Refine Search
Article Categories
Strategy Tags
- Direct lending (24)
- Emerging markets (11)
- High yield bonds (39)
- Investment grade credit (18)
- Structured credit (17)
- CLO (83)
- Distressed debt (15)
- Leveraged loans (remove)
- Marketplace lending (7)
- Synthetic/SRT (25)
- ABL Financing (14)
Geography Tags
-
It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
2 years ago
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 -
Credit Rendezvous: And breathe...
2 years ago
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. -
Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
2 years ago
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit -
US loan managers capture secondary opportunities as new issues struggle
2 years ago
US loan managers switched gears by sourcing loans in the secondary market in the second quarter. This came as pricing in the primary market became less attractive in the early part of Q2 and with new loan issuance slowing in May and June -
It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
2 years ago
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 -
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 -
BlackRock shaves top but widens rest of stack with Euro CLO reset
3 years ago
BlackRock has reset a 2016 vintage CLO, pricing the triple A tranche inside the average for new issue European deals but widening lower rated tranches from where they refinanced in 2019 -
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 -
European CLO and loan spreads jostle in tight race
3 years ago
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue. -
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
-
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
Want all the latest news, comment, analysis and data?