- Direct lending (11)
- Emerging markets (2)
- High yield bonds (7)
- Investment grade credit (6)
- Structured credit (6)
- CLO (20)
- Distressed debt (6)
- Credit derivatives (10)
- Leveraged loans (11)
- Marketplace lending (2)
- Real assets (3)
Financials lead as credit opens 2021 with optimism17 days ago
Financial credits, and particularly banks, are among the big movers today with the market having opened 2021 in buoyant mood following agreements on a Brexit deal and US stimulus package
All’s well that ends well in 2020 OC tests1 month ago
Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid
Golub completes second CLO eligible for funding under the talf programme1 month ago
Golub Capital Partners has priced its second ever CLO eligible for funding under the talf programme
Moody's considers upgrading 188 US CLO tranches1 month ago
Moody's has put 188 CLO tranches from 114 US CLOs on review for possible upgrade, reversing an earlier policy in which the agency put large quantities of CLO notes on downgrade watch
Spread compression resumes with US passing key milestones1 month ago
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe
I foresee various spooky spectacles hitting our screens - and your long portfolios2 months ago
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads
They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"4 months ago
Blockchain might not eradicate all problems in credit, but it should reduce human error
Apollo and Barings defer equity payments on long-dated CLOs8 months ago
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs.
PGIM defers April European CLO equity payments8 months ago
PGIM has deferred scheduled April payments to equity investors of its European CLOs, the first European CLO manager to defer a payment date during the coronavirus pandemic
KKR takes covid-19 hit on flagship credit funds and lev fin8 months ago
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%
Fed expands Main Street direct lending scheme but it's unlikely to help CLOs8 months ago
The US Federal Reserve Board has expanded the scope of its Main Street Lending Programme following more than 2,200 letters of feedback. Under the third loan facility, lenders will hold 15% of the loan to borrowers with greater leverage
KKR deploys 10% of $2 billion coronavirus dislocation credit fund8 months ago
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was
The opportunities to build par and spread within a CLO haven’t been this plentiful since 20099 months ago
Last year’s CLOs could become the benchmark for manager performance
Short-dated CSOs touted as jump-to-default risk hits curves9 months ago
The coronavirus outbreak has all but vanquished hopes of any regular CSO business getting done, but sources say bespoke portfolios of short-dated CDS could soon be in the offing as investors look to express a view on when the crisis will end.
You wait 12 years for loan dislocation and $1 trillion comes along all at once9 months ago
The waiting is over — distressed debt managers have the best entry point in about a dozen years as the S&P/LSTA Leveraged Loan Index plunged to 80 in just two weeks.
Asset managers pull all liquidity levers to satisfy borrowers9 months ago
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding
Structured credit dragged very wide — but CLOs stand to gain9 months ago
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.
CLO warehouses trigger draw stops as loan market tanks9 months ago
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.
High yield index widening drives equity tranche trades9 months ago
The blow-out in corporate credit spreads is creating opportunities in the index tranche market.
Past returns: A new secondary market for CLOs9 months ago
Ten years ago we reported on the recovery of CLO triple As in the secondary market.
CDS show the way as prices move and volumes surge9 months ago
CDS volumes provide an eye-opening view of how the asset class has grown in prominence during the coronavirus pandemic, with index trading near doubling year-to-date on 2019, even as secondary bond markets hit lockdown.
Investors watch Libor amid inter-bank liquidity concerns9 months ago
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month.
We’ve got time to work this out9 months ago
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par9 months ago
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