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19 results found Showing page 1 of 1

  • We’re drifting apart
    Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

    1 year ago
  • CLO managers show respect to their elders
    Alongside lucrative new issues, managers also make time for refinancing and resetting old deals. Our data shows that, in 2021, mid-sized firms were the most effective at this balancing act

    2 years ago
  • An alternative way of looking at CLO overlap
    Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

    2 years ago
  • CLO issuers flex their bond muscles
    Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

    3 years ago
  • All’s well that ends well in 2020 OC tests
    Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid 

    3 years ago
  • Credit funds at a glance

    A round-up of fundraising and people moves in credit

    3 years ago
  • Making arb work of it

    In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios

    4 years ago
  • Credit funds at a glance

     
    A round-up of fundraising and people moves in credit
     

    4 years ago
  • Deluxe decline leaves CLOs feeling deflated
    Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

    4 years ago
  • Two roads diverged in the CLO wood

    In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward

    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
  • CLOs at a glance
    A round-up of CLO performance

    4 years ago
  • Credit funds at a glance

    A round-up of fundraising and people moves in credit

    4 years ago
  • Fund performance

    A round-up of fund performance

    4 years ago
  • Seriously, the CLO arb is difficult right now

    We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

    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
  • 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
  • Chance encounter sets up CIFC sale
    Selling a business can be arduous, frustrating and nerve-wracking. An exhaustive process does help – but sometimes it takes a bit of luck for a deal to go through

    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

19 results found Showing page 1 of 1

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