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Blockchain drags credit into the future
Pioneering corporate bond and loan issues that use blockchains have began a major evolution in the credit market. At last, fax machines may permanently be consigned to the scrap heap -
Star names join Barclays as it pushes into CLOs
John Clements’ move to Barclays has been voted one of the biggest moves this year. On the buy side, Carlyle’s private credit growth and Alcentra’s US expansion have been boosted with big hires -
Investors gain upper hand in doc negotiations
Late June saw the balance of power shift slightly in favour of loan investors, with repricing rates rising and doc terms improving as a glut of borrowers sought to get deals done by the quarter end -
New rules encourage growth in blossoming risk sharing market
5 years ago
Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets -
Aircraft lessors: gathering clouds lead to talk of turbulence
5 years ago
Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous -
Managers spot opportunity as leveraged loans soften
5 years ago
An abundance of US leveraged loan issuance helped soften secondary prices even though the overall market is highly bid. Meanwhile, investors’ preference for floating rate paper hit high yield -
Higher leverage is on the horizon - but, for now, take in the MFN sunsets
5 years ago
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage -
There are no perfect hedges for CLOs
5 years ago
As the CLO market gets hotter and hotter, investors are seeking hedges against the inevitable downturn. But although there are a wide range of options, there is no consensus on which is best
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Experienced CSAM holds off boutiques to win biggest prize
5 years ago
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May -
CLOs aren’t as similar as you might think
5 years ago
Almost 70% of some managers’ portfolios overlap with those of their competitors. But the average overlap is around 35% so there’s plenty of room for managers to express their preferred strategies
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Libor rise gives timely boost to US loan yields
5 years ago
Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market -
A credit market in constant flux
6 years ago
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next? -
Dedication pays off in risk sharing
6 years ago
Fund managers are pitching dedicated CRT funds to institutional investors as market hits €75 billion in 2017 and US banks start to take notice. By Sayed Kadiri -
Drug makers: desperately seeking pain relief
6 years ago
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger -
Managers predict skill will win out
6 years ago
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist -
US pensions look beyond equities
6 years ago
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist -
US power generators: Falling prices spark bankruptcies
6 years ago
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger -
Engineering and construction: diversification leads to deepening debt
6 years ago
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves -
Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
6 years ago
Growth-starved US phone companies are seeing consolidation as the best way to improve performance -
Leading fund: Lupus Alpha CLO Opportunity Notes I
6 years ago
Single-B CLO trades boost Lupus Alpha asset Management -
Spotlight: Data centres - clear skies ahead for cloud providers
6 years ago
Demand for data centres is strong and there is no sign so far that the market is overheating -
Things aren’t always what they seem
6 years ago
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs -
Investing ethically is worth it
6 years ago
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe -
US fashion stores: queueing up to exchange old debt
7 years ago
Fashionably loose covenants are allowing under-pressure retailers to turn expensive unsecured debt into senior notes -
Heading tighter into uncertainty
7 years ago
Tightening loan spreads are making the job of a CLO manager harder in both the US and Europe. But credit volatility could be on the horizon
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