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56 results found Showing page 1 of 3

  • Mid market CLOs - the expanding middle
    The small band of middle market CLO managers employ a growing range of strategies - from direct lending-style origination, to dabbling in broadly syndicated loans - as they build out deals. Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5%

    15 days ago
  • Evolving strategy takes Norinchukin close to top spot in CLO investment
    Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor  

    15 days ago
  • New rules encourage growth in blossoming risk sharing market
    Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets

    15 days ago
  • Aircraft lessors: gathering clouds lead to talk of turbulence
    Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous

    16 days ago
  • Managers spot opportunity as leveraged loans soften
    An abundance of US leveraged loan issuance helped soften secondary prices even though the overall market is highly bid. Meanwhile, investors’ preference for floating rate paper hit high yield

    16 days ago
  • At the heart of CLO doc negotiations
    As investors up and down the capital structure shared their views on fictional US and European CLOs, we discovered that par flushes must be worded carefully or they could be a deal-breaker
     

    1 month ago
  • Higher leverage is on the horizon - but, for now, take in the MFN sunsets
    It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage

    1 month ago
  • Talk turns towards five-year deals as bespokes flourish
    There is growing appetite for longer-dated synthetic CDOs as credit curves steepen and competition among dealers steps up, but short mezz positions have also been working

    1 month ago
  • There are no perfect hedges for CLOs
    As the CLO market gets hotter and hotter, investors are seeking hedges against the inevitable downturn. But although there are a wide range of options, there is no consensus on which is best
     

    1 month ago
  • Investors gather to talk teams and tactics
    With US CLO risk retention recently ruled off-side, attendees at the Creditflux Symposium were expecting a number of small, nimble managers to enter the field of play as the year progresses

    1 month ago
  • Experienced CSAM holds off boutiques to win biggest prize
    Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

    1 month ago
  • CLO performance is faltering – a loans shock would help
    Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007

    2 months ago
  • CLOs aren’t as similar as you might think
    Almost 70% of some managers’ portfolios overlap with those of their competitors. But the average overlap is around 35% so there’s plenty of room for managers to express their preferred strategies
     

    2 months ago
  • Issuers excited by busy first quarter
    After 13 months of compulsory risk retention for US CLOs, it seems that the simplified regulatory regime is already encouraging a host of CLOs from returnees and new entrants to the market
     

    2 months ago
  • Libor rise gives timely boost to US loan yields
    Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market

    2 months ago
  • Tracking down the credit industry’s original winners
    All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
     

    2 months ago
  • Tastes change in secondary trading
    Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.

    3 months ago
  • Making it to the top: women reflect on changes in the CLO industry
    As a growing number of women break the glass ceiling and take senior positions in CLO firms, Creditflux asked about the opportunities and challenges they face. By Michelle D’Souza

    3 months ago
  • Dedication pays off in risk sharing
    Fund managers are pitching dedicated CRT funds to institutional investors as market hits €75 billion in 2017 and US banks start to take notice. By Sayed Kadiri

    3 months ago
  • Drug makers: desperately seeking pain relief
    With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger

    3 months ago
  • Tapping Europe doesn't always pay
    The premise – reaching a broader audience of investors – is sound. But some managers have found that opting for dual compliant CLOs is not worth the extra effort.

    4 months ago
  • Building new ways to evaluate CLOs
    For CLO investors, there is no longer a question of whether a particular CLO will be reworked; instead, they must judge when, and how dramatically, its terms will change. By Tom Davidson

    4 months ago
  • Synthetic CDOs seek to follow CLOs
    Growing issuance, interest in longer maturities and the emergence of a secondary market are encouraging dealers to believe that bespokes are on the road to acceptance. By Sayed Kadiri

    4 months ago
  • Managers predict skill will win out
    We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

    5 months ago
  • US pensions look beyond equities
    US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist

    5 months ago

56 results found Showing page 1 of 3

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