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Relative to Airbus, Boeing was long accountants but short engineers
1 month ago
A qualitative approach can help investors spot boards that are too focused on short-term returns -
In Europe, captive CLO equity funds are a boon to CLO managers and the wider economy
7 months ago
The envy is inevitable. But criticism of these structures is entirely misplaced -
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. -
Past returns: How Hildene took the lead
11 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 -
We pulled back because yields didn’t seem to match the risk. Now it’s better
11 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. -
There were no surprise events… CDS did exactly what it said on the tin
11 months ago
Good tabloid headlines rely on the obverse of normal expectations and, over the years, Credit Suisse has furnished a deep seam. Banks are meant to be risk-averse, and of unimpeachable character and integrity. -
" CLOs do not introduce more credit risk, nor do they offer less liquidity, than comparable products"
1 year ago
The pressure facing some banks is self-inflicted. Their portfolios lack exposure to CLOs -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
"If earnings weaken, equity and credit markets could enter a new phase in the sell-off"
1 year ago
High yield has outperformed equities since the sell-off this year, but that relationship could change -
"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
2 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Past returns: ‘Stabilisation’ provides back-up
2 years ago
Five years ago in Creditflux, we reported that Wells Fargo had offered to buy tranches in an Octagon Credit Investors’ CLO to support execution. -
Sofr, so complicated
2 years ago
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments -
That’s another fine mezz I’d like to get into
2 years ago
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year -
Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
2 years ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
2 years ago
Strong secondary loan prices are making CLO liquidations a compelling option -
"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 -
"‘B-level’ assets could struggle to find optimal valuations"
2 years ago
Acquisitions are increasing and companies focused on health and technology could benefit
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