Genesis of a CLO desk
On the 10-year anniversary of Genesis CDO I, Creditflux analyses the development of Deutsche Bank’s structured credit desk. By Hugh Minch

Toys R Us: Trouble in toy town
One of the world's biggest retailers may be just one bad quarter away from a debt restructuring – or bankruptcy

From Suez to CLOs
Indosuez Capital blazed a trail in CLOs and its ex-staff are now pivotal players across the industry

Taking coupons into account
Sara Cecchetti and Antonio Di Cesare show that bond yields and spreads are not good indicators of default risk – and that coupon rate is an important driver of the yield curve

A European at the heart of US CLOs
Deutsche Bank has carved out a distinctive role in the CLO business as a bridge between the US and Europe

Measuring portfolio counterparty risk
Swaps referencing large credit portfolios present a particular problem when firms attempt to measure their counterparty risk. Agostino Capponi presents a model that could help

Together, they’ve gone far
The stable Wells Fargo team that came together at Wachovia is now backed by one of the big four US banks. It's a combination that dominates in US mid-market CLOs

Paper makers: Trying to avoid the crunch
Paper companies' paper is in danger of being worth less than the paper it's printed on. But some companies are finding ways to survive

Finding inefficiencies in iTraxx
Credit derivative indices are big and liquid. But detailed analysis of their historical performance shows they are not always efficient. By Davide Avino and Ogonna Nneji

Giant takes sharp turn towards CLOs
It is one of the biggest banks, but BNP Paribas moved nimbly after the crisis to build on its position as a leader in credit derivatives by adding a CLO arranging business

Gone but not forgotten
ACA Capital’s spectacular collapse heralded the demise of the monoline business and scattered its employees into jobs right across the credit space

When credit gets ahead of equity
Corporate bonds were regarded as lagging followers of equity markets. But Trace data shows that, in many cases, debt anticipates stock moves

Bursting into life
Creditflux Manager Awards data shows that European CLOs have emerged from the darkness of 2011 and now have value for equity invest

European CLO arrangers: back in business
With at least 15 deals likely to price this year, European CLOs are well and truly back. But who will arrange them? Sayed Kadiri finds the key people on European arrangers’ desks

Oaktree tops first ranking of credit hedge funds
A new ranking of credit hedge funds by assets under management reveals that high yield veterans continue to dominate the business

Her Majesty’s secret CLO desk
They don’t know it, but through their ownership of nationalised RBS, UK taxpayers may hold the world’s biggest portfolio of CLO paper. Sayed Kadiri analyses RBS’s Stamford-based CLO business

European CLOs take on the wall
Many European CLOs will exit their reinvestment periods within a year and will be vulnerable to rising default rates. Peter Melichar looks at the likelihood of this leading to tranche losses

Mined in Paris. Forged in London
In Paris, an exclusive university has built a web of well educated and well connected credit traders, sales people and structurers who now circle the financial world

CLOs that delivered
Sayed Kadiri hunts among the growing number of called CLOs to find the deals that have delivered the highest final returns for equity investors – and finds one with a 150% return

Credit pays – in the long run
Bac Van Luu and Peiyi Yu crunch data going back to 1926 to figure out whether long term investors, such as pension funds, benefit from being overweight credit

Bank asset encumbrance: Bondholders fight for shrinking slice
With European banks pledging more assets as secured collateral, unsecured creditors are increasingly worried about the losses they could face

Taking Merton to the extremes
The most widely used credit risk model fails in a financial crisis. David Allen, Akhmad Kramadibrata, Robert Powell and Abhay Kumar Singh show how it can be improved

Measuring the bullet-proofing
How many defaults would it take to cause losses to CLO tranches?

Re-thinking recovery
Loss-given-default presents an even bigger modelling challenge than default probability. A re-sampling casts light on the best approach

Most active CLO traders unveiled
US CLOs trade their portfolios much more actively than European CLOs. But CLO-i shows that within each region there are big differences in trading style