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Fishknife: recovery black hole sucks in credit risk
7 years ago
In constantly evolving debt markets our approach to recovery rates must be less of a leap in the dark -
Fishknife: classified advertising
7 years ago
Products and services you may need -
Fishknife: insurers are natural partners for managers
7 years ago
Tie-ups between credit managers and insurers make sense because of insurers’ long-term liabilities -
Fishknife: meet the new owners of the CLO industry
7 years ago
The coming wave of CLO M&A will consist of few mergers but lots of acquisitions -
Fishknife: ECB bond buying will make us all forget credit risk
7 years ago
The credit market is dominated by a game of guessing which bonds the central banks will buy next -
Fishknife: Enter BDC badlands at your own risk
7 years ago
Make a hash of running non-traded BDCs and the retail investors buying them will suffer – and so will you -
Bring back Honest John (but make him honest)
7 years ago
Without used car dealers like Honest John, new car sales would stall. It’s much the same for bonds -
Rush into private credit risks being a dangerous stampede
7 years ago
Amid rural Pennsylvania’s fields of grazing cattle, a smallish asset manager plies its trade -
Fishknife: insurance companies stray out of their comfort zone
7 years ago
Insurers are natural buyers of illiquid credit strategies. But regulation drives them to unsuitable investments -
Fishknife: Credit hedge funds are a safe and sensible option
7 years ago
They don’t do much hedging and many never go short but credit hedge funds are more than just long-only funds with big fees -
Don’t let robo-lenders get out of control
8 years ago
Some day computers may replace highly paid analysts. But today, automated lending is an invitation to fraud -
I know why the angry bird sings
8 years ago
Birds and banks aren't rational, but both can be stopped by a long hard winter -
Fishknife - Don’t short high yield – yet
8 years ago
Ellington's bearish call on the bond market is bold but wrong -
Fishknife classified advertising
8 years ago
All the ads look the same these days -
LSTA responds to Fishknife on loan mutual funds
8 years ago
LSTA responds to Fishknife on loan mutual funds -
Peer-to-peer lending is the new subprime
8 years ago
Returns for retail investors in peer-to-peer lending are paltry considering the risks involved -
Fishknife - Liquidity: regulators get to grips with a real problem
8 years ago
The SEC's proposal on mutual fund liquidity is too complicated – but at least it isn't aimed at yesterday's issues -
Fishknife - CLO managers will proliferate not consolidate
8 years ago
Anchor investors may set up in-house or captive managers and then pocket the management fee -
Fishknife - ETFs could break down when dealers look away
8 years ago
They are growing fast, they are poorly understood and their name is a three-letter acronym. Are ETFs the next big risk? -
Falling fees don’t signal the end of credit hedge funds
8 years ago
The end of the recovery trade will force hedge funds to think hard about their futures -
Fishknife - Constructing a catastrophe
8 years ago
Solvency II isn't just overcomplicated – it's also a threat to the stability of the global economy -
Fishknife - It’s solid. It’s big. And suddenly it’s gone
8 years ago
Standardisation may boost bond market liquidity. But what credit really needs is a more diverse investor base -
Fishknife - The dangers of sleeping next to elephants
8 years ago
A single dominant shareholder is a bad idea in a real company – so why do we think it's a good idea in a CLO? -
Fishknife: Germans will like credit – but only if we’re sensible
9 years ago
German institutions could be major, long term buyers of credit products if we don't scare them away -
Fishknife - This isn’t the direct lending revolution we signed up for
9 years ago
Europe's fast-growing “direct lending” market is merely the mezz business rebranded
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