- Direct lending (8)
- Emerging markets (1)
- High yield bonds (10)
- Investment grade credit (8)
- Structured credit (16)
- CLO (9)
- Distressed debt (2)
- Credit derivatives (16)
- Leveraged loans (8)
- Marketplace lending (1)
- Real assets (2)
Investors get creative with new ways to trade the curve1 month ago
Credit index curve trading is gaining new features going into August, evidencing deeper liquidity for CDS strategies, but also that investors already have one eye on the upcoming September rolls.
Rampant technicals push cash and CDS in different directions1 month ago
Central bank interventions, primary market issuance and high yield defaults have conspired to create major distortions in credit performance, which sources say are ripe for opportunistic trading.
Bond selling pushes down Argentina CDS auction final price3 months ago
An auction on Friday to settle Argentina sovereign CDS returned a final price of 31.5 cents, three points lower than initial bidding due to a large physical settlement interest to sell bonds
Direct Lending Perspectives: deal flow slumps to €2.5 billion in Q13 months ago
European direct lending deal volumes slipped to €2.49 billion in the first quarter, according to the latest European Direct Lending Perspectives report
Direct lenders eye 200bp premium in primary market4 months ago
Deal flow is streaming in for European direct lenders who, despite monitoring portfolios for covid-19 related issues, have one eye on the primary market
Structured credit fund loses 32.4% in March as junior US CLO debt slumps5 months ago
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%.
Structured credit dragged very wide — but CLOs stand to gain5 months ago
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.
‘Hoard credit’ says PM as markets swing5 months ago
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package.
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion6 months ago
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off.
IHS Markit mulls CDX EM growth and iTraxx ESG screen6 months ago
Increasing the portfolio size of CDX EM and consulting on an ethically-screened version of iTraxx Europe are among the projects index administrator IHS Markit has been working on ahead of the 20 March roll.
Covid-19 outbreak rattles carry traders6 months ago
The coronavirus panic hitting financials markets at the end of February has been a strong driver of relative value trades, with CDS underperforming both cash bonds and equity, while financial names felt the heat more than corporate borrowers as geographical risk came into play.
BDCs tap bond market to improve funding mix6 months ago
A plethora of business development companies have turned to the institutional bond market to refinance their debt.
EIB buys mezzanine tranche in Commerzbank SRT7 months ago
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation
Correlation rise stokes mezz rally but adds to CSO woes7 months ago
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources.
Bifurcation in loan market will continue in 2020, says MUFG7 months ago
Bifurcation in the leveraged loan market, a trend that dominated the market in 2019, looks set to continue in 2020, according to MUFG’s co-head of debt capital markets Jeffrey Knowles
Euro loan trading: CLO managers find a home for building specialist's downsized loan8 months ago
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
Falling correlation reignites passion for index tranche trades9 months ago
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.
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders10 months ago
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective.
Värde taps growing CRE CLO market for the third time11 months ago
Värde Partners closed a $627 million CRE CLO last week via Goldman Sachs
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in1 year ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July
Five-year bespokes movement leads to managed CSO talks1 year ago
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.
Upper mid-market yields value on price and leverage1 year ago
Direct lenders are getting access to greater deal flow in the upper middle-market with private equity sponsors leaning towards private credit after a torrid end to last year in the broadly syndicated loan market.
UK transitions to post-Libor era with array of Sonia-linked deals1 year ago
The UK’s structured finance market has moved to swiftly embrace the daily compounded benchmark Sonia (Sterling overnight index average) ahead of the 2021 phase out of Libor.
WhiteRock's Dolfino: "PE deal flow is down, deal sizes are up and spreads are compressing" [video]1 year ago
WhiteRock Capital Partner's Gustavo Dolfino talks to Creditflux's Michelle D'souza after his M&A presentation at the Creditflux Debtwire US Mid Market Forum
European loan trading: CLO managers snack on Ifco loans1 year ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par
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