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DFG seeks secondary loans for new series of Pulsar CLOs
4 years ago
DFG Investment Advisers is launching a new line of CLOs with collateral sourced entirely in the secondary market -
The Last Tranche with THL’s Herzig: loan bifurcation and the direct lending safety net
4 years ago
For Creditflux's Last Tranche podcast, THL Credit’s Michael Herzig joins Hugh Minch and Seth Brumby to talk, among other things, about bifurcation in the US loan market, why some borrowers might suffer refinancing woes and how large direct lending funds can step in to provide financing to even large-cap companies -
The manager, not the market, decides value in direct lending
4 years ago
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash -
Fund performance
4 years ago
A round-up of fund performance click here. -
Lenders turn to quality over quantity
Bond and loan volumes dropped in August amid signs that US investors are taking a safety-first approach: 46% of issuance was made up of loans rated BB-/Ba3, compared to 33% earlier this year4 years ago -
Fund performance
4 years ago
A round-up of fund performance -
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
4 years 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 -
Investors go first in lien at loan queue
The risk premium for second lien US loans has widened in recent months, while first lien loan margins have gone the other way. It’s a clear signal that lenders are erring on the side of caution.4 years ago -
Fund performance
4 years ago
A round-up of fund performance -
Investors seek oasis as new issues dry up
US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds -
US CLO managers see positives as docs include negative notation language to ease move to new reference rate
4 years ago
Europe might be making progress, but US CLO managers are less than preoccupied with the looming transition away from US dollar-Libor based pricing. -
US loan trading: CLO managers on cloud nine after Ultimate Software allocations
4 years ago
CLO managers took down about 27% of Ultimate Software's loans in April, when the cloud operator issued its $2.3 billion first lien term loan due 2026, according to CLO-i -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
A round-up of fund performance4 years ago
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High yield bonds regain lost ground
The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates4 years ago -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
Loans recover slightly after late-2018 havoc
5 years ago
Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
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Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
5 years ago
Creditflux, Debtwire and Xtract discuss the current state of the market -
Retail fund pain is a CLO manager’s gain
5 years ago
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years -
Loan volumes fall in Europe but rise in US
5 years ago
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets -
Loans have changed. Leverage and docs are different. So what does this mean for recoveries?
5 years ago
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination -
Neiman Marcus loan slumps amid debt restructuring talks
5 years ago
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit -
New issues keep managers busy in summer season
5 years ago
New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1 -
Loan market finds balance as spreads edge wider
5 years ago
New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers
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