- Direct lending (9)
- Emerging markets (8)
- High yield bonds (20)
- Investment grade credit (12)
- Structured credit (15)
- CLO (102)
- Distressed debt (9)
- Credit derivatives (19)
- Leveraged loans (20)
- Marketplace lending (7)
- Real assets (7)
Unique CLO upsizes to $22 billion3 days ago
The world’s largest CLO has more than doubled in size to total a whopping $22 billion
Benchmark European 2020 CLO trades 11 points down in secondary3 days ago
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches
Structured credit dragged very wide — but CLOs stand to gain4 days 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 swing4 days 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.
CLOs at a glance: CLO primary market grinds to a halt4 days ago
A round-up of CLO performance
- A round-up of fund performance4 days ago
European CLO triple Bs go from 99 to 73 in less than a month5 days ago
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline
European CLO triple As bounce back in secondary market7 days ago
European CLO triple As have begun tightening in the secondary market with sources indicating that by Friday, these notes were trading at 250 basis points, which is down from about 400bp a week ago
- In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios1 month ago
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion1 month 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 screen1 month 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 traders1 month 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.
Fund performance: CLO funds pick up where they left off1 month ago
A round-up of fund performance
Making arb work of it1 month ago
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios.
CLO pipeline: new loves kindle as managers finish with old flames1 month ago
US new issue CLO paper is back on the agenda after a January dominated by . 14 new deals are in the pipeline, but are holding steady with eight of these in the works. CLO have been the front runners this year, with 22 CLO versus 12 new US CLOs.
Correlation rise stokes mezz rally but adds to CSO woes2 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.
- Credit Suisse Asset Management has become the leading CLO manager by assets under management globally after finally topping perennial leader GSO Capital Partners. However, CSAM's lead is the size of just one CLO2 months ago
- 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 20192 months ago
- A round-up of fund performance2 months ago
Global CLO round-up: welcome back, give us a (refi) wave2 months ago
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative
Investcorp lines up new CLOs on both sides of the Atlantic2 months ago
Investcorp Credit Management is gearing up to price new issue CLOs in both the US and Europe, according to market sources
Global CLO b-wic round-up: junior mezz rebounds with busiest week since June2 months ago
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week
Falling correlation reignites passion for index tranche trades3 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.
Fund performance: Long-short funds rule in October as CLO funds struggle3 months ago
A round-up of fund performance
CLO pipeline: DFG keeps its finger on the pulse4 months ago
It will be a busy year-end for new issue CLOs in the US. DFG is returning with Pulsar II, using collateral sourced entirely from the secondary market
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