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We need to remove CLO misinformation from the market
3 years ago
Vibrant's Kashyap Arora takes our credit quiz -
All types of financing will have to incorporate ESG risks and use their real economy influence
3 years ago
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change -
Perhaps 2021 will be the first year of the next expansion
3 years ago
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves -
Past returns: Barclays gambles and wins on Zohar
3 years ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
They said it: Be careful what you do — last warning
3 years ago
In court filings, Highland Capital Management alleges that its founder and former chief executive James Dondero sent this ominous text message to its current CEO James Seery -
Points up front: Brushing up on CLOs
3 years ago
It’s that time of year when CLO analysts forecast 2021 CLO volumes. It’s a thankless task, but for Serhan Secmen, head of CLOs at Napier Park Global Capital, losing a wager with a US CLO structurer on CLO volumes in 2015 meant he had to create a work of art on a triathlon theme -
Points up front: I couldn’t, I’m stuffed
3 years ago
At Creditflux’s CLO Investor Summit, NEPC’s Kevin Bliss coined the term “equity stuffing” to describe commingled funds that CLO managers raise to invest in their CLO equity -
The structured credit industry could promote its benefits more
3 years ago
Filippo Sampietro takes our credit quiz -
I foresee various spooky spectacles hitting our screens - and your long portfolios
3 years ago
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Past returns: Fees on the line
3 years ago
In Creditflux five years ago, we reported that CLO equity investors were insisting on “management fee adjustment clauses” in the event that collateral managers did not consent to a refinancing -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
3 years ago
Blockchain might not eradicate all problems in credit, but it should reduce human error -
The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
3 years ago
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer -
Points up front: From drafting CLO docs to writing crime thrillers
3 years ago
Nicola Bashforth, a popular figure in the CLO business, announced last month that she had left the industry to return to Lancashire in England and try her hand at writing novels -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August -
The surge in index tranche trading has resulted in a deep, liquid and nuanced set of market dynamics
3 years ago
Welshcake emerges from his bunker to find CLOs still standing and the CSO market getting back to business -
Don’t obsess over the state of your OC cushions
3 years ago
During Creditflux’s live CLO webinar last month, panellists agreed that fighting to keep an over-collateralisation test in compliance could do more harm than good in the long term -
Past returns: Not quite hitting the ceiling
3 years ago
In Creditflux five years ago, we reported that Credit Suisse Asset Management had embedded a Libor cap in the sterling-denominated debt issued by Cadogan Square CLO VI... -
They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
3 years ago
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party -
Points up front: Introducing Downton Flux
During last month’s broadcast of the Creditflux Manager of the Year, we were inundated with messages of congratulations for the award winners via a live feed...
3 years ago -
Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
3 years ago
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis -
2020 is a massive opportunity for change - and clinging to past achievements won't wash
3 years ago
Statues don’t serve much of a purpose. It’s time to move on — and credit investors can and should be part of the movement -
If you’re not finding black talent, you’re not trying hard enough
3 years ago
In the past few weeks, it has been easy to put up our billboards and tweet our condemnation of the treatment of black people. Now we need to change the way companies work
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