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Fund performance: Long-short funds rule in October as CLO funds struggle
1 day ago
A round-up of fund performanceFund performance
1 month ago
A round-up of fund performance click here.Lenders turn to quality over quantity
Bond and loan volumes dropped in August amid signs that US investors are taking a safety-first approach: 46% of issuance was made up of loans rated BB-/Ba3, compared to 33% earlier this year2 months agoFund performance
2 months ago
A round-up of fund performanceInvestors go first in lien at loan queue
The risk premium for second lien US loans has widened in recent months, while first lien loan margins have gone the other way. It’s a clear signal that lenders are erring on the side of caution.3 months agoFund performance
3 months ago
A round-up of fund performanceInvestors seek oasis as new issues dry up
US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bondsCLO investors should be looking at CSOs
At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other5 months agoInvestments in CSOs can be more fruitful than in CLOs
Some CSO tranches may off er better returns and provide exposure to higher-rated credit than similar tranches of CLOs. Also, the CSO term curve is steeper and more stable than that of CLOs5 months agoA round-up of CLO performance
6 months ago- A round-up of fund performance6 months 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 rates7 months agoCLOs at a glance
8 months ago
Managers focus on AUM building via new issuesWe can’t hide it any longer, we’re tiering up
9 months ago
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 roleLoans recover slightly after late-2018 havoc
9 months ago
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
Keep calm and buy corporate loans
10 months ago
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 2014Retail fund pain is a CLO manager’s gain
10 months ago
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 yearsLoan volumes fall in Europe but rise in US
11 months ago
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 marketsAfter early crescendo CLOs end on flat note
11 months ago
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 dwindledBuy and hold isn’t only option for CLO equity
1 year ago
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 quartersWidening whisks market back to 2017
1 year ago
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.New issues keep managers busy in summer season
1 year ago
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 Q1Wide CLO pricing need not be a drag
1 year ago
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 performersLoan market finds balance as spreads edge wider
1 year ago
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 borrowersTastes change in secondary trading
1 year ago
Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.
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