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Finding the best managers, CLOs and direct lenders
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 -
CLOs at a glance
5 years ago
Floodgates open with new issues everywhere -
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 -
Loans recover slightly after late-2018 havoc
5 years ago
Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
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Managers swoop on largest DIP in years
5 years ago
San Francisco-based Pacific Gas & Electric has tapped $5.5 billion of debtor-in-possession financing. Restructuring is likely to be fraught, but ten CLO managers have bought the loans -
It’s going to be a credit picker’s market
5 years ago
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches -
Keep calm and buy corporate loans
5 years ago
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014 -
Retail fund pain is a CLO manager’s gain
5 years ago
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years -
Sears ready to roll after DIP bidding war
5 years ago
Iconic US retailer Sears filed for bankruptcy in October. Most CLOs dodged its loans, but the restructuring has seen a DIP bidding war, a CDS committee split and the departure of a CEO. -
Loan volumes fall in Europe but rise in US
5 years ago
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets -
The financial crisis was the making of ’em
5 years ago
Some of the largest and best performing CLO managers before the crisis were fairly nimble by today’s standards — but these 1.0 outperformers are now among the biggest names in the industry -
After early crescendo CLOs end on flat note
5 years ago
Huge issuance and the end of risk retention ensured the US CLO industry was buoyant in early 2018, but later in the year the term curve flattened, pricing levels became sporadic and volumes dwindled -
Risk retention was difficult, but worth it
5 years ago
When US skin-in-the-game rules were announced in 2014, it was clear they would be a burden for managers. But no one expected risk retention funds to bring new types of investor into CLOs -
Finding the hidden value in success
5 years ago
Learning from one’s mistakes is often cited as key to professional development. However, widening this perspective and paying attention to things that go well can further improve performance -
October: credit funds at a glance
5 years ago
For the full report detailing fund trends, people moves and fund raising and launches -
September: Ucits at a glance
5 years ago
Ucits funds continue to post mixed returns -
Corporate long-short funds regain their swagger after dip.5 years ago
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Buy and hold isn’t only option for CLO equity
5 years ago
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters -
Widening whisks market back to 2017
5 years ago
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous. -
Managers digest blockbuster deals
5 years ago
Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv -
New issues keep managers busy in summer season
5 years ago
New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1 -
Finding a way around the regulator’s web
5 years ago
In Europe, direct lending funds are usually caught in the complex web of requirements spun by national regulators. But unregulated funds can sidestep many rules and be launched more quickly -
Updated, upgraded and ready to launch
5 years ago
Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations -
Time to reprice? Then compare the market
5 years ago
CLOs no longer fizzle out. Instead, they go through multiple repricings, where, with stakes lower and deadlines tighter than when they were issued, their managers can try alternative arrangers -
Still weighed down by 2015 oil price slump
5 years ago
It’s three years since the depths of the oil crisis but offshore service companies — such as the helicopter businesses that transport workers to oil rigs — are not seeing lift-off in prices or profits
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