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Private credit is the regulatory fix that became an asset class
8 days ago
Institutional investors have pushed private credit to greater scale than either loans or bonds -
As banks are forced to offload more risk, SRTs build an increasingly long list of advantages
1 month ago
Banks — even global systemically important banks — need additional capital. Problem CRE exposures, increased reserve requirements for expected credit losses under IFRS9/CECL, the entrance of government bond portfolio losses... -
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. -
Rates are moving lower, which makes CLO equity look better versus loans
2 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
As the economic environment evolves, investors need to change too
2 months ago
Ten years ago, I became a regular contributor to Creditflux. It seems like yesterday — until we reread our debut submission. -
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. -
Private credit’s abundant dry powder is great news for CLOs as well as borrowers
4 months ago
The recent rapid growth in private credit funds has garnered much attention from market participants and media pundits. While naysayers warn that this “shadow banking” channel could be a bubble waiting to burst in the higher-for-longer environment, issuers and investors continue to flock to the asset class. -
Nordic countries have much in common — including a growing appetite for private credit
5 months ago
Norway, Sweden and Denmark share many similarities. The ‘Nordic model’ includes high standards of living, free-market economies, liberal welfare states, a tendency for workers to unionise, and a relatively narrow gap between low and high earners. -
It’s not just high interest rates that are helping CLOs outperform
5 months ago
It is unlikely a well-capitalised sponsor would allow a growing portfolio company to default -
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. -
Points up front
9 months ago
Get off the bus, but don't despair -
We pulled back because yields didn’t seem to match the risk. Now it’s better
10 months ago
During visits to Melbourne and Sydney last month, conversations with clients and friends about private debt revealed important contexts to understanding how investors there think about the asset class. -
Past returns: UBS gives up on CLOs
1 year ago
10 years ago, officials at UBS told Creditflux they were not closing their CLO origination business, despite mounting evidence to the contrary -
" 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 -
Points up front: CLO PM to cheese-maker? You cheddar believe it
1 year ago
Hear the phrase “it’s close to maturity” and CLO investors might be put off by a bond that’s seen better days... -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
Past returns: US firms become Euro CLO issuers
1 year ago
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention. -
"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 -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
1 year ago
The two segments of the loan market are on different paths as mid-market volumes rise -
Points up front: ESG official rants at ESG
1 year ago
Stuart Kirk, the former head of responsible investing at HSBC Asset Management, signed off on a frank note as he unveiled his resignation on LinkedIn -
"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 -
"If earnings weaken, equity and credit markets could enter a new phase in the sell-off"
1 year ago
High yield has outperformed equities since the sell-off this year, but that relationship could change -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As
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