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"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
1 year ago
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
Points up front: Exhibit A: every single CLO slide deck ever
1 year ago
In a recent note, the National Association of Insurance Commissioners said they needed “more data to showcase that CLO pools have outperformed the loan market” -
"There is ample time and flexibility on the pathway from warehouse to securitisation"
1 year ago
A big loan sell-off does not mean CLO warehouses will be forced to liquidate -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ramp-up failings
1 year ago
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios. -
They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
1 year ago
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
Past returns: Silvermine CLOs splash the cash
1 year ago
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
2 years ago
We need to accept the pain and cut dependence on Russian oil today -
Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
2 years ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
They said it: Whichever CSA number you use, it’s wrong
2 years ago
Whichever CSA number you use, it’s wrong... -
"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
2 years ago
Strong secondary loan prices are making CLO liquidations a compelling option -
"In 2022, being slow will not be such a bad thing"
2 years ago
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse -
"CLO equity investors have long accepted basis risk… but an off-market adjustment does not work"
The 26bp adjustment is disrupting the transition away from Libor — but market forces will prevail -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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Past returns: Black Diamond riles investors
2 years ago
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received -
"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
2 years ago
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs -
"The CLO industry can be a little clubby… it feels like there are few advocates"
2 years ago
Pension Danmark's David Altenhofen taks our credit quiz -
"Do not rush to set up a check-box approach with negative screening and start de-investing"
2 years ago
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach -
"Alongside larger private equity funds, loan volumes will continue to grow"
2 years ago
Spire's Phil Bennett-Britton takes our credit quiz -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
2 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back
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