CLO investor looks to offload US and European anchor equity positions2 days ago
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer
Another 2008 would leave IG CLOs without losses but default rates will climb, says BofE6 days ago
CLOs will see greater losses in a downturn than they did in the last financial crisis, according to the Bank of England’s Financial Stability Report
Investors undervalue CLOs by ignoring Euribor floor, Fair Oaks says14 days ago
Some investors are undervaluing European CLOs by ignoring the value of the Euribor floor, according to a note published by Fair Oaks Capital
CLO managers lick their wounds with Joerns bankruptcy20 days ago
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday
Anchor equity in 2018 CLO reissue fails to trade in secondary market1 month ago
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux
The sky is not falling in on the CLO market, writes PineBridge1 month ago
CLO market participants are fighting against the perception that their strategy is the detonator to another nuclear financial crises. PineBridge Investments took aim this week at naysayers predicting doom, re-emphasising arguments made last month during Creditflux's CLO Symposium in London.
Doing CLOs is hard work as recovery lags1 month ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more
Spire scales heights as Creditflux’s Manager of the Year 20191 month ago
Spire Partners celebrated bringing home three Creditflux awards, including the coveted Manager of the Year trophy, on a night of high spirits on 8 May at London’s Landmark Hotel.
Seriously, the CLO arb is difficult right now1 month ago
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December
The Last Tranche: ESG, the Millennium Health lawsuit and who won what at the Creditflux Awards1 month ago
The Crediflux content teams sit down to talk about ESG, the best CLO managers in the business and attempt to answer the key question: what is a loan?
Spire wins Creditflux Manager of the Year award2 months ago
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II
CLO single Bs to return with higher attachments2 months ago
US CLO equity investors this year seem to be focused on downside risk and this is evident in the lack of single B-rated debt in 2019 CLOs. However, there is demand emerging for a new style of single B-rated tranches that are forcing some equity investors to reconsider their stance.
Sungard bankruptcy to cause minor burns for CLOs2 months ago
A total of $202.5 million of the loan basks in CLO structures - but managers are unlikely to get badly burned, sources say. And CLOs are fairly well-positioned to retain such assets with several structural factors and indenture provisions
CVC, Octagon and Spire vie for multiple Creditflux awards3 months ago
Creditflux is pleased to unveil the finalists for the most prestigious awards dinner in the credit
Liquidity and disclosure issues threaten potential CRE CLO market3 months ago
Most investors that participate in the commercial real estate CLO market want to increase their exposure. But the lack of liquidity and standardised disclosure is holding them back.
US CLO managers look to scale flat WALs in search of flexibility3 months ago
The anticipation of a downturn in the credit cycle has made investors turn their attention toward document provisions that give CLO managers flexibility
Creditflux reveals finalists for most competitive Manager Awards ever3 months ago
To compile the shortlist for the annual Creditflux awards, we select the best performers in credit using a combination of detailed, data-driven metrics. The winners will be announced on 8 May
Loan sell-off leaves some CLO warehouses out of the money4 months ago
The December sell-off in the loan market may have been good for CLO equity but it left many warehouses out of the money, according to several sources
Payless bankruptcy steps on toes of CLOs4 months ago
CLOs hold exposure to the debt of US retailer Payless ShoeSource, which filed for Chapter 11 bankruptcy earlier this week
CLOs are not like CDOs, says Barclays, but warns of loan quality impact4 months ago
CLOs are far removed from the kinds of structured products that contributed to the 2008/09 global financial crisis, Barclays has argued in a wide-ranging research piece this week
CLO managers exposed as US mortgage lender files for bankruptcy5 months ago
CLOs hold $164.9 million exposure to the debt of Ditech Holding Corporation, who refiled for Chapter 11 bankruptcy on Monday
European CLO equity in focus for secondary market with 50% trade rate5 months ago
European CLO equity valuations ranged from the 50s to 70s, but only two our of four positions traded yesterday
Submissions open for Creditflux's 11th annual awards5 months ago
Global CLO managers, arrangers and direct lenders will be honoured at the annual awards evening at the Landmark Hotel on 8 May
CLO equity a "top trade" for 2019, but beware ratings risk, says JP Morgan6 months ago
CLO equity is one of the top trades of 2019, according to research analysts at JP Morgan in a research paper published on Friday, noting that the asset class offers ‘sticky capital in a volatile cycle'
CLO spread tightening more likely than widening in Q1, says Wells Fargo research6 months ago
CLO spreads are more likely to move tighter than wider in quarter 1 2019, despite the widening trend accelerating through December, according to Wells Fargo analysts
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