Creditflux

Former structured credit co-head Messina lands on buy side
Megan Messina, former co-head of structured credit at Bank of America, has resurfaced at an asset manager three years after leaving the bank

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Pitching your structured credit fund: the three golden rules
Structured credit fund managers were given a lesson in how to market their strategies by a group of asset allocators at the Creditflux CLO Summit in New York.

Farewell Mike
After two decades, Mike Peterson, the founder and long-time editor of Creditflux, is moving on.

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

Points up front: ‘We’re slow and not smart’
Politicians on the campaign trail would do well to take a leaf out of Brian Starr’s book.

Volatility wave brings index-linked CLO funds into play
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’.

Heavyweight investors poised to step up US CLO allocations
CLO issuance in 2020 could be boosted by the return of two of the asset class’s largest historic investors, sources say.

Anchorage markets CLO with MVOC test
Market value overcollateralisation (MVOC) tests are gaining prominence, with Anchorage Capital Group looking to incorporate one in its forthcoming high triple C CLO, according to marketing materials seen by Creditflux.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Managers amend CLO structures amid refinancing ripple
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.

Issuers fashion new outfits for junior mezz

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Celebrating women in the CLO market

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

Ucits at a glance: Ucits continue to chart a steady course

CLOs at a glance: innovations arrive as year draws to close

Not all old tier one CLO managers lived up to their premier billing

If you’re worried, you should be investing in higher rated companies

Gretchen Bergstresser of CVC takes our credit quiz

New GSO US CLO scores tightest funding costs since early October
GSO Capital Partners has returned to the CLO primary market and produced the tightest new issue for over two months

Big firms better prepped for Libor change and less operationally exposed, survey finds
The largest financial organisations are further ahead with their Libor transition efforts, and are likelier to move into 2020 with 'greater confidence' than small and mid-size firms, according to a market survey

Goldman Sachs AM explores interval structure for credit fund
Goldman Sachs Asset Management has begun marketing for an interval fund primarily focused on credit investments

Neuberger Berman splits new CLO tranche into principal and interest
Neuberger Berman has split its latest CLO's double A notes into principal and interest-only bonds, according to market sources, in a structure that echoes the ‘mascot’ features that rose to prominence in the CLO market this year

Carlyle matches 2018 US new issue CLO volume with fourth deal of 2019
Carlyle Group completed its fourth US new issue CLO offering of the year on Friday, according to market sources