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21 results found Showing page 1 of 1

  • CLOs at a glance
    A round-up of recently priced CLOs

    11 months ago
  • Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
    Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays

    1 year ago
  • Credit Rendezvous: Pass masters
    Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them...

    1 year ago
  • High yield / loan slowdown affects year-end projections and pricing: Barclays
    A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value

    1 year ago
  • Lev loan index rule change proposed to meet Sofr switch
    Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule

    2 years ago
  • It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
    US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US

    2 years ago
  • Credit Rendezvous: And breathe...
    The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

    2 years ago
  • It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
    Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground

    2 years ago
  • Credit Rendezvous: ready and waiting
    In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

    2 years ago
  • It's all relative: CLOs march tighter as macro traders open positive CDS skews
    Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter  

    3 years ago
  • It's all relative: CLO spreads explore record tights as credit indices hit impasse
    CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged

    3 years ago
  • It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
    “CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018

    3 years ago
  • It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally

    The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen

     

    3 years ago
  • Credit Rendezvous: heading for homes
    Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

    3 years ago
  • Compression plays out as HY and European CLO double Bs outperform
    Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

    3 years ago
  • IG and crossover indices converge while European CLO double Bs rally
    iTraxx Crossover is again outperforming Main today with the investment grade index widening 0.11bp to 52.56bp while the crossover index is 2.42bp tighter to 296.99bp. Meanwhile bank research signals that junior CLO tranches could benefit as investors look at covid industries through a different lense 

    3 years ago
  • Structured credit fund loses 32.4% in March as junior US CLO debt slumps
    Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

    3 years ago
  • Structured credit dragged very wide — but CLOs stand to gain
    Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

    3 years ago
  • Euro loan trading: CLO managers find a home for building specialist's downsized loan
    CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan

    4 years ago
  • Falling correlation reignites passion for index tranche trades
    Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

    4 years ago
  • Bespoke gains pull CLO buyers as market tipped to hit $100bn
    Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

    4 years ago

21 results found Showing page 1 of 1

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