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100 results found Showing page 1 of 4

  • US borrowers try again with high-water mark provisions
    In the US, high-water marking of EBITDA was rebuffed back in 2022. But the concept has been used regularly in Europe and US borrowers are once again slipping it into credit agreements

    15 days ago
  • 2023: a bumper year for CLO funds
    It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

    3 months ago
  • Fund performance
    Good month for CLO funds sees six in top 10 as Axiom sets pace

    8 months ago
  • Credit hedge funds
    Credit hedge funds performance data

    8 months ago
  • Credit funds at a glance
    Fund performance, fund raising and LP commitments

    8 months ago
  • Fund performance
    A roundup of fund performance

    9 months ago
  • Should I worry about synthetic Libor?
    The date on which the ICE Benchmark Administration (IBA) will cease publishing the remaining available tenors of Libor is fast approaching. But initially, publication of all tenors of Libor was supposed to cease on 31 December 2021. 

    9 months ago
  • CLO funds make best of a bad situation
    It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

    11 months ago
  • Are we ready for another crisis?
    Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions 

    1 year ago
  • What matters is what you do with it
    CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

    1 year ago
  • We can cope with downgrades again

    Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios

    1 year ago
  • We’re drifting apart
    Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

    1 year ago
  • A fresh approach to loss distribution
    Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions?  

    2 years ago
  • Still plenty more fish in the triple C

    US CLO triple C buckets are lighter than a year ago thanks to the wave of loan upgrades from Moody’s and S&P. But 48% of downgraded paper is yet to return to a coveted single B rating

    2 years ago
  • The growing role of data in CLO management
    The complexity of managing a CLO has made it as much an art as a science, but new technologies are sweeping into the market, according to speakers on a Virtus roundtable discussion.

    2 years ago
  • An alternative way of looking at CLO overlap
    Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

    2 years ago
  • Lighten up, these are due an upgrade
    CLO triple C buckets were overflowing last year, but the average exposure is now 7.3%. That is still close to trigger levels, but CLO managers are relaxed, as further loan upgrades are on the horizon

    2 years ago
  • Woah, we’re halfway there
    Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

    2 years ago
  • CLOs wheel and deal as overlap increases
    2020 CLOs are a different breed to any other vintage. But this cohort features an overlap of almost 40% as CLO issuers have been forced to focus almost entirely on secondary market loans

    2 years ago
  • Moving fast pays off for hedge funds
    2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up

    3 years ago
  • Answering the “what if?” question
    CLOs can be complex, and efficiently calculating trading scenarios even more complex. But new tools are available to help managers quickly model hypothetical scenarios

    3 years ago
  • CLO issuers flex their bond muscles
    Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

    3 years ago
  • Trading places: it can pay to bet on the little guy
    It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

    3 years ago
  • Loan slump brings managers closer
    A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average

    3 years ago
  • A different kind of crisis
    Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

    3 years ago

100 results found Showing page 1 of 4

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