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I take strength from the composure investors have shown when told their payments are being deferred
3 years ago
It’s tempting to head to the beach or grab a CLO distribution, but investing is all about playing the long game -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
3 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
Miscast as the villains of the 2008 crisis, CDS may prove to be the heroes of 2020
4 years ago
Credit default swaps provide investors with valuable signals on the depth of the coronavirus crisis -
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
4 years ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
4 years ago
Bespokes are the next big thing — and you’d be wise to get involved -
Helicopter money is more productive than sponsoring the next bout of company share buybacks
4 years ago
The ECB is set to recommence its asset purchase programme, but what’s wrong with putting money directly into the hands of people? -
What price lender integrity if myriad interpretations mean nobody knows where they stand?
4 years ago
Net short language is seeping into loan documentation. The problem is that some funds may not know their net position -
Welshcake: Sirius has made a strong move in CDS - if it hits the right targets
4 years ago
The most tragic of human traits is the proclivity for our inventions to come back and bite us -
The synthetic bespoke market could definitely do with the company of the rating agencies
4 years ago
It’s about time CSOs opened the door to the rating agencies — it would be good for investors and the agencies -
Points Up Front: What’s a welshcake?
5 years ago
Our new guest columnist, Welshcake, has developed quite the following since debuting two months ago, with potshots at mainstream media coverage of the credit derivatives market, as well as taking loan market participants to task for their transfer fees -
The Last Tranche: Podcast episode 1
5 years ago
Creditflux takes on Las Vegas, b-wics and Welshcake, among other credit topics in the inaugural episode of the Last Tranche podcast -
Just because there have always been loan fees doesn’t mean they are the right way of doing things
5 years ago
Scrapping loan transfer costs of up to €3,500 per transaction is a bridge Europe should cross for the sake of liquidity -
Don't worry about CDS, CLOs or excess leverage - it's a day of celebration
5 years ago
The market cycle is going to turn and something will go badly wrong. But guaranteed it won’t be any of the things in credit you keep reading about -
So lacking in transparency are CDS that they cloak themselves with standardised docs and definitions
5 years ago
A glance through mainstream media reports confirms that credit default swaps are as sinful as the media thinks they are, says our columnist Welshcake
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