tighter investment grade spreads
‘Hoard credit’ says PM as markets swing2 years ago
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.
Euro CLO volume could beat €25 billion consensus in 2020, says TwentyFour3 years ago
Current spread tightening in Europe’s CLO market could boost issuance beyond the widely anticipated €25 billion for 2020, according to a note from TwentyFour Asset Management
Largescale triple C downgrades 'look inevitable' due to loan performance, says TwentyFour3 years ago
US leveraged loans are underperforming and a wave of downgrades to triple C ‘looks inevitable’, according to TwentyFour Asset Management
Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM3 years ago
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management
They said it: "CLO Euribor floors are in the money"3 years ago
In a blog, TwentyFour Asset Management’s Aza Teeuwen says that Euribor floors are worth over 50 basis points of extra spread, but this is not being priced in.
TwentyFour boosts credit team with New York analyst hire3 years ago
TwentyFour Asset Management has added to its bond team
Demonised triple Bs could outshine angelic neighbours3 years ago
There has been a stampede to denounce triple B corporate credit, but investors ditching this rating band may not only miss solid returns but find bigger problems up the spectrum, investors and analysts tell Creditflux.
Look to European bank sub debt for yield, says TwentyFour6 years ago
Euro-denominated subordinated bank debt is beginning to offer a compelling investment opportunity, according to a blog posted by TwentyFour Asset Management
TwentyFour launches unique RMBS6 years ago
TwentyFour Asset Management has completed a securitisation of UK mortgages through a vehicle known as Malt Hill No.1.
TwentyFour questions research which claims UK bond liquidity is improving6 years ago
London-based TwentyFour Asset Management has slammed a paper released by the FCA, which looks into liquidity in the UK corporate bond market by analysing a sample portfolio largely filled with financials
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