JP Morgan takes CLO arranger crown
It has been a bumper quarter for top arranger JP Morgan, but overall CLO outstandings held steady and have yet to match their 2008 high

In search of a grand unifying theory
Tomasz Bielecki, Areski Cousin, Stéphane Crépey and Alexander Herbertsson describe the construction of a model that aims to make credit correlation work bottom-up and top-down

Taking the CVA route to valuing CLNs
Credit-linked notes can’t be said to have risk-free collateral any more. Dmitry Pugachevsky suggests pricing them using techniques developed for bank counterparty risk

Credit funds take direct action
Direct lending funds are springing up around Europe. But what do managers mean by direct lending? And what returns can their investors expect?