- Direct lending (2)
- Emerging markets (2)
- High yield bonds (24)
- Investment grade credit (14)
- Structured credit (8)
- CLO (145)
- Distressed debt (7)
- Credit derivatives (20)
- Leveraged loans (26)
Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market20 hours ago
Over $230 million of US CLO equity went on sale last week via bid lists, the first time these assets have made their way to the secondary market in 2020. It also marks the most US CLO equity listed in a week since at least 2018, according to CLO-i.
Two CLO control equity pieces go on sale one day before major dates7 days ago
A pair of control equity positions are up for sale today as investors test the waters in the secondary market
Global CLO b-wic round-up: junior mezz rebounds with busiest week since June7 days ago
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week
- Junior CLO tranches have lost around five points in the past quarter. In response, new issue desks are dressing up junior debt in two piece suits and designing a range of protective styles1 month ago
Managers amend CLO structures amid refinancing ripple1 month ago
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.
Complacency rules after rally in run-up to UK election1 month ago
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.
Deep dive trade is on, but single name risks still abound1 month ago
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.
Non-dealers overtake banks as biggest holders of diminishing CDS pie1 month ago
The share of the CDS market held by non-dealer financial institutions has surpassed that of dealers for the first time, according to latest Bank for International Settlements data. But firms are scrapping over a smaller pie, as outstanding single name CDS continues to fall
Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week1 month ago
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market
- The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds.2 months ago
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders2 months ago
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective.
Established firms say managers new to European CLOs will struggle to attract assets2 months ago
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations.
Past returns: Bond king’s exit ends CLO refis2 months ago
Five years ago in Creditflux, we reported on a market absorbing the consequences of ‘bond king’ Bill Gross leaving Pimco, the firm he co-founded.
Corporate credit performance expected to catch up with financial borrowers as European quantitative easing begins2 months ago
The return of European Central Bank quantitative easing on 30 October portends a catch up this month of corporate credit performance with other parts of the market, such as financial borrowers, say strategists.
Over 1,200 sign up to CDS protocol2 months ago
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).
Distressed loans get IHS Markit workover as tech service aims to cut settlement times2 months ago
IHS Markit is unveiling an electronic solution through its ClearPar platform aimed at simplifying trade settlement for distressed leveraged loans, an area that has greatly lagged efficiency in the par loans market
US CLO's anchor equity on sale for first time3 months ago
The 23rd anchor equity position in a US CLO has been listed on the secondary market today, with $36.875 million of Anchorage Capital 6,up for sale at 1.30pm New York time.
Global CLO b-wic round-up: volumes jump as investors get their triple A fix3 months ago
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.
Global CLO b-wic round-up: control stake trades as junior notes come to the fore3 months ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B.
Any takers for illiquid European CLO equity?3 months ago
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.
LCH and Ice prepare to battle it out over options clearing3 months ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.
European CLO managers join tussle for high-quality loans3 months ago
CLO managers which have been looking to de-risk their portfolios may have a fight on their hands if they seek to get hold of higher-quality paper in the primary market.
CLOs take advantage of valuations to cash out of Refinitiv3 months ago
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm.
Rate cuts force US and Europe price re-adjustment3 months ago
Central banks’ latest round of interest rate cuts sent relative value between US and European CLOs to head into a whirlwind in recent weeks, sources say
Narrowly tailored event protocol set to go live in weeks3 months ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.
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