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Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
1 year ago
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 -
Real estate is about to get real bad: Welshcake
1 year ago
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 -
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... -
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 -
Zais and BNP Paribas strike ESG breakthrough with climate change CSO
2 years ago
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 -
Broadening SRT market defies spread compression
2 years ago
Credit spreads are close to all time tights — high yield, courtesy of CDX HY, recently hit its tightest level since January 2007 — but the significant risk transfer (SRT) market is one of the few pockets of credit where pricing is wide of pre-covid levels -
Credit Rendezvous: And breathe...
2 years ago
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. -
CSOs and index tranches reach sticking point as correlation gets rich
2 years ago
Credit correlation trading looks to have reached a point of inflexion, as the previous bull run at the lower end of index capital stacks has given way to caution over how much further spread compression can go. At the same time, bespoke tranche business is gaining interest but equity remains stickier to sell at the market's ultra-low spread and volatility levels -
Credit Rendezvous: ready and waiting
2 years ago
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 -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
2 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
Credit Rendezvous: heading for homes
3 years ago
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. -
Zombies demand brain work from tranche traders
3 years ago
Outperformance of junior tranches and underperformance of senior was the big theme in CDS index tranches going into December. But the picture began to change as Creditflux went to press -
Fund perfomance: Slowdown for some as pandemic takes hold
A round-up of fund performance3 years ago -
Fund performance: CLO funds pick up where they left off
4 years ago
A round-up of fund performance -
Fund performance: Presents under the tree as CLO funds perform
A round-up of fund performance4 years ago -
Falling correlation reignites passion for index tranche trades
4 years ago
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion. -
Fund performance: Long-short funds rule in October as CLO funds struggle
4 years ago
A round-up of fund performance -
Fund performance
4 years ago
A round-up of fund performance click here. -
Fund performance
4 years ago
A round-up of fund performance -
Five-year bespokes movement leads to managed CSO talks
4 years ago
Longer dated synthetic bespoke tranche business could soon receive new impetus, with dealers and investors ramping up talks about re-establishing managed portfolios as a common feature of the CSO market. -
Fund performance
4 years ago
A round-up of fund performance -
CLO 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 other4 years ago -
Investments 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 CLOs4 years ago -
Index tranche levels spike as investors advance into equity
4 years ago
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation -
Bespoke gains pull CLO buyers as market tipped to hit $100bn
4 years ago
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists
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