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September: credit funds at a glance
5 years ago
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry -
Wide CLO pricing need not be a drag
5 years ago
Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers -
Weighted average life divides CLO industry
5 years ago
Creditflux’s second CLO Census reveals stark differences of opinion on weighted average life and par-flush for US CLOs. But there is a clear consensus on which bank is best at CLO execution -
Loan market finds balance as spreads edge wider
5 years ago
New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers -
Being long-only is just so 1980s
5 years ago
At the Credit Dimensions event in New York, structured credit investors looking to spruce up or repair their portfolios were advised to look at CSOs, index tranches and credit default swaps -
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 -
Not a bad time to try your hand at CLOs
In a busy second quarter, CSAM nudged ahead of Carlyle, CLO spreads moved wider for the first time in months, and a posse of established credit managers made the grade in US CLOs -
Trimming hedge costs with a mark-to-market approach
Credit default risk is usually hedged with equity options. But Avino and Salvador believe that hedging using changes in the market value of credit exposures is a cost-effective alternative -
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 -
Mid market CLOs - the expanding middle
5 years ago
The small band of middle market CLO managers employ a growing range of strategies - from direct lending-style origination, to dabbling in broadly syndicated loans - as they build out deals. Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5% -
Evolving strategy takes Norinchukin close to top spot in CLO investment
5 years ago
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor -
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 -
At the heart of CLO doc negotiations
5 years ago
As investors up and down the capital structure shared their views on fictional US and European CLOs, we discovered that par flushes must be worded carefully or they could be a deal-breaker
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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 -
Talk turns towards five-year deals as bespokes flourish
5 years ago
There is growing appetite for longer-dated synthetic CDOs as credit curves steepen and competition among dealers steps up, but short mezz positions have also been working -
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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Investors gather to talk teams and tactics
5 years ago
With US CLO risk retention recently ruled off-side, attendees at the Creditflux Symposium were expecting a number of small, nimble managers to enter the field of play as the year progresses -
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 -
CLO performance is faltering – a loans shock would help
5 years ago
Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007 -
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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Issuers excited by busy first quarter
5 years ago
After 13 months of compulsory risk retention for US CLOs, it seems that the simplified regulatory regime is already encouraging a host of CLOs from returnees and new entrants to the market
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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
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