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Fed members need to restore their credibility, which could translate into excessive tightening
8 months ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
Past returns: Truly transatlantic
10 months ago
10 years ago we reported on Axa Investment Managers’ plans to enter the US CLO market. -
"The equity IRRs of enhanced CLOs are nearly all in the bottom decile of the market"
High triple C CLOs sound like a good idea on paper. But in practice, they have not fared well1 year ago -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ellington invents triple C-flex CLOs
2 years ago
Five years ago, Creditflux reported that Ellington Management was launching a US CLO business -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
2 years ago
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed -
"Credit investors should interpret 100,000 Russian troops on the Ukrainian border as worth pricing in"
2 years ago
Welshcake tells credit portfolio managers to under-promise and over-deliver in 2022 -
Past returns: Black Diamond riles investors
2 years ago
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
“For Creditflux this will be an extra special occasion - the publication is marking its 20th year in business”
2 years ago
A colourful train journey featuring Alice in Wonderland, Yoda and Top Trumps puts Welshcake in mind of the CLO Symposium -
"Low inflation was in part responsible for fostering a transfer of returns from creditors to shareholders"
2 years ago
We are conditioned to fear inflation risk. But it brings plenty of positives -
CLOs seem like Premier League members in the world of finance
3 years ago
The CLO industry is in a privileged position and can wield its power to do good -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
All types of financing will have to incorporate ESG risks and use their real economy influence
3 years ago
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
Cessation of activity mid-December is an opportunity to switch off… and let the mind wander
3 years ago
Welshcake is grateful for a lull in credit markets. The downtime has inspired him to dream up a CLO play -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
3 years ago
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August -
Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
3 years ago
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis -
If you’re not finding black talent, you’re not trying hard enough
3 years ago
In the past few weeks, it has been easy to put up our billboards and tweet our condemnation of the treatment of black people. Now we need to change the way companies work -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones
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