- Direct lending (2)
- High yield bonds (20)
- Investment grade credit (13)
- Structured credit (5)
- CLO (133)
- Distressed debt (5)
- Credit derivatives (20)
- Leveraged loans (19)
MUFG and CSAM adopt novel auction concept for upcoming CLO refi3 days ago
Credit Suisse Asset Management and Mitsubishi UFJ Financial Group are taking a fresh approach to US CLO refinancings with sources indicating that the pair are joining forces to conduct a refi via an auction
Global CLO b-wic round-up: that's another fine mezz you've gotten me into4 days ago
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market
US pension earmarks $25 million for secondary direct lending investment4 days ago
Maine Public Employees Retirement System (MainePERS) is set to invest $25 million to a private credit fund through a secondary market transaction
Correlation rise stokes mezz rally but adds to CSO woes15 days ago
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources.
- There is renewed hope for junior US CLO debt tranches this year with plenty of funds raised in late 2019 targeting this opportunity and a spike in trading volumes in the early weeks of January. However, dangers still lurk with investors cautious about allocating to CLOs that have barbelled portfolios.
Global CLO b-wic round-up: equity, equity everywhere, but trading volumes sink25 days ago
For the second week in a row, over $230 million of US CLO equity went on sale and multiple control equity positions were listed in the CLO secondary market
BofA promotes CLO trader to managing director29 days ago
A CLO trader, who has spent over 12 years at Bank of America, has been promoted to managing director in New York
Three US CLO anchor equity positions go on sale one week after payment dates30 days ago
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors.
Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market1 month 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 dates1 month 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 June1 month 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 styles2 months ago
Deep dive trade is on, but single name risks still abound2 months 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 pie2 months 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 week2 months 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.3 months ago
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders3 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.
Past returns: Bond king’s exit ends CLO refis3 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 begins3 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 protocol3 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 times3 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 time4 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 fix4 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 fore4 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?4 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.
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