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They said it: "I saw a CLO OM which ran 484 pages"
4 years ago
At Creditflux’s Credit Dimensions event, JP Morgan’s Zaheen Mir argues that CSOs are simpler to understand than CLOs -
Past returns: Blocking flexibility of CLO managers
4 years ago
Ten years ago, we reported in Creditflux that JP Morgan had mounted a campaign to stop CLOs changing their trading guidelines. The bank’s treasury desk was and is among the biggest buyers of senior CLO tranches and it convinced other senior investors to block a change that would give CLO managers greater flexibility. -
Points up front: Funky fund manager is music to our ears
It’s important for direct lenders to strike a chord with borrowers when they pitch flexible financing solutions. But for Churchill chief executive officer Ken Kencel, it’s equally important to play major chords outside work. -
Points up front: Producing the perfect CLO
4 years ago
Mitsubishi UFJ Financial Group’s head of CLO issuance Asif Khan directed a thought-provoking question to Pimco’s Loren Sageser at Creditflux West last month. -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
They said it: "We all suffer from the world views of millennials"
4 years ago
Headhunter Dale Shorey tells attendees at the Creditflux CLO Symposium about the difficulties of recruiting at the junior level -
Spotlighting the original originator
4 years ago
Five years ago in Creditflux, we reported on the very first CLO originator fund being launched: Blackstone/GSO Corporate Funding. -
Points up front: CLO awards banter
4 years ago
The Creditflux Manager Awards have a history of springing surprises. This year we had journalist and TV presenter Gavin Esler host the awards dinner and regale the audience with a Dolly Parton gag (the less said about that, the better). -
Points up front: It’s getting hot in here
4 years ago
The role that journalists play in reporting on the CLO industry has been in the spotlight this year, with the mainstream press guilty of resorting to hyperbolic statements and fear-mongering. So it was a surprise to learn that these views were being given a public platform at IMN’s CLO conference last month on a panel titled Addressing the Headlines. -
Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
4 years ago
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
4 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
They said it: "Credit risk at that rating is basically non-existent"
4 years ago
Credit risk at that rating is basically non-existent -
Past returns: Juicing up returns
4 years ago
In Creditflux five years ago, we reported on a slim buyer base for senior CLO tranches causing dealers to sell these positions to credit hedge fund managers, with banks willing to finance these purchases. -
Points up front: Goldman CLO head smashes triathlon
4 years ago
The head of US CLO syndication at Goldman Sachs, Jamil Nathoo, last month completed the South Beach Triathlon in Miami to raise money for Memorial Sloan Kettering, a cancer treatment centre in New York -
Points up front: An unethical CLO? Can’t be right, can it?
4 years ago
On 1 April, our new writer Faro Ipoll posted a report on Fetid Brook Capital’s plans for a CLO backed by unethical loans — counter to the trend of environmental, social and governance-friendly CLOs. -
Experience has taught me to be sceptical of second lien loans
5 years ago
Alex Jackson takes our credit quiz -
Japanese investors must confirm assets are appropriate... CLO managers can provide assurances
5 years ago
The stipulation that Japanese banks invest in appropriately formed assets is unlikely to hurt the CLO industry -
Past Returns: Repacking in land of the rising sun
5 years ago
Five years ago in Creditflux, we reported that Bank of Tokyo Mitsubishi UFJ was embarking on a strategy of buying repackaged CLO triple A notes denominated in Japanese yen -
Past returns: short and sweet
5 years ago
Five years ago in Creditflux, we reported on Pimco emerging as a major buyer of triple A-rated US CLO tranches -
Points up front: Credit Suisse and Sound Point rekindle the fire
5 years ago
Sound Point CLO XII was refinanced on 14 February and arranger Credit Suisse displayed its passion for CLO structuring by embedding half a dozen hearts in its pricing email -
Points up front: Two scoops or none
5 years ago
Norinchukin Bank’s CLO holdings have been the subject of much debate in the mainstream financial media -
The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
5 years ago
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
5 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
Past returns: Columbia wins at long game
5 years ago
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009 -
We are yet to find a mass-media article that devotes attention to the potential merits of CLOs
5 years ago
Far too many recent mass-media articles critical of the CLO market are heavy on the hyperbole and light on the facts, writes our columnist and Eagle Point founder Thomas Majewski
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