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Past returns: Seven-year wait for equity payment
4 years ago
Five years ago we reported that equity investors in three legacy PGIM CLOs received a total of €1.1 million in distributions — seven years late. -
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
4 years ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs -
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 -
It's imperative to remain in liquid assets and this makes CDS indices attractive
Mohammed Kazmi of Union Bancaire Privée takes our credit quiz
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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 -
Not all old tier one CLO managers lived up to their premier billing
The definition of a tier one manager has evolved from the days when big brands where considered best4 years ago -
Analysts have interpreted the IG credit risk premium in various ways — but the point is to harvest it
4 years ago
Selling CDS protection could be the most effective way of capturing excess premiums in investment grade credit -
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 -
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 -
Points up front: CLO awards banter
4 years ago
The Creditflux Manager Awards have a history of springing surprises. This year we had journalist and TV presenter Gavin Esler host the awards dinner and regale the audience with a Dolly Parton gag (the less said about that, the better). -
They said it: “Occam’s razor, the marshmallow test and the Pareto principle – what do they have in common?”
5 years ago
The simplest solution is often the best solution, delayed gratification and the 80/20 rule; these can all be used in the assessment of CLO manager performance -
Join the debate: flippin' heck, you're distorting the CLO market
6 years ago
After our report on a CLO investor flipping 2018 bonds before the deals had even closed, one reader pointed out that this "masks true demand" -
They said it: the dangers of corporate finance
6 years ago
Cairn Capital's Asif Godall gives his take on companies that don't have a deleveraging plan -
Going short IG against the ECB will eventually pay off
6 years ago
Chenavari’s Demian Brasil takes our credit quiz -
Join the debate: CLO ramp-up failings
6 years ago
“There is one manager out there that has got away with this behaviour for several years. The ‘fight back’ from investors is overdue” -
German direct lending will grow for two decades
6 years ago
Patrimonium’s Daniel Heine takes our credit quiz -
Points up front: dying question
6 years ago
The delicate reason, why it may not be possible to call a CLO.. -
The seven deadly sins of credit fund reporting
6 years ago
Writing investor reports can be a thankless task, but there are ways to avoid the most sinful errors -
They said it
6 years ago
Waiting game is over
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