Refine Search
Article Categories
Strategy Tags
- Direct lending (11)
- Emerging markets (15)
- High yield bonds (115)
- Investment grade credit (87)
- Structured credit (29)
- CLO (105)
- Distressed debt (7)
- Credit derivatives (88)
- Leveraged loans (56)
- Real assets (3)
Geography Tags
-
CLOs are our highest-conviction investment category, says Oaktree
6 days ago
Oaktree Capital Management has said that CLOs are the firm's 'highest-conviction investment category' in a credit market outlook study published on Thursday, despite the recent turbulence stemming from the collapse of Silicon Valley Bank -
Euro CLO exposure to financial sector 'limited', say Fitch
7 days ago
European CLO exposure to the financial sector is 'limited' and CLO ratings will not be impacted by UBS's acquisition of Credit Suisse, according to new data from Fitch Ratings -
Loan trading within European CLOs drops to 0.6%: BofA
9 days ago
European CLO manager trading activity declined sharply this year amid less leveraged loan primary supply and declining secondary liquidity, according to Bank of America research -
Investors should pair short CLO triple As with long MBS for best returns, says Janus Henderson
22 days ago
Senior figures at Janus Henderson Investors have recommended that credit investors should pair short duration CLO triple As with longer duration mortgage backed securities to optimise their returns, in a research article published on Tuesday -
Five issuers account for 22% of Euro CLO triple Cs: BofA
23 days ago
22% of triple C-rated debt in European CLOs originates from just five issuers, according to analysis from Bank of America research this morning -
CLOs cheap to corporates but expensive to agency MBS, says BofA
1 month ago
CLO bonds are currently pricing cheap relative to corporates but look expensive relative to agency MBS bonds, according to new research from Bank of America -
CLO bond buckets balloon post-Volcker amendments, says BofA
2 months ago
CLO holdings of bonds in their portfolios has grown to $15 billion in the two years since changes to the Volcker rule allowed CLOs to hold the assets, according to new research from Bank of America -
Fitch raises low end of its default forecasts for US leveraged loans and high yield
2 months ago
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds -
US and European CLO metrics diverge, finds Barclays
2 months ago
CLO spreads saw a month-on-month move wider in December while key portfolio metrics such as weighted average rating factor (warf) and triple C buckets deteriorated in the US. However, European portfolio metrics showed some improvement -
CLO triple A tiering grew to 48bp by December, says PennMutual
2 months ago
The triple A spread differential between top and lower tier CLO managers widened to 48 basis points by the end of 2022 from just 18bp at the start of the year, according to new research published by PennMutual Asset Management -
Largarde snowballs puncture complacent calm and shocks spreads wider
3 months ago
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging -
US CLO investors express cautious optimism for 2023
3 months ago
After a turbulent year in 2022, US CLO investors are sounding a cautiously bullish tone heading into 2023 -
BofA withdraws forecast for US banks to return to CLO investing en masse in 2023
3 months ago
Bank of America has withdrawn its forecast that US banks will make any signficant return to investing in CLOs in 2023 following comments from the Federal Reserve's vice chair for supervision suggesting that capital requirements could increase further next year -
Major fund withdrawals undermine credit momentum
3 months ago
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money -
European CLO equity outperforms single Bs amid high return dispersion: Bank of America
3 months ago
European CLO returns have been negative across the capital structure this year, a research paper from Bank of America has found. Losses have been softened however due to an increasing three-month Euribor rate, high carry relative to corporates and relatively stable equity returns. -
$90 billion gross CLO issuance in 2023 with manager base to shrink, says BofA
3 months ago
Bank of America is forecasting $90 billion gross issuance of CLOs in 2023, split between $80 billion backed by broadly syndicated loans and $10 billion backed by middle market assets -
US CLO tranches had best month of year in November: Barclays
3 months ago
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month -
Capex and real yields will split winners from losers in '23: BofA
3 months ago
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists -
Rebuke for optimism as US jobs send market bulls running for cover
3 months ago
Investors’ determination to maintain an optimistic outlook on US Federal Reserve policy hit a point of reckoning on Friday, with hot US jobs numbers adding weight to committee members’ message that there is still a lot more work for them to do -
Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
3 months ago
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles -
Euro CLO new issuance could reach €22 billion in 2023, says BofA
3 months ago
European CLO new issuance will reach €22 billion in 2023, strategists at Bank of America expect, while refinancing / reset volume should reach €3 billion under a ‘base case’ scenario -
Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
3 months ago
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone -
Public credit markets "most attractive for 15 years" says Wamco
3 months ago
The US Federal Reserve is helping to create the potential for the "most attractive opportunity in public credit markets in the last 15 years", according to a research note published by Western Asset Management -
CLO double Bs offer attractive entry point despite likely loan downgrades, says Neuberger
4 months ago
CLO double Bs offer investors value despite the risk of deteriorating credit quality in the leveraged loan market -
Credit Suisse tests investor nerves as market preps for Fed-focused week
4 months ago
Credit Suisse, which has been subjected to another week of intense scrutiny, is heading into the weekend with its credit spreads extending wider, after warning on losses and undertaking a capital hike
Want all the latest news, comment, analysis and data?