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46 results found Showing page 2 of 2

  • CLOs at a glance

    A round-up of CLO performance

    4 years ago
  • Fund performance

    A round-up of fund performance

    4 years ago
  • High yield bonds regain lost ground

    The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates

    4 years ago
  • CLOs at a glance
    Managers focus on AUM building via new issues

    4 years ago
  • We can’t hide it any longer, we’re tiering up
    With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role

    5 years ago
  • Loans recover slightly after late-2018 havoc
    Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
     

    5 years ago
  • Keep calm and buy corporate loans
    Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

    5 years ago
  • Retail fund pain is a CLO manager’s gain
    Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years

    5 years ago
  • Loan volumes fall in Europe but rise in US
    European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets

    5 years ago
  • After early crescendo CLOs end on flat note
    Huge issuance and the end of risk retention ensured the US CLO industry was buoyant in early 2018, but later in the year the term curve flattened, pricing levels became sporadic and volumes dwindled

    5 years ago
  • Buy and hold isn’t only option for CLO equity
    New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

    5 years ago
  • Widening whisks market back to 2017
    Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.

    5 years ago
  • New issues keep managers busy in summer season
    New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1

    5 years ago
  • Wide CLO pricing need not be a drag
    Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers

    5 years ago
  • Loan market finds balance as spreads edge wider
    New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers

    5 years ago
  • Tastes change in secondary trading
    Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.

    5 years ago
  • Building new ways to evaluate CLOs
    For CLO investors, there is no longer a question of whether a particular CLO will be reworked; instead, they must judge when, and how dramatically, its terms will change. By Tom Davidson

    6 years ago
  • Who predicted $145 billion of issuance?
    That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson

    6 years ago
  • Managers pick spots on CLO curve
    As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot.

    6 years ago
  • CLO managers return to new issues
    The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets

    6 years ago
  • Refinancing and reset options change the face of CLOs
    The CLO market is going into overdrive, with refis, resets and new issue deals combining to give investors an unprecedented choice of maturities.

    6 years ago

46 results found Showing page 2 of 2

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