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Deutsche Bank and PSL launch index for European CLOs
8 days ago
Deutsche Bank has launched a total-return benchmark index for euro-denominated CLO debt. -
Barclays raises 2024 US BSL CLO new issue forecast
12 days ago
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast -
European CLO equity distributions keep getting better, US keep getting worse
16 days ago
The latest distributions for post-reinvestment US CLOs show the impact of rapid prepayment rates, but post-reinvestment European CLOs are bucking that trend and seem to be improving with age. -
Fresh wave of CLO calls looms as US equity distributions drop
1 month ago
Equity distributions for US CLOs outside their reinvestment period continue to fall as prepayments cut into cashflows -
European CLO primary spreads still have a long way to go
1 month ago
Are European CLO spreads in the primary market cheap or expensive? Our latest research shows that while US managers can celebrate AAAs reaching the 150s, in Europe spreads still have a long way to go to reach historical norms. -
New research says that CLO arb is better than you think, but still not good enough
2 months ago
New research by Barclays’ Powell Eddins and Pranava Boyidapu suggests that CLO arbitrage is in a better place than many investors think, but that BBs are still more attractive -
Investor wades into debate on whether CLO BB notes are literally underrated
2 months ago
The latest piece of thought-provoking research from Flat Rock Global broaches the thorny topic of structured credit ratings, asking “Are CLO BB Notes Investment Grade?” -
Manager tiering matters, but don’t rely on proxies like WAS or WARF
7 months ago
With manager tiering continuing to dominate CLO primary pricing levels we take a look at the 2021 vintage to see how much difference a manager really makes to deal performance -
Large CLO managers outperform their smaller peers
8 months ago
Size does matter according to our latest research that finds that larger US CLO managers have consistently outperformed their smaller counterparts. -
Secondary CLO prices continued to rise across June
8 months ago
US BWIC secondary prices continued to rise in June, according to a report by KopenTech. -
Slow pace of loan prepayments increasing CLO tranche WAL, finds Barclays
9 months ago
Prepayment rates in the leveraged loan market have dropped to post-financial crisis lows, thereby increasing CLO debt tranches' weighted average life and slowing the pace of amortization for deals that have left reinvestment, according to new research published by Barclays -
Do amend and extends now before big chunk of CLOs exit reinvestment, says BofA
9 months ago
Research analysts at Bank of America are recommending CLO managers complete amend and extend activity before a wave of transactions exit their reinvestment periods later in the year -
34% of CLOs rated by Fitch out of reinvestment
9 months ago
34% of the CLOs rated by Fitch Ratings have left their reinvestment periods including six deals that exited in May, the rating agency said in a note to clients on Thursday -
Student loans emerge as headwind for loan market, says BofA
9 months ago
American graduates are poised to resume student loan repayments in August, and new research from Bank of America suggests the change could be a headwind for the loan market due to weaker consumer demand. -
More than 45% of Euro CLOs to be out of RP by Q1 2024, Fitch says
10 months ago
More than 45% of Fitch-rated reinvesting European CLOs are anticipated to be out of their reinvestment period by the end of Q1 2024, up from around a third as of April, which could lead to rating pressure for mezzanine tranches in those deals -
CLOs are our highest-conviction investment category, says Oaktree
1 year ago
Oaktree Capital Management has said that CLOs are the firm's 'highest-conviction investment category' in a credit market outlook study published on Thursday, despite the recent turbulence stemming from the collapse of Silicon Valley Bank -
Euro CLO exposure to financial sector 'limited', say Fitch
1 year ago
European CLO exposure to the financial sector is 'limited' and CLO ratings will not be impacted by UBS's acquisition of Credit Suisse, according to new data from Fitch Ratings -
Loan trading within European CLOs drops to 0.6%: BofA
1 year ago
European CLO manager trading activity declined sharply this year amid less leveraged loan primary supply and declining secondary liquidity, according to Bank of America research -
Investors should pair short CLO triple As with long MBS for best returns, says Janus Henderson
1 year ago
Senior figures at Janus Henderson Investors have recommended that credit investors should pair short duration CLO triple As with longer duration mortgage backed securities to optimise their returns, in a research article published on Tuesday -
Five issuers account for 22% of Euro CLO triple Cs: BofA
1 year ago
22% of triple C-rated debt in European CLOs originates from just five issuers, according to analysis from Bank of America research this morning -
CLOs cheap to corporates but expensive to agency MBS, says BofA
1 year ago
CLO bonds are currently pricing cheap relative to corporates but look expensive relative to agency MBS bonds, according to new research from Bank of America -
CLO bond buckets balloon post-Volcker amendments, says BofA
1 year ago
CLO holdings of bonds in their portfolios has grown to $15 billion in the two years since changes to the Volcker rule allowed CLOs to hold the assets, according to new research from Bank of America -
Fitch raises low end of its default forecasts for US leveraged loans and high yield
1 year ago
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds -
US and European CLO metrics diverge, finds Barclays
1 year ago
CLO spreads saw a month-on-month move wider in December while key portfolio metrics such as weighted average rating factor (warf) and triple C buckets deteriorated in the US. However, European portfolio metrics showed some improvement -
CLO triple A tiering grew to 48bp by December, says PennMutual
1 year ago
The triple A spread differential between top and lower tier CLO managers widened to 48 basis points by the end of 2022 from just 18bp at the start of the year, according to new research published by PennMutual Asset Management
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