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Credit hedge funds
9 months ago
Credit hedge funds performance data -
Credit funds at a glance
9 months ago
Fund performance, fund raising and LP commitments -
CLOs at a glance
9 months ago
New CLOs this month -
Treble top: CSAM wins best manager again
10 months ago
Returning to the Landmark Hotel in London, the 2023 Creditflux manager awards looked back at a year that saw the CLO market in flux. After the stability of 2021, the markets hit a rocky patch and US CLO triple As ranged from 110-290 basis points. -
CLOs march onward despite broken arb
10 months ago
Speakers at Creditflux’s CLO Symposium agreed that the arbitrage has been terrible this year. But they were also united in their pleasant surprise that this hasn’t shut the market down -
Celebrating diversity
10 months ago
The Creditflux London Women in CLOs event saw 100 participants gather for an evening of networking, empowerment and mentorship at the Landmark Hotel -
Fund performance
10 months ago
A roundup of fund performance -
Look deeper to uncover ESG performance in CLOs
11 months ago
New research from Fitch Ratings, which examines ESG Score analysis from Sustainable Fitch, examines how European CLOs are performing on ESG criteria and has confirmed that the wording in documentation really does make a difference — but only if you look below the surface. -
CLO funds make best of a bad situation
1 year ago
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies -
Rope-a-dope brings knock-out returns
1 year ago
Post-pandemic US and European CLOs delivered mid-teen equity returns in 2022, despite a barrage of weak macroeconomic news and what could have been a heavyweight Libor mismatch -
We made the most of a tricky situation
The contrast between 2021 and the following 12 months could not have been starker. But although some heavy hitters remained on the sidelines, 94 US CLO managers priced new deals in 2022 -
Are we ready for another crisis?
1 year ago
Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions -
Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory -
Weren’t there more of us than this?
1 year ago
According to this year’s Creditflux CLO Census, the CLO industry is not feeling optimistic. Some investors have vanished and managers have not taken advantage of helpful market conditions -
What matters is what you do with it
1 year ago
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed -
We can cope with downgrades again
Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios1 year ago -
Can someone call the triple A? We’ve stalled
1 year ago
CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt -
You seem familiar
1 year ago
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator -
We’re drifting apart
1 year ago
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs -
Arb work pays off
2 years ago
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen -
HY fund is exception to rule of CLOs
2 years ago
CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021 -
I’ll see your 2020 and raise you 2021
2 years ago
Discounted loans, Libor floors and bond flexibility helped make 2021 an even better year for CLO returns than 2020, as US CLOs distributed 15.54% and European CLOs paid 13.93% annualised -
CLO managers show respect to their elders
2 years ago
Alongside lucrative new issues, managers also make time for refinancing and resetting old deals. Our data shows that, in 2021, mid-sized firms were the most effective at this balancing act -
A fresh approach to loss distribution
2 years ago
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions? -
These CLO docs could be better
2 years ago
It seems there’s not much to worry about if you’re in the CLO market. In Creditflux’s CLO Census, voters said docs should follow a template as Jefferies, AGL and Hayfin emerge as rising stars
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