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36 results found Showing page 1 of 2

  • Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
    Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays

    1 year ago
  • CFOs stage comeback as fundraising tool for managers
    Collateralised fund obligations are coming back into fashion, with Churchill Asset Management the latest firm to launch such an offering after announcing a $700 million deal last month.

    1 year ago
  • Euro loans with FX hedging offer better value than US: Barclays
    The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

    1 year ago
  • Real estate is about to get real bad: Welshcake
    The extent of disconnect between real estate and what other markets have been experiencing is enough to convince me a whole other layer of economic mayhem is on the way. But investors in credit, for all their current pain, could still end up shining if they are prepared

    1 year ago
  • Duration, decompression and dispersion disconnects grow
    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

    1 year ago
  • Wide yields mean high times again for corporate hybrids
    Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

    1 year ago
  • Credit Rendezvous: Pass masters
    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...

    1 year ago
  • High yield / loan slowdown affects year-end projections and pricing: Barclays
    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

    1 year ago
  • Banks and loans to benefit in 2022 as safe havens dwindle
    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

    2 years ago
  • Zais and BNP Paribas strike ESG breakthrough with climate change CSO
    The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions

    2 years ago
  • Coronavirus delta dilemma puts reflation trades into reverse
    Concern over the covid-19 delta variant dented investor optimism in July and looks set to hold back credit spread improvement in August, as focus turns to rising cases in the US and Germany

    2 years ago
  • It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
    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

    2 years ago
  • Credit Rendezvous: And breathe...
    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.  

    2 years ago
  • It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
    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

    2 years ago
  • Credit Rendezvous: ready and waiting
    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 

    2 years ago
  • "IG investors might want to rethink the instrument, but they need not fear rising rates just yet"
    In his latest column for Creditflux, Cheyne's Duncan Sankey writes that the sharp rise in 10-year US treasuries could be positive for investment grade investors, but value is in CDS rather than bonds 

    2 years ago
  • Technicals support IG while investors hunt for rising stars
    Investment grade credit spreads have been stubbornly tight for the past six-months, but investors see positive technical factors that make lower-rated bonds appealing

    2 years ago
  • It's all relative: CLOs march tighter as macro traders open positive CDS skews
    Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter  

    3 years ago
  • It's all relative: CLO spreads explore record tights as credit indices hit impasse
    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

    3 years ago
  • It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
    “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

    3 years ago
  • 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

     

    3 years ago
  • US looks for stronger open after sell off
    US credit is opening slightly stronger on Thursday, after its sharp Wednesday rout, prompted by Federal Reserve messaging, carried over forcefully into Asian and European markets

    3 years ago
  • Credit Rendezvous: heading for homes
    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. 

    3 years ago
  • Convexity pushes high yield bond basis to the forefront
    Compression had become the watchword of the market as Creditflux went to press, providing justification for high yield versus investment grade macro plays, wide-end long positioning and selective tight-end shorts. But the more important driver, say some relative value investors, was convexity

    3 years ago
  • Compression plays out as HY and European CLO double Bs outperform
    Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

    3 years ago

36 results found Showing page 1 of 2

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