CLO performance is faltering – a loans shock would help23 days ago
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
CLOs aren’t as similar as you might think23 days ago
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
Issuers excited by busy first quarter23 days ago
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
Tracking down the credit industry’s original winners23 days ago
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?
Tastes change in secondary trading1 month ago
Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.
A credit market in constant flux1 month ago
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next?
Making it to the top: women reflect on changes in the CLO industry1 month ago
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
Tapping Europe doesn't always pay2 months ago
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.
Building new ways to evaluate CLOs2 months ago
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
Managers predict skill will win out3 months ago
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist
Who predicted $145 billion of issuance?3 months ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson
Manager activity spreads across US4 months ago
In 2016, there were 83 CLO managers active in the US; by the end of 2017 there were 121
Managers pick spots on CLO curve5 months ago
As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot.
CLO managers return to new issues6 months ago
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets
Genesis of a CLO desk7 months ago
On the 10-year anniversary of Genesis CDO I, Creditflux analyses the development of Deutsche Bank’s structured credit desk. By Hugh Minch
Investors prefer direct lending to CLOs7 months ago
For the first time in the history of Creditflux’s credit allocator survey, investors have voted direct lending the best investment in credit. CLOs came joint second. By Michelle D’souza
Finding horizontal and vertical angles7 months ago
2017 CLOs where managers hold a vertical strip have higher spread portfolios and higher leverage than those with a horizontal risk retention investment. By Tanvi Gupta
Chance encounter sets up CIFC sale8 months ago
Selling a business can be arduous, frustrating and nerve-wracking. An exhaustive process does help – but sometimes it takes a bit of luck for a deal to go through
- 8 months ago
Spread decline makes style vital9 months ago
It’s not the number of CLOs you manage, it’s how you manage them: with 62 US firms pricing CLOs this year, managers are keen to stand out from the crowd
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