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The Last Tranche with Christine Ferris
14 days ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
Rates are moving lower, which makes CLO equity look better versus loans
2 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
7 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. -
Basel III looks likely to further increase banks investment in CLO triple As
7 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
The pace in which we are seeing remediation today is very encouraging
7 months ago
Market participants smoothed the move from Libor to Sofr — but there is more to be done -
Borrowers are finding creative ways to address loan maturities
9 months ago
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
That’s another fine mezz I’d like to get into
2 years ago
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
"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 -
"We again have to flag up information in CLO marketing pitches that can mislead investors"
2 years ago
Cash-on-cash returns, default records and leverage statistics don’t always give CLO investors the full picture -
Points up front: HPS gives it 200%
2 years ago
One of the biggest fundraisers this year in credit is HPS Investment Partners. Its $11.7 billion Specialty Loan Fund V totals $15.4 billion including leverage -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
"Alongside larger private equity funds, loan volumes will continue to grow"
2 years ago
Spire's Phil Bennett-Britton takes our credit quiz -
CLOs seem like Premier League members in the world of finance
2 years ago
The CLO industry is in a privileged position and can wield its power to do good -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
3 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
"CLO managers who struck the right balance in 2020 are more easily able to reset their deals"
3 years ago
CLO managers were re-evaluated during the pandemic, and outperformers can expect to see benefits this year -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
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 -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones -
Past returns: Death by triple Cs? A step too far
3 years ago
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers -
Analysts have interpreted the IG credit risk premium in various ways — but the point is to harvest it
4 years ago
Selling CDS protection could be the most effective way of capturing excess premiums in investment grade credit
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