CLO funds make best of a bad situation
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

Moving fast pays off for hedge funds
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

Engineering and construction: diversification leads to deepening debt
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves

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

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

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

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

Oh Brothers, where art thou?
Lehman Brothers’ collapse scattered one of the best regarded structured credit teams in the business around the investment banks and hedge funds of the world