- Direct lending (16)
- Emerging markets (8)
- High yield bonds (22)
- Investment grade credit (12)
- Structured credit (24)
- CLO (531)
- Distressed debt (10)
- Credit derivatives (22)
- Leveraged loans (27)
- Marketplace lending (8)
- Real assets (8)
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.
SME CLO features PDL mechanism4 days ago
Details of the groundbreaking Alhambra SME Funding 2019-1 — the first 2.0 CLO backed by loans to small and midsized enterprises — were revealed at the Direct Lending Forum jointly hosted by Creditflux and Debtwire last month.
‘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
Triple A spreads widen by over 30bp since February as CSAM prices euro CLO26 days ago
European CLO spreads have blown out to their widest levels in almost four years. Sources say that Credit Suisse Asset Management priced its latest deal, named Madison Park Euro Funding XV, today with the triple As clearing at a blended spread of 122.68 basis points over Euribor
European CLO single Bs jump to 1,100bp with GSO deal - but seniors hold firm1 month ago
Junior European CLO spreads have slumped, with GSO Capital Partners pricing new issue single Bs at 1,100 basis points on Friday
- 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
PGIM brings first European CLO to brave coronavirus sell-off1 month ago
PGIM has priced the first European CLO following the market selloff triggered by the coronavirus outbreak, according to market sources
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
PGIM revises price talk as European CLO spreads jump wider1 month ago
Price talk has been hiked up for PGIM’s forthcoming European CLO, Dryden 74 Euro CLO 2018 following coronavirus-related market volatility
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.
KKR beats CIFC's European CLO benchmark one day later1 month ago
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp
CIFC pushes European CLO spreads to new tights1 month ago
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp.
Voya matches European CLO triple A tights and offloads single Bs1 month ago
92 basis points is the spread to beat in Europe for triple-A tranches, as Voya Alternative Asset Management brought its third CLO on the continent, Voya Euro CLO III, via Credit Suisse
Carlyle prices triple As at market tights with new European CLO1 month ago
Carlyle Group has priced its first new European CLO since July 2019 with triple As printing at market tights of 92 basis points
EIB buys mezzanine tranche in Commerzbank SRT1 month ago
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation
ICG scores tightest euro CLO print of 20201 month ago
Senior CLO spreads tightened in Europe today as Intermediate Capital Group priced its latest new issue, with triple As clearing at 92 basis points over Euribor
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