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We understand why the NAIC is open to a new framework
7 days ago
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage -
The markets are supporting high reset and refi volumes —but sometimes calls are a better option
1 month ago
Broadly syndicated loans and CLOs kicked off 2024 with a nice rally. As a result, we are seeing a resurgence of majority CLO equity holders exercising their rights to refinance, reset, or even call their CLOs. -
Private credit funds are more stable, lower levered and more regulated than you might think
2 months ago
The private credit market’s steady and impressive growth has caused some pundits to voice concerns about an eventual bubble. While we expect there to be more dispersion in private credit funds’ performance in the coming years, we don’t see signs that a bubble is about to burst. -
Basel III looks likely to further increase banks investment in CLO triple As
6 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
Borrowers are finding creative ways to address loan maturities
9 months ago
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. -
For the vast majority of managers, CLO AUM is akin to a melting ice cube
10 months ago
The past two years saw some of the largest ever CLO collateral manager acquisitions. We don’t expect this to ultimately lower the number of CLO collateral managers active in the market — each year brings new entrants — but it does create complications for investors in CLOs issued by both the acquired and the acquirer. -
The Last Tranche with Eagle Point's Ko: We haven't made a primary CLO equity investment in nine months
11 months ago
In this episode of The Last Tranche, Dan Ko, principal and portfolio manager at Eagle Point Credit Management, discusses the relative value opportunity in the CLO market -
" CLOs do not introduce more credit risk, nor do they offer less liquidity, than comparable products"
1 year ago
The pressure facing some banks is self-inflicted. Their portfolios lack exposure to CLOs -
Eagle Point announces numerous promotions including senior CLO officials
1 year ago
Eagle Point Credit Management has promoted five employees to senior principal and a further 16 employees to principal, the firm has announced -
CLO market observes SVB collapse with trepidation
1 year ago
CLO market participants observed the fallout from the collapse of Silicon Valley Bank with trepidation on Monday as fears over contagion in other parts of the financial landscape remained heighened -
CLO equity investors join forces to take on lowly loan CSAs
1 year ago
Private equity firms have held the upper-hand against US loan investors in the past few months, but the largest CLO equity investors in the business are working together to redress the imbalance between PE sponsors and creditors -
"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
1 year ago
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments -
Loan managers must act to prevent CSA leakage, say CLO investors
1 year ago
CLO investors have made clear that managers need to stay on top of US loan amendments that are switching benchmark from Libor to Sofr -
CLO managers get dusters out for ‘clean-up’ issuance
1 year ago
As leveraged loan prices recovered some of their value through November, a number of CLO issuers took the opportunity to term out underwater warehouses -
"With tools and data available, why do fake sellers need to abuse the b-wic process for price discovery?"
1 year ago
Penalties for CLO b-wic sellers who routinely do not trade would improve the secondary CLO market -
Banks are motivated sellers of loans and CLOs can benefit, says Eagle Point
1 year ago
Banks offloading loans long held on their balance sheets are providing CLOs with the opportunity to pickup primary market assets at deeply discounted prices, Tom Majewski, managing partner at Eagle Point Credit Management said on a company earnings call on Tuesday -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
Eagle Point and Investcorp are latest CLO firms to target SRTs
1 year ago
CLO investors and asset managers are increasingly warming to significant risk transfers (SRTs), with Eagle Point Credit Management and Investcorp Credit Management two recent examples -
"There is ample time and flexibility on the pathway from warehouse to securitisation"
1 year ago
A big loan sell-off does not mean CLO warehouses will be forced to liquidate -
LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
1 year ago
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end -
Market sentiment shifts as investors turn bullish on loans and CLOs
1 year ago
CLO market sentiment has shifted decisively in recent weeks with investors expressing more optimism than earlier in the year -
"The equity IRRs of enhanced CLOs are nearly all in the bottom decile of the market"
High triple C CLOs sound like a good idea on paper. But in practice, they have not fared well1 year ago -
Credit funds at a glance (August 2022)
1 year ago
A round up of fundraising and people moves in credit
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Eagle Point expands into structured products including SRTs with big hire
1 year ago
Eagle Point Credit Management has hired a head of ABS, MBS SRT and specialty finance, in a move which underlines the firm’s progression from a CLO equity investor to a broader credit asset manager. -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult
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