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  • Can someone call the triple A? We’ve stalled
    CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt  

    1 year ago

  • Relative value plays swell secondary
    The secondary CLO market has been revived this year as volumes shatter 2019 totals. Investors are finding that secondary values outweighs that in primary, with the added bonus of full portfolio disclosure

    3 years ago

  • A different kind of crisis
    Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

    3 years ago

  • CLOs at a glance
    A round-up of CLO primary and secondary

    3 years ago

  • Issuers fashion new outfits for junior mezz

    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 styles

    4 years ago

  • Any takers for illiquid European CLO equity?
    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.

    4 years ago

  • Investors seek oasis as new issues dry up

    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
     

    4 years ago

  • CLO investors should be looking at CSOs

    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 other

    4 years ago

  • High yield bonds regain lost ground

    The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates

    4 years ago

  • Moving on from the late 2018 hangover
    It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

    5 years ago

  • Buy and hold isn’t only option for CLO equity
    New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

    5 years ago

  • Libor rise gives timely boost to US loan yields
    Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market

    5 years ago

  • Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
    Growth-starved US phone companies are seeing consolidation as the best way to improve performance

    6 years ago

  • Boutique CLO managers boss secondary market
    Creditflux analysis shows that, when their total assets are taken into account, small managers' CLOs are more liquid than those of large managers 

    6 years ago

14 results found Showing page 1 of 1

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