An end to bump and reval
Adjoint algorithmic differentiation can slash the computational time for valuation by three orders of magnitude. Luca Capriotti and Jacky Lee show how it can be applied to credit

Putting low rates under a microscope
Cho-Hoi Hui suggests using a double square-root process with a non-linear drift term to capture recent near-zero interest rates more accurately when pricing corporate bonds

Project finance: solo investors bridge funding gap
Deals with a single large investor seem to be the only way to overcome Europe's €2 trillion hole in infrastructure financing

A European at the heart of US CLOs
Deutsche Bank has carved out a distinctive role in the CLO business as a bridge between the US and Europe

Together, they’ve gone far
The stable Wells Fargo team that came together at Wachovia is now backed by one of the big four US banks. It's a combination that dominates in US mid-market CLOs

CLOs win out in the crisis
Analysis shows that, as an alpha-generating asset class, CLO equity has an edge over hedge funds and private equity since the onset of the global financial crisis

Oh Brothers, where art thou?
Lehman Brothers’ collapse scattered one of the best regarded structured credit teams in the business around the investment banks and hedge funds of the world

Mined in Paris. Forged in London
In Paris, an exclusive university has built a web of well educated and well connected credit traders, sales people and structurers who now circle the financial world

Apidos - Credit’s true believers
Few CLO managers can boast they have never failed an OC test. Apidos can, and it wants the world to know about its track record

The prudent choice
Managers at Pramerica Fixed Income (which is called Prudential outside the UK) believe it has the scale and track record needed to secure replacement mandates

Doing the right thing
Babson Capital is convinced that its fundamentals-based, long-term approach is the proper way to do business. It worked in the last cycle, and this is no time to look for short-term fixes. Facing their biggest test since the product emerged in the late 1990s, many CLO managers seem unsure how to confront an unprecedented decline in par values, soaring triple C buckets, rising defaults and the prospect of junior management fees being cut off. But the team that runs CLOs for one of the biggest and best established US managers has strong views about the right approach.

Managers: Keeping off the leading edge
Managers: Keeping off the leading edge

Stanfield gets back to basics
Credit downturns are nothing new to Stanfield Capital – so it has been preparing for the coming default cycle for some time

Picking winners and timing
Mark Okada is chief investment officer of Highland Capital Management, the credit asset management firm he co-founded with James Dondero

Looking for the local angle
After a year of double digit growth, investors in emerging markets local currency debt will have to work harder for returns

The wild cat strikes early
To get a feel for the world of CDOs, according to Prudential M&G, one could do worse than look to its Panther series

Building CDOs on solid foundations
A disciplined credit approach and an incentive scheme that closely aligns manager and investor interests are among the factors that underpin BlackRock's CSO strategy

The great asset feast of 2006 - cash CDO league tables
Cash CDO volumes more than doubled in 2006 with issuance up across almost every category

The importance of being early
Brendan Collins and Bernard Dougherty are portfolio managers within the portfolio management group at Pacific Life Insurance Company, headquartered in Newport Beach, California. Collins and Dougherty focus on structured credit and alternative investment strategies within the team that manages Pacific Life's general account

New products for new markets
New products for new markets

End view: How to add alpha in EM
End view: How to add alpha in EM

End view: Wildcat manager eyes new prey
End view: Wildcat manager eyes new prey

Investor profile: RAB's nimble footwork pays off
Investor profile: RAB's nimble footwork pays off

Investor profile: UOB goes yield hunting
Investor profile: UOB goes yield hunting