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75 results found Showing page 1 of 3

  • Buy and hold isn’t only option for CLO equity
    New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters

    12 days ago
  • Widening whisks market back to 2017
    Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.

    12 days ago
  • Managers digest blockbuster deals
    Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv

    12 days ago
  • New issues keep managers busy in summer season
    New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1

    1 month ago
  • Finding a way around the regulator’s web
    In Europe, direct lending funds are usually caught in the complex web of requirements spun by national regulators. But unregulated funds can sidestep many rules and be launched more quickly

    1 month ago
  • Updated, upgraded and ready to launch
    Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations

    1 month ago
  • Time to reprice? Then compare the market
    CLOs no longer fizzle out. Instead, they go through multiple repricings, where, with stakes lower and deadlines tighter than when they were issued, their managers can try alternative arrangers

    1 month ago
  • Still weighed down by 2015 oil price slump
    It’s three years since the depths of the oil crisis but offshore service companies — such as the helicopter businesses that transport workers to oil rigs — are not seeing lift-off in prices or profits

    1 month ago
  • August: fund performance
    CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

    1 month ago
  • September: credit funds at a glance
    White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

    1 month ago
  • Wide CLO pricing need not be a drag
    Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers

    2 months ago
  • Weighted average life divides CLO industry
    Creditflux’s second CLO Census reveals stark differences of opinion on weighted average life and par-flush for US CLOs. But there is a clear consensus on which bank is best at CLO execution

    2 months ago
  • Loan market finds balance as spreads edge wider
    New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers

    2 months ago
  • Being long-only is just so 1980s
    At the Credit Dimensions event in New York, structured credit investors looking to spruce up or repair their portfolios were advised to look at CSOs, index tranches and credit default swaps

    2 months ago
  • Blockchain drags credit into the future

    Pioneering corporate bond and loan issues that use blockchains have began a major evolution in the credit market. At last, fax machines may permanently be consigned to the scrap heap
     

    3 months ago
  • Star names join Barclays as it pushes into CLOs

    John Clements’ move to Barclays has been voted one of the biggest moves this year. On the buy side, Carlyle’s private credit growth and Alcentra’s US expansion have been boosted with big hires
     

    3 months ago
  • Not a bad time to try your hand at CLOs

    In a busy second quarter, CSAM nudged ahead of Carlyle, CLO spreads moved wider for the first time in months, and a posse of established credit managers made the grade in US CLOs
     

    3 months ago
  • Trimming hedge costs with a mark-to-market approach

    Credit default risk is usually hedged with equity options. But Avino and Salvador believe that hedging using changes in the market value of credit exposures is a cost-effective alternative 
     

    3 months ago
  • Investors gain upper hand in doc negotiations

    Late June saw the balance of power shift slightly in favour of loan investors, with repricing rates rising and doc terms improving as a glut of borrowers sought to get deals done by the quarter end 
     

    3 months ago
  • 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%

    4 months 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  

    4 months 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

    4 months 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

    4 months 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

    4 months 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
     

    5 months ago

75 results found Showing page 1 of 3

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