- Direct lending (2)
- Emerging markets (2)
- High yield bonds (22)
- Investment grade credit (12)
- Structured credit (8)
- CLO (140)
- Distressed debt (5)
- Credit derivatives (18)
- Leveraged loans (25)
Non-dealers overtake banks as biggest holders of diminishing CDS pie13 days 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 week15 days 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.1 month ago
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders1 month 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 assets1 month 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 refis1 month 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 begins1 month 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 protocol1 month 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 times1 month 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 time1 month 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 fix1 month 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 fore2 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?2 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 clearing2 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 loans2 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 Refinitiv2 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-adjustment2 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 weeks2 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.
Roll week leaves CDS in strange places2 months ago
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times.
Global CLO b-wic round-up: US and European double B trading patterns diverge2 months ago
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.
Creditflux CLO Census goes live2 months ago
Creditflux has opened the voting for its third CLO Census. The annual survey aims to determine who the best CLO service providers are – including arranging banks, law firms, trustees and trading desks – while also shedding light on where market participants stand on key industry issues, answering questions such as: should CLOs incorporate ESG investment guidelines?
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in2 months ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July
Global CLO b-wic round-up: secondary market awakens with control equity bonanza3 months ago
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.
CLO managers look to move away from ‘spiky’ triple Cs3 months ago
CLO managers are in the process of de-risking their portfolios by rotating out of triple Cs into less risky credits following a volatile month in markets, according to multiple sources. Creditflux analysis shows that, for the past couple of years, managers have become emboldened with triple C and B3/B- loans making up 25% of the portfolios of 50 US CLO managers.
They said it: "CLO Euribor floors are in the money"3 months ago
In a blog, TwentyFour Asset Management’s Aza Teeuwen says that Euribor floors are worth over 50 basis points of extra spread, but this is not being priced in.
Want all the latest news, comment, analysis and data?