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Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
3 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
The CMBS talf proposal is simple and effective. A similar approach for CLOs would be welcomed
3 years ago
It’s great that government is trying to boost securitisations, but they’re missing the mark for CLOs -
Eagle Point cuts dividend payments on listed CLO equity fund
4 years ago
Eagle Point Credit Company has slashed its divident payment by 60% to eight cents a share, down from 20 cents a share, following losses to net asset value in the first quarter as a result of the coronavirus pandemic -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
4 years ago
Last year’s CLOs could become the benchmark for manager performance -
Distressed exchanges offer pathways to recapture value that others are trying to take from CLOs
4 years ago
Volcker rule amendments could protect CLOs from losing out to distressed funds in a restructuring -
Don’t be tempted by low debt costs — the key driver of performance in static CLOs is market timing
The development of a term curve in CLO debt does not necessarily make short tenor deals a good bet4 years ago -
Not all old tier one CLO managers lived up to their premier billing
The definition of a tier one manager has evolved from the days when big brands where considered best4 years ago -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
4 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet
4 years ago
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity -
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly
4 years ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs -
Eagle Point prices IPO for junior CLO debt fund
4 years ago
Eagle Point Credit Management yesterday announced the pricing of an IPO for its CLO junior debt fund named Eagle Point Income Company -
Eagle Point looks to complete IPO for CLO debt fund
4 years ago
Eagle Point Credit Management is looking to complete an IPO for a fund which invests in double B-rated CLOs, according to documents filed with the SEC -
The IRR of CLO equity is driven by far more than just initial spreads
4 years ago
No one ever says the CLO equity arb looks great. But even in particularly challenging periods there are ways for equity investors to generate strong returns -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Eagle Point's Majewski: a prudent warehouser can ramp very quickly in today's market [video]
4 years ago
Eagle Point Credit Management managing partner Tom Majewski discusses the state of the CLO market with Creditflux's Tanvi Gupta at the CLO Symposium in London -
Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
4 years ago
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences -
Japanese investors must confirm assets are appropriate... CLO managers can provide assurances
5 years ago
The stipulation that Japanese banks invest in appropriately formed assets is unlikely to hurt the CLO industry -
The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
5 years ago
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
5 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
We are yet to find a mass-media article that devotes attention to the potential merits of CLOs
5 years ago
Far too many recent mass-media articles critical of the CLO market are heavy on the hyperbole and light on the facts, writes our columnist and Eagle Point founder Thomas Majewski -
Wealth manager forms CLO partnership with Eagle Point
5 years ago
Alexandria Capital has formed a strategic partnership with CLO equity investor Eagle Point Credit Management -
If the loan was not cov-lite, it is likely that Weight Watchers would have defaulted
5 years ago
Cov-lite loans have negative connotations, but they will enable some companies to trade through a bad patch and return to health -
Mid market CLOs should outperform regular CLOs in the next downturn, conference hears
5 years ago
Middle market CLO managers are bullish on their prospects when the credit cycle does eventually turn, according to panelists at IMN’s ABS East conference in Miami this week -
Eagle Point eyes CLO BB tranches with new vehicle
5 years ago
CLO equity investor Eagle Point Credit Management has registered a new vehicle Eagle Point Income Company, which intends to focus on investing in CLO “BB” tranches -
US risk retention did wonders for CLOs
6 years ago
As managers circled the globe seeking to raise risk retention funds they sold CLOs to a whole new audience, says our newest columnist Eagle Point founder Thomas Majewski
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