Loan re-pricing hits US CLO returns
Creditflux indices show falling equity returns from pre- and post-crisis CLOs for the first time since 2012, with market participants calling the move ‘a return to normality’

DVA should only go one way
Antonio Castagna looks at how debt value adjustment is related to credit value adjustment and at what the results imply for bank balance sheets

Credit spotlight - Getting stuck in cement
Fallen angel credit Cemex seems to be in all the wrong places, with exposure to Spain, Egypt and the US housing market. But investors are still dazzled by its bonds’ attractive yields