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As the economic environment evolves, investors need to change too
1 month ago
Ten years ago, I became a regular contributor to Creditflux. It seems like yesterday — until we reread our debut submission. -
Private credit funds are more stable, lower levered and more regulated than you might think
1 month ago
The private credit market’s steady and impressive growth has caused some pundits to voice concerns about an eventual bubble. While we expect there to be more dispersion in private credit funds’ performance in the coming years, we don’t see signs that a bubble is about to burst. -
ESG initiatives should avoid unfavourable reactions by pursuing substance over form
4 months ago
By any financial measure, the collaboration of trans activist Dylan Mulvaney with Bud Light hurt the brand. What was formerly America’s best-selling beer saw its market share collapse — from over 35% in May 2023 to around 9% in June — because of a boycott by US conservatives after a 60-second TikTok video aired of Mulvaney drinking it. -
Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
5 months ago
I’ve just returned from a trip to London, my first since taking on the mantle of editing Creditflux, and was struck as always by how stubbornly far apart the European and the US markets remain. -
Points up front
8 months ago
Get off the bus, but don't despair -
Letter from the editor
9 months ago
It’s a curious thing to come back to your beginning, but that’s where I find myself, writing this letter as the new editor of Creditflux. I first joined 17 years ago, fresh out of university. -
We pulled back because yields didn’t seem to match the risk. Now it’s better
9 months ago
During visits to Melbourne and Sydney last month, conversations with clients and friends about private debt revealed important contexts to understanding how investors there think about the asset class. -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
11 months ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
"Ironically, the better prospects for floating rate assets leads some to wait for even better returns"
1 year ago
Ironically, the better prospects for floating rate assets leads some to wait for even better returns -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
1 year ago
The two segments of the loan market are on different paths as mid-market volumes rise -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"ESG should not be viewed as a set of principles being imposed on investors — it’s a natural evolution"
1 year ago
It’s not easy for fund managers to assess the most green option -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
1 year ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
Past returns: Ares constructs private CLO
2 years ago
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation -
"‘B-level’ assets could struggle to find optimal valuations"
2 years ago
Acquisitions are increasing and companies focused on health and technology could benefit -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
Points up front: HPS gives it 200%
2 years ago
One of the biggest fundraisers this year in credit is HPS Investment Partners. Its $11.7 billion Specialty Loan Fund V totals $15.4 billion including leverage -
"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"It’s not unusual for investors to toggle between the US and Europe depending on pricing and terms"
2 years ago
The accents may be different, but US and European direct lending markets have a lot in common -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
Past returns: Mid market CLOs move into light
2 years ago
Ten years ago in Creditflux, we reported that S&P was reducing shadow ratings after it notified CLO managers it would not assign such ratings to companies with more than $499 million of outstanding debt -
"Having multiple sources of data for investors is particularly helpful in opaque markets like private debt"
2 years ago
Our columnist looks at the new Lincoln International Senior Debt Index and finds total returns of 154.3 since 2014 -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
2 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year
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