- Direct lending (12)
- Emerging markets (2)
- High yield bonds (8)
- Investment grade credit (7)
- Structured credit (6)
- CLO (23)
- Distressed debt (6)
- Credit derivatives (11)
- Leveraged loans (12)
- Marketplace lending (2)
- Real assets (3)
CLOs prove resistant to omicron in boost for new issue market1 month ago
The CLO market has withstood the impact of the omicron coronavirus variant with barely a dent on CLO liability pricing
Nu variant panic sends credit spreads to the year's wides1 month ago
The discovery of a new covid-19 variant has routed financial markets at the end of what had already been a dour week, sending credit spreads to their widest of the year
Supply chain crisis hits credit amid shift to physical products2 months ago
Credit investors are bracing for choppy waters as the supply chain crisis makes itself felt on company balance sheets heading into the year end
2020 CLOs find redemption is sweet4 months ago
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions.
At least 2020 wasn’t dreadful for CLOs11 months ago
Last year’s downturn was another in which CLOs survived and in many cases thrived as active management and Libor floors helped managers deliver 13%-plus returns to equity
Financials lead as credit opens 2021 with optimism1 year 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 year 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 year 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 year 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 year 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 portfolios1 year 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"1 year ago
Blockchain might not eradicate all problems in credit, but it should reduce human error
Apollo and Barings defer equity payments on long-dated CLOs1 year 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 payments1 year 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 fin1 year 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 CLOs1 year 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 fund1 year 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 20091 year ago
Last year’s CLOs could become the benchmark for manager performance
Short-dated CSOs touted as jump-to-default risk hits curves1 year 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 once1 year 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 borrowers1 year 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 gain1 year 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 tanks1 year 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 trades1 year ago
The blow-out in corporate credit spreads is creating opportunities in the index tranche market.
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