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CLO 2023 Outlook: CLOs look set to rise to the challenge of a tough 2023
1 year ago
CLO researchers had an (understandable) inability to accurately predict the staggering array of macro shocks that affected the CLO market this year. So it comes as a surprise that overall CLO issuance reached a lot closer to anticipated levels than many would have expected back in Q2 -
Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
1 year ago
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone -
Blackstone's new Euro CLO volumes pass €1 billion for 2022
1 year ago
Blackstone Credit's new European CLO volumes for 2022 passed €1 billion on Friday after it priced its third new issue named Edmondstown Park CLO -
Financials offer relative value opportunities after synthetic credit overshoot: BNP Paribas
1 year ago
A technical squeeze, driven by investor risk appetite but also short covering, has taken some parts of the synthetic credit to a point where cash bonds look to offer better relative value -
Blackstone targets next week for Euro CLO via BNP Paribas
1 year ago
The €380.36 million deal is anticipated to price next week and is around 59.5% ramped -
Soft mood music abruptly dashed as Fed and BoE rile markets
1 year ago
The credit market’s strong run of improvement has come to an end this week, with the US Federal Reserve and Bank of England delivering a reality check to hopes of a more dovish path forward on interest rates -
Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
1 year ago
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform -
CQS returns to Euro market with first new CLO since 2015
1 year ago
CQS has priced its first European CLO in seven and a half years, opting for a short reinvestment and non-call period -
Creditflux CLO Census results: JP Morgan claims clean sweep of US CLO arranging categories
1 year ago
Following the close of this year’s census, JP Morgan was a quadruple winners in the US, with results declaring it the best at syndicating, structuring and providing both the best access to loans and the best warehouse service -
UK credit spreads rally for Rishi
1 year ago
UK credit spreads have rallied sharply on Monday with the victory of Rishi Sunak in the contest to become the country’s third prime minister of the year -
BNP Paribas and LFIS join forces on QIS fund
1 year ago
BNP Paribas’ quantitative investment strategies unit has partnered with LFIS Capital for a market neutral fund -
Deutsche hires credit strategy head from rival bank
1 year ago
Deutsche Bank has hired a new head to oversee European and US credit strategy -
Europe welcomes four new CLOs in a day after nothing for one month
1 year ago
No issuance to speak of in a month, and then four CLOs come along at once -
US-led sell off shifts index roll technicals with key rates decisions looming
1 year ago
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run -
Four Euro CLOs emerge with target pricings as early as tomorrow
1 year ago
According to the latest marketing blasts, WhiteStar is targeting pricing tomorrow, Palmer Square and Cross Ocean are aiming for ‘as early as’ tomorrow and Five Arrows will aim for early-to-mid next week -
Euro CLO league tables: Goldman Sachs, Fidelity and Tikehau enter fray as Jefferies extends lead
1 year ago
Four European CLO managers braved the market in August to price a new issues, the same number as August 2021 -
Spreads gap wider with UK inflation adding to cocktail of concerns
1 year ago
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday -
BNP Paribas splits European secondary ABS and CLO leadership as it hires from rival
1 year ago
BNP Paribas has hired an experienced ABS trader, while promoting its senior CLO trader to a leadership role -
Tikehau adds to triple-A discovery with first European CLO of year
1 year ago
Tikehau Capital on Tuesday night priced its first European CLO transaction of the year, via BNP Paribas -
Relief rally extends despite US and EU sending mixed signals on recession
1 year ago
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession -
Blackstone prints Euro CLO triple As at tight 170bp
1 year ago
Blackstone priced its latest European CLO yesterday with triple As pricing at least 50bp tighter than current market levels -
Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
1 year ago
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions -
Euro double As and US triple As offer best value in CLOs: BNP Paribas
1 year ago
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists -
Points up front: Who is going into the Creditflux interview room?
1 year ago
The Creditflux CLO Symposium brought together 620 market participants from across the globe, and they had one question on their lips: what’s going on in the Creditflux interview room? -
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
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