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Wide yields mean high times again for corporate hybrids
1 year ago
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022 -
European CLO trading head leaves BNP for new credit fund manager
1 year ago
An experienced European structured credit trader is joining a recently launched long-short credit fund manager -
Euro CLO league tables: PGIM and Jefferies lead as Euribor caps come back in fashion
1 year ago
April was the quietest month of the year in the European CLO market with only €2 billion pricing across four new issues and one reset -
Macro drivers set to give lift to CDS tranche trading
1 year ago
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far -
European CLO managers aim for bigger bond bucket fix
1 year ago
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches -
PGIM opts for two-year reinvestment on Euro CLO with triple As at 110bp
2 years ago
BNP Paribas arranged the €401.3 million deal, which features a shorter than traditional reinvestment and non-call period -
WhiteStar gets off the mark in Europe with reset of 2020 CLO
2 years ago
WhiteStar Asset Management has reset a 2020 vintage former MacKay Shields European CLO, slashing triple As down to 117 basis points over Euribor and adding additional equity -
LCH extends credit index option product to buy side
2 years ago
BNP Paribas and JP Morgan are the first banks to offer client clearing of credit index options through LCH CDSClear -
Traders eye expensive options as they look to get creative
2 years ago
Credit market volatility trades may look exceptionally expensive, but that is not stopping them being a prized tool for investors on a number of fronts — from hedging longer-term macro risks, through pre-March index roll positioning, to cross-asset relative value plays -
Sculptor prices European CLO and establishes 92bp as triple A benchmark
2 years ago
European CLO new issue floodgates have opened with Sculptor Capital Management’s European CLO IX the latest deal to price, following the first four new issues of the year to price end of last week -
Ucits at a glance: Robus claims top spot in 2021 after tight race
2 years ago
Ucits funds have ended 2021 on a high as 62% made positive returns in December -
Barings and BNP Paribas team up for first European CLO reset of year
2 years ago
BNP Paribas has reset Barings Euro CLO 2015-1 with all tranches (bar the double Bs) pricing roughly in line with December resets. -
Credit awash with volatility in first week but investors load up
2 years ago
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds -
BNP Paribas bolsters CLO sales team with hire from DB
2 years ago
BNP Paribas has hired a Frankfurt-based CLO and ABS sales director -
CLO 2022 Outlook: 2021 is hard act to follow, but CLO buyers have positives aplenty
2 years ago
New CLO issuance in 2022 will remain elevated but below 2021’s record numbers, banks agree. But there is no consensus among strategy desks on the volume of repricings to come, partly due to the unknown impact of the Sofr transition. -
Banks and loans to benefit in 2022 as safe havens dwindle
2 years ago
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes -
ESG template fires up hopes of CSO issuance
2 years ago
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022 -
CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
2 years ago
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists -
Leisure and retail companies improve despite UK rates and travel rule noise
2 years ago
Easing of market tensions around the omicron covid variant have allowed traders to broadly mark single name credit spreads tighter on Wednesday, despite caution returning to indices over central bank policy and travel restrictions -
Three managers think alike with refis of two-year European CLOs
2 years ago
Three European CLO managers hit the primary market on Friday to print two-year refinancings. This deal profile has been popular of late with seven such deals pricing in little over a month -
Invesco Euro CLO triple As leak wider to 99bp, but mezz tranches print tight
2 years ago
Invesco on Tuesday priced the 90th European CLO new issue of the year with Invesco Euro CLO VII. BNP Paribas arranged the €407.5 million deal -
Loans will be winners in bearish year for credit: BNP Paribas
2 years ago
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook -
BNP Paribas bolsters credit business with European strategy head hire
2 years ago
BNP Paribas is looking to strategy to help drive growth in its credit business and has hired a head of European credit strategy from UBS -
Investcorp reworks 2020 European CLO via BNP Paribas
2 years ago
BNP Paribas arranged the €443 million transaction, which cuts the CLO’s cost of debt by over 18 basis points to 190.3bp -
Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
2 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait
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