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"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
"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 -
“For Creditflux this will be an extra special occasion - the publication is marking its 20th year in business”
2 years ago
A colourful train journey featuring Alice in Wonderland, Yoda and Top Trumps puts Welshcake in mind of the CLO Symposium -
Past returns: Prophet’s early CLO redemption
2 years ago
In Creditflux five years ago, we reported that Prophet Capital, the control equity investor in Covenant Credit Partners CLO I, had driven liquidation of the deal -
They said it: "The debtor’s [Highland’s] founder, James Dondero, created an elaborate web of approximately 2,000 business entities&qu
2 years ago
Highland’s unsecured creditors break down the company’s corporate structure -
Points up front: Swapping bylines for a role on the buy side
2 years ago
Creditflux has specialised in CLO coverage for over a decade now and generally we’ve had a clear run at the market because few of our peers appreciate how the CLO machine works. The exception to that has been highly-respected Bloomberg journalist Sarah Husband -
"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 -
Past returns: Doing DIY CLOs
2 years ago
Five years ago we reported that CLO managers were considering self-arranged CLOs -
They said it: "The mantra is doing good and doing well without sacrificing returns"
2 years ago
CarVal on its ESG line of CLOs -
Points up front: Writing the book on CMVs
2 years ago
Former Canyon Partners CLO head Dominique Mielle has gone from poring over CLO documentation to writing a novel about her experiences in the credit industry -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
"Spacs… what better buyer than someone with a short fuse who needs to get their capital working"
2 years ago
Since the beginning of 2020, more than $191 billion has been raised in spac (special purpose acquisition company) IPOs. This money has such a short fuse — get a deal done in 24 months or management loses the IPO costs it covered — and there has been so much of it, that it has had an impact on the markets -
Past returns: Mid market CLOs move into light
2 years ago
Ten years ago in Creditflux, we reported that S&P was reducing shadow ratings after it notified CLO managers it would not assign such ratings to companies with more than $499 million of outstanding debt -
They said it: "A lot of value was lost due to CLO window dressing"
2 years ago
"A lot of value was lost due to CLO window dressing" -
Points up front: CLO veteran earns OBE
2 years ago
We spotted a household name in the CLO business among those being feted in last month’s Queen’s birthday honours list — former Alcentra chief executive David Forbes-Nixon was awarded an OBE -
Point's up front: To have and to hold
2 years ago
The bankruptcy of Highland Capital Management rumbles on. As the case turns messy, a judge has poetically suggested it is like a divorce between the company and its former chief executive officer James Dondero -
"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
2 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
"Technology won’t replace human judgement. In ESG a qualitative review is necessary"
2 years ago
The social aspect of ESG must be given sufficient weight in investment decisions -
They said it: "The board announces the discovery of a website purporting to represent Volta"
2 years ago
They said it -
Points up front: Waterway to name and brand your CLO
2 years ago
When taking over a CLO launched by another firm, CLO managers face a dilemma: how do you re-brand it so it’s clear it’s one of your CLOs, but not so much that it fudges your personal track record? Well, HPS Investment Partners has found a neat balance -
Points up front: CLO Initiative For Change
2 years ago
Well done CIFC Asset Management and other counterparties to a new US CLO, which donated $145,000 to Black Girls Code -
"How CLO managers optimise the value of reorg equity is one of the most important unasked questions"
2 years ago
Getting the most out of reorg equity could be the difference between a good CLO and a great one
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