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16 results found Showing page 1 of 1

  • 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
  • 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
  • Early 2021 moves open up CLO and credit curve dislocations
    Fund managers are keeping a close watch on credit curves as sharp moves since the start of December have forced relative value to shift between corporate bonds, CDS, CLOs and loans. This has put CDS curve steepeners in focus but, conversely, CLO flattening appears likely.

    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
  • 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
  • Five-year bespokes movement leads to managed CSO talks
    Longer dated synthetic bespoke tranche business could soon receive new impetus, with dealers and investors ramping up talks about re-establishing managed portfolios as a common feature of the CSO market.

    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

16 results found Showing page 1 of 1

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