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"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
Duration, decompression and dispersion disconnects grow
1 year ago
Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
Wide yields mean high times again for corporate hybrids
1 year ago
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022 -
CLOs at a glance (June 2022)
1 year ago
A listing of CLOs that have priced in the last month
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"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
1 year ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Macro drivers set to give lift to CDS tranche trading
1 year ago
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far -
CLOs at a glance (May 2022)
1 year ago
A listing of CLOs that have priced in the last month
-
Credit Rendezvous: Pass masters
1 year ago
Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them... -
High yield / loan slowdown affects year-end projections and pricing: Barclays
2 years ago
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value -
CLOs at a glance (April 2022)
2 years ago
A listing of CLOs that have priced in the last month -
CLOs at a glance
2 years ago
A listing of CLOs that have priced in the last month -
CLO sellers bide their time amid widening Ukraine crisis
2 years ago
Russia’s invasion of Ukraine has sent shockwaves across the world, and CLOs, despite limited exposure to either country, have felt its impact. Those signs are most visible in the secondary market -
Sofr spike boosts CLO debt as Europe and US go out of sync
2 years ago
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January) -
CLOs at a glance (February 2022)
2 years ago
A listing of CLOs that have priced in the last month -
Banks and loans to benefit in 2022 as safe havens dwindle
2 years ago
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes -
CLOs at a glance (January 2022)
2 years ago
A listing of CLOs that have priced in the last month -
CLOs prove resistant to omicron in boost for new issue market
2 years ago
The CLO market has withstood the impact of the omicron coronavirus variant with barely a dent on CLO liability pricing -
They said it: "The tone may have been too positive"
2 years ago
CLO market participants have been guilty of being overly bullish -
Relative value traders seize on fleeting mismatches
2 years ago
The volatility that hit credit markets from mid-November has produced rare opportunities for relative value traders after a dearth for 12 months -
CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
2 years ago
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists -
Lev loan index rule change proposed to meet Sofr switch
2 years ago
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule -
CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
2 years ago
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion -
It's All Relative: CQS, Capital Four and Tikehau look for CLO breakthrough as debutant premiums drop
2 years ago
The number of US CLO issuers in 2021 could be about to reach 106 with Capital Four, CQS and Tikehau looking to price debut deals, with price talk set at ambitious levels -
CLO issuance set for big slump as managers relax on Sofr: JP Morgan
2 years ago
CLO new issue supply will likely decline sharply from this month to next, with the rush to complete deals ahead of the transition to Sofr base rates having added to November's historical heavy weighting over December, say JP Morgan structured credit strategists
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