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The Last Tranche with Christine Ferris
7 days ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
Private credit is the regulatory fix that became an asset class
7 days ago
Institutional investors have pushed private credit to greater scale than either loans or bonds -
Relative to Airbus, Boeing was long accountants but short engineers
7 days ago
A qualitative approach can help investors spot boards that are too focused on short-term returns -
We understand why the NAIC is open to a new framework
7 days ago
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage -
The markets are supporting high reset and refi volumes —but sometimes calls are a better option
1 month ago
Broadly syndicated loans and CLOs kicked off 2024 with a nice rally. As a result, we are seeing a resurgence of majority CLO equity holders exercising their rights to refinance, reset, or even call their CLOs. -
Points up front
2 months ago
Blame it on the Bad Bunny; End of an era -
Past returns: Where are they now?
2 months ago
Our latest set of manager rankings by AUM (see CLO rankings: 2023 turns out OK) prompted us to look back to our first league table in 2010 -
Rates are moving lower, which makes CLO equity look better versus loans
2 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
As the economic environment evolves, investors need to change too
2 months 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
2 months 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. -
Private credit’s abundant dry powder is great news for CLOs as well as borrowers
4 months ago
The recent rapid growth in private credit funds has garnered much attention from market participants and media pundits. While naysayers warn that this “shadow banking” channel could be a bubble waiting to burst in the higher-for-longer environment, issuers and investors continue to flock to the asset class. -
ESG initiatives should avoid unfavourable reactions by pursuing substance over form
5 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. -
It’s not just high interest rates that are helping CLOs outperform
5 months ago
It is unlikely a well-capitalised sponsor would allow a growing portfolio company to default -
Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
6 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. -
Basel III looks likely to further increase banks investment in CLO triple As
6 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
The pace in which we are seeing remediation today is very encouraging
7 months ago
Market participants smoothed the move from Libor to Sofr — but there is more to be done -
Fed members need to restore their credibility, which could translate into excessive tightening
7 months ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
Borrowers are finding creative ways to address loan maturities
9 months ago
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. -
Past returns: Truly transatlantic
9 months ago
10 years ago we reported on Axa Investment Managers’ plans to enter the US CLO market. -
Points up front
9 months ago
Get off the bus, but don't despair -
Letter from the editor
10 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. -
Past returns: How Hildene took the lead
10 months ago
10 years ago in Creditflux we wrote about Hildene’s novel Hildene Leveraged Credit Fund, which was designed to take equity stakes in Hildene CLOs and provide a warehouse for forthcoming deals -
For the vast majority of managers, CLO AUM is akin to a melting ice cube
10 months ago
The past two years saw some of the largest ever CLO collateral manager acquisitions. We don’t expect this to ultimately lower the number of CLO collateral managers active in the market — each year brings new entrants — but it does create complications for investors in CLOs issued by both the acquired and the acquirer. -
We pulled back because yields didn’t seem to match the risk. Now it’s better
10 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. -
Past returns: Tracing Fair Oaks’ roots
11 months ago
10 years ago in Creditflux, we reported on Miguel Ramos Fuentenebro’s nascent firm GMB Partners securing its first mandate
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