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25 results found Showing page 1 of 1

  • 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
  • Refi deluge casts shadow on b-wics

    Refis and resets are cutting CLO lifespans short, which means there is less need to sell in the secondary market. Still, there are relative value opportunities in IG bonds and equity tranches

    2 years ago
  • CLOs come up smelling of roses
    The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020  

    2 years 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
  • Europe’s newcomers find ways to stand out
    Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

    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
  • CLO managers don’t always prioritise profits

    Research into CLO trading by professors Florin Vasvari and Maria Loumioti leads them to believe that, when CLOs are bound by strict constraints, managers tend to focus on ‘compliance trading’

    4 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
  • CBOs aren’t fixated on interest rate moves

    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. 

    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
  • Short-dated CLOs still have life in them

    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 life

    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
  • Large, liquid loans aren’t always perfect
    CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

    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

    4 years ago
  • Managers swoop on largest DIP in years
    San Francisco-based Pacific Gas & Electric has tapped $5.5 billion of debtor-in-possession financing. Restructuring is likely to be fraught, but ten CLO managers have bought the loans

    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
  • BRF avoids butcher’s block – for now
    While Brazilian meat exporters appear to have survived claims of widespread malpractice throughout the country, the future of the world’s largest poultry producer still hangs in the balance
     

    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
  • Tastes change in secondary trading
    Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.

    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
  • CLO secondary volumes fall
    Data from CLO-i shows that holders are becoming less willing to part with their CLO investments in the secondary market this year

    9 years ago

25 results found Showing page 1 of 1

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