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CVC shaves 13bp off 2015 CLO's funding costs after single tranche refi
3 years ago
CVC Credit Partners has teamed up with Barclays to refinance the fixed-rate notes of its US CLO named Apidos XX -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
IG tranches look 'boring' after distressed names ejected at roll
3 years ago
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers. -
Libor floors and Volcker tweak bode well for future of CLOs
3 years ago
It’s been a truly miserable year, but amid all the despair covered so tirelessly by the mainstream media has been an omission; namely, that CLOs have withstood the damage caused by the pandemic -
Faith in structures has been rewarded
3 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 -
Cliffwater hires capital markets head
3 years ago
Cliffwater, an advisory and asset management firm, has created a new head of capital markets role -
European CLO leverage battered
Average leverage in European CLOs has dropped to 8.1 times debt to equity since April3 years ago -
CLO rally keeps primary market flowing for most prolific issuers
3 years ago
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics -
The tranche market shines, whatever your view on credit
3 years ago
Index tranche volumes have reached record levels this year and CSOs have withstood the covid crisis. Panellists at the Credit Dimensions webinar outlined a range of trades in a thriving market -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
CLO market splits en route to Volcker rule compliance
3 years ago
Volcker rule amendments freeing CLOs from many of the restrictions of the past decade came into law on 1 October, allowing managers greater flexibility in how they invest their portfolios. But the market is split on how exactly CLO documents should be structured as the first slate of unrestricted CLOs print -
Sovereign wealth funds empower direct lenders
3 years ago
Sovereign wealth funds are turning toward the booming private credit market, with three massive partnerships formed this year -
Morgan Stanley to buy Eaton Vance for $7 billion
3 years ago
Morgan Stanley is set to buy Eaton Vance for an equity value of $7 billion as part of a broader push into wealth management -
Banks employ tools to dig into CLO warehouse exposures
3 years ago
Credit analytics firm Oxane Partners has started a new business catering to the needs of CLO warehouse lenders, say officials at the company -
Academic highlights 1.0 CLO inflationary and cross-trading practices
3 years ago
CLO managers during and after the 2008 financial crisis used discretion in reporting the fair value of defaulted assets or loans downgraded to triple C, and may have inflated these fair values, according to a research presentation at Creditflux’s CLO Symposium in September -
Lagging CLO triple Bs draw investors
3 years ago
Senior US CLO spreads have retreated to their pre-pandemic levels, but triple and double B spreads have lagged - and those wider spreads are attracting new investors into the asset class -
Dealers power up as tranche trading hits new heights
3 years ago
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support -
Methodology tweaks could prove a boost for CLO warfs
3 years ago
Moody’s proposed CLO methodology changes could impact 8% of US and European CLO tranches positively, the rating agency says -
Relative value plays swell secondary
3 years ago
The secondary CLO market has been revived this year as volumes shatter 2019 totals. Investors are finding that secondary values outweighs that in primary, with the added bonus of full portfolio disclosure -
Past returns: Bravo! Citi takes applause with CSO portfolios
3 years ago
Five years ago in Creditflux we reported that Citi was planning a follow up to its Bravo portfolio — a CSO reference entity in which the bank made two-way markets -
They said it: "Clearing houses have proposed they will clear index tranches next year"
3 years ago
More liquidity for the index tranche market -
Points up front: A6, and with good reason
3 years ago
It’s not a hedge fund if it doesn’t have some sort of reference to nature, be it hills, mountains, trees or rivers. But when Michael Fine, the former head of corporate credit at LibreMax Capital, launched his distressed debt firm in July, he resisted the urge and came up with a heart-warming reason for naming his company A6 -
Credit spreads wind back to February to bring shorts into focus
3 years ago
The credit rally since April has opened up an opportunity to go short credit, say fund managers, with spreads back to where they were in late February -
Gaining exposure to US IG credit through the index means giving up about 10% of potential value
3 years ago
A bespoke portfolio of IG credits can take advantage of the skew between indices and single names -
Credit hedge funds (October 2020)
3 years ago
Monthly credit hedge fund tables
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