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Buy long-dated European bonds and hedge in tranche market, says SocGen
7 years ago
A research note from Societe Generale suggests rotating from US to European credit and trading relative value in iTraxx Main tranches as a tail hedge. -
Silvermine CLO becomes first 2.0 to miss equity payment, says Nomura
8 years ago
Silvermine Capital Management’s Silver Spring CLO has become the first 2.0 deal to miss a payment to equity following an overcollateralisation test breach -
Bank research takes aim at Prospect Capital over CLO equity marks
8 years ago
Further concerns have been raised about Prospect Capital’s (PSEC) CLO equity marks in a scathing equity research piece titled "The more things change, the more they stay the same." -
BAML sees big opportunities in US investment grade and energy credit
8 years ago
A research note from Bank of America Merrill Lynch’s credit strategy desk outlines the bank’s outlook for the second quarter of 2016 -
BAML's US credit investor survey highlights high yield demand
8 years ago
Survey of credit investors shows reduction in concern about uncertainties, but bank warns of cycle end -
Par building may not be enough to cure CLO test breaches, finds Nomura
8 years ago
Par building by CLO managers may not be enough to stave off the impact of recent defaults on overcollateralization test buffers, according to a research note from Nomura -
Buy shorter dated CLO triple-As to defend against volatility, says JP Morgan
8 years ago
Short-to-mid-duration CLO triple-A paper offers an attractive investment for buyers looking for downside protection, according to a JP Morgan research note published yesterday. -
Verso default pushes at least one CLO towards test breach, says Nomura
8 years ago
The recent chapter 11 bankruptcy filing by Verso has put one CLO in danger of failing its interest diversion test, according to a recent research note from Nomura. -
Limited loan collateral will stunt CLO issuance in 2016, says Citi
8 years ago
European CLO issuance is set for another hard year in 2016, according to a research note from Citi -
Financed CLO vertical retention strips could yield 7.1% IRRs, finds Citi
8 years ago
Vertical strip financing is a viable method for complying with forthcoming risk retention rules and can provide attractive returns for both managers and financing providers, according to research published this week by Citi -
CLO energy exposure has increased in 2015, finds Barclays
8 years ago
Average energy credit exposure in CLO portfolios has increased this year, according to research published by Barclays. -
Primary CLO mezz tranches are a solid buy, says JP Morgan
8 years ago
New issue US CLOs have widened significantly in the last six weeks, opening attractive opportunities for mezzanine debt investors, according to research published by JP Morgan -
CLO market could see $20 billion more in refis this year, says Citi
8 years ago
In a recent research piece, the bank notes that $145 billion of non-Volckerised CLO notes set to be callable by the end of 2015, setting the scene for a surge in 2.0 refinancings. -
Loan repricing wave could slow US CLO issuance, says Barclays
8 years ago
Spread tightening in the secondary loan market looks set to trigger a wave of loan repricings in the coming weeks, according to research published by Barclays -
Expect to see longer CLO non-call periods in 2015, says Barclays
9 years ago
Research published last week by Barclays states that the value of near-term call options for new deals is limited, and that managers can reduce funding costs by issuing CLOs with longer call locks -
Barclays suggests US loan-for-bond switch trade
9 years ago
Investors seeking yield should trade out of loans and into secured bonds, according to research published last week by Barclays. -
Equity buyers step back from CLO primary market, finds Wells Fargo
9 years ago
High funding costs coupled with loan market volatility are two reasons why CLO equity buyers are sitting on the sidelines, according to research published by Wells Fargo
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