- Direct lending (2)
- Emerging markets (2)
- High yield bonds (14)
- Investment grade credit (7)
- Structured credit (8)
- CLO (124)
- Distressed debt (2)
- Credit derivatives (10)
- Leveraged loans (18)
CLO 'mascot' appears on b-wic but fails to trade2 days ago
A $2.25 million triple B CLO tranche with a mascot feature embedded appeared in the secondary market yesterday, but failed to trade.
- US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds
Flat curves and decompression make waves below the surface21 days ago
Hopes of using the summer slowdown to get to the beach may be tempered for credit relative value traders, where opportunities abound behind the uninspiring benchmark numbers of the slow market grind.
Rival manager’s warehouse contributes to new CIFC US CLO21 days ago
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager.
Net short language could force lenders to sell at a loss21 days ago
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.
Back to basis (and skew) as relative value plays catch-up21 days ago
Basis trades between bonds and CDS failed to gain traction during July as synthetic markets held ground or improved their position versus cash, but this is beginning to change, say market participants.
THL anchor CLO equity seeks purchase in secondary market22 days ago
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up24 days ago
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally
CLO investor looks to offload US and European anchor equity positions1 month ago
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer
Global CLO b-wic round-up: control equity hits the market as secondary market picks up1 month ago
The CLO secondary market in both Europe and the US brought healthy volumes last week. There was €174.9 million listed in the European CLO secondary market, while the US returned a with just over $600 million in CLO b-wics.
- At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other1 month ago
- There has been a pick-up in trading of short-dated CLOs — in particular, for deals that are winding down. But the reset wave of 2017-18 may have a lasting impact on CLO weighted average life1 month ago
Insurers dump floating rate CLOs1 month ago
Two large insurance firms rotated out of floating rate CLOs by selling roughly $259 million of single A notes via b-wics last month, according to market sources.
Global CLO b-wic round-up: secondary volumes make up for slump in primary1 month ago
June saw the highest volume of US CLO b-wics this year with over $3.8 billion of US CLOs on the auction block, according to CLO-i.
European loan trading: CLO managers snack on Ifco loans1 month ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par
Anchor equity in 2018 CLO reissue fails to trade in secondary market2 months ago
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux
Controlling equity stake in 2018 CLO fails to trade in secondary market2 months ago
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade
Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper2 months ago
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.
US CLO b-wic round-up: secondary volumes reach new heights with equity lagging2 months ago
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest
There’s pain to come for those who have become too greedy2 months ago
Stephen Catling of Connection Capital takes our credit quiz
The synthetic bespoke market could definitely do with the company of the rating agencies2 months ago
It’s about time CSOs opened the door to the rating agencies — it would be good for investors and the agencies
Doing CLOs is hard work as recovery lags2 months ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more
Arrival of five-year bespokes draws in CLO investors2 months ago
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.
Investors regain nerve to trade the curve2 months ago
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results.
Global b-wic round-up: Short-dated CLO paper hits the market3 months ago
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.
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