Past returns: Would-be CLO buyers turn sellers11 days ago
Five years ago in Creditflux, we reported that the new generation of US 2.0 CLO managers were striving to grow their CLO AUM through manager acquisitions; namely, Benefit Street Partners and Triumph Capital Advisors, the pair having issued their debut CLOs in 2012 and 2014, respectively.
Points up front: Swiss CLO manager is regular as clockwork11 days ago
The Swiss are known for their meticulous timekeeping and punctuality, so it’s perhaps no surprise that an asset manager based in Zug is crafting a reputation as the most efficient in the CLO market.
- The development of a term curve in CLO debt does not necessarily make short tenor deals a good bet11 days ago
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away11 days ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs
If you’re worried, you should be investing in higher rated companies2 months ago
Gretchen Bergstresser of CVC takes our credit quiz
- The definition of a tier one manager has evolved from the days when big brands where considered best2 months ago
Farewell Mike2 months ago
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 pitches2 months ago
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’2 months ago
Politicians on the campaign trail would do well to take a leaf out of Brian Starr’s book.
Past returns: Bond king’s exit ends CLO refis3 months ago
Five years ago in Creditflux, we reported on a market absorbing the consequences of ‘bond king’ Bill Gross leaving Pimco, the firm he co-founded.
Points up front: Credit professionals to sleep rough for charity3 months ago
Head of structured credit at Napier Park Global Capital, Serhan Secmen, will be spending 21 November sleeping out. He’s not being evicted – rather he’s volunteering to raise money in support of homeless children.
The question is not whether CLOs are too dangerous, but what more they could and should be doing3 months ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions3 months ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation
It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible4 months ago
Bespokes are the next big thing — and you’d be wise to get involved
Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet4 months ago
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity
They said it: "Oh no, it’s that f***ing ESG thing again"4 months ago
A conference attendee is heard voicing his displeasure that lines between CLOs and ethical investing are blurring
Points up front: Best to price your deals between 12 and 6am4 months ago
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry
Points up front: Performance will decide if these are ‘enhanced’ CLOs4 months ago
Triple C-heavy CLOs have been touted in some quarters as a step forward for the industry with Ellington, HPS and Z Capital producing CLO structured along these lines.
- Brandon Cahill of BlueMountain Capital Management takes our credit quiz5 months ago
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly5 months ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs
Past returns: Unfinished business in CLOs5 months ago
Five years ago in Creditflux we reported that DA Capital was looking for a way back into CLO management. The firm had sold its four US CLOs in 2011 to Citi Alternative Investments (now known as Napier Park Global Capital), but a rally had convinced the firm it was time to issue CLOs again.
They said it: "CLO Euribor floors are in the money"5 months ago
In a blog, TwentyFour Asset Management’s Aza Teeuwen says that Euribor floors are worth over 50 basis points of extra spread, but this is not being priced in.
Enhanced CLOs are no more enhancing than run-of-the-mill distressed funds6 months ago
Triple C-heavy CLOs that try to time the market may be paying for options they never use
They said it: "They are finally picking up the phone and making use of their rolodexes"6 months ago
Bankers have been forced to reconnect with the broader triple A CLO buyer base now that Norinchukin Bank has stepped back, says a US CLO equity investor.
Considering the variables over the life of a CLO, a drop in Libor is a relatively modest risk6 months ago
Changes in Libor do not have a major impact on CLO equity cash flows or equity yields
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