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As the economic environment evolves, investors need to change too
1 month ago
Ten years ago, I became a regular contributor to Creditflux. It seems like yesterday — until we reread our debut submission. -
We pulled back because yields didn’t seem to match the risk. Now it’s better
9 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. -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
11 months ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"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? -
"Ironically, the better prospects for floating rate assets leads some to wait for even better returns"
1 year ago
Ironically, the better prospects for floating rate assets leads some to wait for even better returns -
"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 -
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 -
"ESG should not be viewed as a set of principles being imposed on investors — it’s a natural evolution"
1 year ago
It’s not easy for fund managers to assess the most green option -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
1 year ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"‘B-level’ assets could struggle to find optimal valuations"
2 years ago
Acquisitions are increasing and companies focused on health and technology could benefit -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe -
"It’s not unusual for investors to toggle between the US and Europe depending on pricing and terms"
2 years ago
The accents may be different, but US and European direct lending markets have a lot in common -
"Having multiple sources of data for investors is particularly helpful in opaque markets like private debt"
2 years ago
Our columnist looks at the new Lincoln International Senior Debt Index and finds total returns of 154.3 since 2014 -
"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 year that looked like it would be a total wipe-out ended up being very constructive indeed
3 years ago
Our columnist looks back at some of the surprises of 2020 -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
They said it: "It’s been a tale of the haves and the have nots"
3 years ago
At Creditflux’s US Private Credit event, binary outcomes in direct lending were discussed -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
Investors take comfort from an active secondary market, but liquidity can be a mixed blessing
3 years ago
One of the most interesting characteristics of credit behaviour during the coronavirus era has been the momentum of junk bonds, with sharp changes in issuer and investor confidence around the asset class driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels and skewed-to-worse ratings for leveraged loans -
Liquidity is king. A company with a sound long-term value proposition may not last the next few weeks
3 years ago
For borrowers — and credit providers seeing revolvers drawn down — liquidity is the greatest concern -
Private credit is not overcrowded — there is four times as much private equity dry powder
4 years ago
With much negative reporting around private credit, our columnist debunks oft-heard complaints -
The manager, not the market, decides value in direct lending
4 years ago
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash -
Negotiating terms up front and getting comfortable with the precedent document is key
4 years ago
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants
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