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65 results found Showing page 1 of 3

  • 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

    12 days 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

    12 days 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

    12 days 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

    12 days 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
     

    1 month 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
     

    1 month 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
     

    1 month 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 
     

    1 month 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 
     

    1 month 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%

    2 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  

    2 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

    2 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

    2 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

    2 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
     

    3 months 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

    3 months 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

    3 months 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
     

    3 months 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

    3 months 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

    3 months 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

    4 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
     

    4 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
     

    4 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

    4 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?
     

    4 months ago

65 results found Showing page 1 of 3

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