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56 results found Showing page 1 of 3

  • Large, liquid loans aren’t always perfect
    CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

    14 days ago
  • Moving on from the late 2018 hangover
    It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

    14 days ago
  • Loans recover slightly after late-2018 havoc
    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
     

    1 month ago
  • It’s going to be a credit picker’s market
    Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

    2 months ago
  • Retail fund pain is a CLO manager’s gain
    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 years

    2 months ago
  • Loan volumes fall in Europe but rise in US
    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 markets

    3 months ago
  • Finding the hidden value in success
    Learning from one’s mistakes is often cited as key to professional development. However, widening this perspective and paying attention to things that go well can further improve performance

    3 months ago
  • Managers digest blockbuster deals
    Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv

    5 months ago
  • New issues keep managers busy in summer season
    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 Q1

    6 months ago
  • August: fund performance
    CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

    6 months ago
  • September: credit funds at a glance
    White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

    6 months ago
  • Loan market finds balance as spreads edge wider
    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 borrowers

    7 months ago
  • Blockchain drags credit into the future

    Pioneering corporate bond and loan issues that use blockchains have began a major evolution in the credit market. At last, fax machines may permanently be consigned to the scrap heap
     

    8 months ago
  • Star names join Barclays as it pushes into CLOs

    John Clements’ move to Barclays has been voted one of the biggest moves this year. On the buy side, Carlyle’s private credit growth and Alcentra’s US expansion have been boosted with big hires
     

    8 months ago
  • Loan managers can start to be selective

    The portfolio overlap in European CLOs — at roughly 45% — is 10% higher than in the US. But newcomers and smaller managers stand a good chance of differentiating themselves.
     

    8 months ago
  • Steelmakers forge links in face of overcapacity

    Steel producers are the strongest they have been for many years and consolidations such as Thyssenkrupp Tata Steel should lead to savings, but surplus capacity remains an issue

    8 months ago
  • Investors gain upper hand in doc negotiations

    Late June saw the balance of power shift slightly in favour of loan investors, with repricing rates rising and doc terms improving as a glut of borrowers sought to get deals done by the quarter end 
     

    8 months ago
  • New rules encourage growth in blossoming risk sharing market
    Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets

    9 months ago
  • Aircraft lessors: gathering clouds lead to talk of turbulence
    Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous

    9 months ago
  • Managers spot opportunity as leveraged loans soften
    An abundance of US leveraged loan issuance helped soften secondary prices even though the overall market is highly bid. Meanwhile, investors’ preference for floating rate paper hit high yield

    9 months ago
  • Higher leverage is on the horizon - but, for now, take in the MFN sunsets
    It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage

    10 months ago
  • There are no perfect hedges for CLOs
    As the CLO market gets hotter and hotter, investors are seeking hedges against the inevitable downturn. But although there are a wide range of options, there is no consensus on which is best
     

    10 months ago
  • Experienced CSAM holds off boutiques to win biggest prize
    Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

    10 months ago
  • CLOs aren’t as similar as you might think
    Almost 70% of some managers’ portfolios overlap with those of their competitors. But the average overlap is around 35% so there’s plenty of room for managers to express their preferred strategies
     

    11 months ago
  • Libor rise gives timely boost to US loan yields
    Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market

    11 months ago

56 results found Showing page 1 of 3

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