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ESG factors show up in leveraged loan pricing in US
2 years ago
Environmental, social, and corporate governance factors are filtering through to the US CLO market and influencing loan prices -
Credit Rendezvous: ready and waiting
3 years ago
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 -
BofA and Citi unveil multi-dealer platform for CLOs and loans
3 years ago
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
Answering the “what if?” question
3 years ago
CLOs can be complex, and efficiently calculating trading scenarios even more complex. But new tools are available to help managers quickly model hypothetical scenarios -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
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 -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“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 -
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
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Credit Rendezvous: heading for homes
3 years ago
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. -
CLO issuers flex their bond muscles
3 years ago
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 -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
3 years ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Investors search out illiquid credit for improved pricing
3 years ago
Credit investors are still trying to gauge appropriate pricing levels for smaller credit facilities in the tradeable credit space -
CLO rally keeps primary market flowing for most prolific issuers
3 years ago
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics -
Legacy CLO warehouses brought into scope of Fed's talf programme
3 years ago
The US Federal Reserve has published an updated term sheet and FAQ for its term asset-backed securities loan facility programme with amendments to allow a greater scope of CLOs as eligible collateral -
Fund perfomance: Slowdown for some as pandemic takes hold
A round-up of fund performance4 years ago -
Loan market slump feeds into CLO pricing
4 years ago
The loan market opened this week 2-4 percentage points lower than last week, pushing it toward 90—a threshold it has not crossed since February 2016. CLOs have reacted to this rapid drop -
Fund performance: CLO funds pick up where they left off
4 years ago
A round-up of fund performance -
Repricing spike points to sharp spread compression
US loan repricing came to the fore in Q4, with higher quality credits hitting the market. The biggest was Refinitv, repricing at 325bp in December. Overall loan volumes fell 37% in 20194 years ago -
Fund performance: Presents under the tree as CLO funds perform
A round-up of fund performance4 years ago -
Bifurcation in loan market will continue in 2020, says MUFG
4 years 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 -
Volatility wave brings index-linked CLO funds into play
4 years ago
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’. -
Fund performance: Long-short funds rule in October as CLO funds struggle
4 years ago
A round-up of fund performance -
Marathon issues CLO with limitation on B3 loans
4 years ago
Marathon Asset Management’s new $405 million US CLO has a 25% cap on loans rated B3 and below, says a source close to the deal
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