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Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
5 months ago
I’ve just returned from a trip to London, my first since taking on the mantle of editing Creditflux, and was struck as always by how stubbornly far apart the European and the US markets remain. -
Points up front
8 months ago
Get off the bus, but don't despair -
Letter from the editor
9 months ago
It’s a curious thing to come back to your beginning, but that’s where I find myself, writing this letter as the new editor of Creditflux. I first joined 17 years ago, fresh out of university. -
Past returns: Alhambra CLO paves the way
1 year ago
Five years ago in Creditflux, we reported that Be-Spoke Capital was launching the first SME European CLO since the financial crisis. -
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 -
"Rules require 5% risk retention, but for first loss CRS that is not enough"
2 years ago
PGGM's Mascha Canio takes our credit quiz -
Past returns: Ares constructs private CLO
2 years ago
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
Past returns: Mid market CLOs move into light
2 years ago
Ten years ago in Creditflux, we reported that S&P was reducing shadow ratings after it notified CLO managers it would not assign such ratings to companies with more than $499 million of outstanding debt -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
2 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
A transformational framework means fund managers have to drive real-world change
3 years ago
There are managers who make transformational investments, those who incorporate ESG and those who do nothing -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
3 years ago
Last year’s CLOs could become the benchmark for manager performance -
Points up front: Despite the fees, European SME CLOs are the future
3 years ago
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital. -
Points up front: Funky fund manager is music to our ears
It’s important for direct lenders to strike a chord with borrowers when they pitch flexible financing solutions. But for Churchill chief executive officer Ken Kencel, it’s equally important to play major chords outside work. -
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 -
Experience has taught me to be sceptical of second lien loans
4 years ago
Alex Jackson takes our credit quiz -
They said it: BSL loans and mid-market loans are basically the same thing
5 years ago
A US CLO portfolio manager is heard putting himself forward for a direct lending fund management role.. -
Staying afloat in credit takes care and character
5 years ago
In his final article, our columnist sheds light on his identity and has some 'nice' advice for those navigating credit’s changeable oceans -
Points up front: the best way to source direct lending loans is to sit and wait
6 years ago
Spend a few minutes in the company of a direct lending manager and you’re sure to hear about the lengths to which funds go in order to source deals (one firm said that it operates a call centre in order to contact borrowers). Not so Pascal Meysson, managing director at Alcentra. -
Join the debate: is Christopher Nolan moonlighting for Creditflux?
6 years ago
A story last month on direct lender Prestige caused one reader to draw comparisons with a script from film director Christopher Nolan -
Points up front: zombie managers near extinction
6 years ago
The long-term nature of CLOs means the market tends to have a large number of zombie managers, those with one or two deals outstanding but no plans for future issuance. However, a spate of redemptions, especially in Europe, has swept away some of the ghostly deadwood. -
The biggest credit stories in 2017
6 years ago
CLO ramp-up risk, new risk retention proposals and new CLO joint ventures were in the headlines last year. Here, Creditflux reveals the most read stories of 2017 -
Fishknife classified advertising
6 years ago
Classified ads -
Points up front: the biggest leaving do of the year
6 years ago
Key players from across the CLO industry gathered to bid farewell to Alcentra’s Hiram Hamilton, who is swapping London for New York.
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