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A round-up of fund performance4 years ago
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Seriously, the CLO arb is difficult right now
4 years 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 Awards
4 years 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? -
New investments drive Canada Pension Plan’s credit returns to 8.7%
4 years ago
Canada Pension Plan Investment Board (CPPIB)’s credit portfolio has delivered good returns during the 2019 fiscal year, despite the market volatility, according to the institution’s annual financial report -
Spire wins Creditflux Manager of the Year award
4 years 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 -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
5 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
CLO single Bs to return with higher attachments
5 years 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. -
CLOs at a glance
5 years ago
A round-up of CLO performance -
Sungard bankruptcy to cause minor burns for CLOs
5 years 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 awards
5 years ago
Creditflux is pleased to unveil the finalists for the most prestigious awards dinner in the credit -
Large, liquid loans aren’t always perfect
5 years ago
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically -
Liquidity and disclosure issues threaten potential CRE CLO market
5 years 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. -
A round-up of fundraising and people moves in credit
5 years ago -
CLOs at a glance
5 years ago
Managers focus on AUM building via new issues -
Fund performance
5 years ago
Long-short and high yield keep up the momentum -
Moving on from the late 2018 hangover
5 years ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues -
Leveraged loans pose credit risk but not systemic risk, conference told
5 years ago
Regulators and the press need to understand the difference between credit risk and systemic risk, claimed panelists at the IMN European CLOs and Leveraged Loans conference -
US CLO managers look to scale flat WALs in search of flexibility
5 years 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 ever
5 years 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 -
We can’t hide it any longer, we’re tiering up
5 years ago
With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role -
The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
5 years ago
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower -
Don't worry about CDS, CLOs or excess leverage - it's a day of celebration
5 years ago
The market cycle is going to turn and something will go badly wrong. But guaranteed it won’t be any of the things in credit you keep reading about -
Loan sell-off leaves some CLO warehouses out of the money
5 years 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 CLOs
5 years 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 impact
5 years 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
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