- Direct lending (2)
- Emerging markets (2)
- High yield bonds (10)
- Investment grade credit (4)
- Structured credit (7)
- CLO (114)
- Distressed debt (2)
- Credit derivatives (6)
- Leveraged loans (15)
European loan trading: CLO managers snack on Ifco loans2 days ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par
Anchor equity in 2018 CLO reissue fails to trade in secondary market8 days ago
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux
Controlling equity stake in 2018 CLO fails to trade in secondary market14 days ago
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade
Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper16 days ago
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.
US CLO b-wic round-up: secondary volumes reach new heights with equity lagging16 days ago
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest
Doing CLOs is hard work as recovery lags26 days ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more
Arrival of five-year bespokes draws in CLO investors27 days ago
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.
Investors regain nerve to trade the curve27 days ago
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results.
The synthetic bespoke market could definitely do with the company of the rating agencies27 days ago
It’s about time CSOs opened the door to the rating agencies — it would be good for investors and the agencies
There’s pain to come for those who have become too greedy27 days ago
Stephen Catling of Connection Capital takes our credit quiz
Global b-wic round-up: Short-dated CLO paper hits the market1 month ago
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.
Global b-wic round-up: US CLO equity continues its surge1 month ago
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.
Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs1 month ago
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week
Ice seeks consensus with credit risk analytics service1 month ago
Intercontinental Exchange (Ice) has launched ICE Credit Risk, a suite of analytics it will provide in collaboration with financial risk assessment company Credit Benchmark
- The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates1 month ago
CLO single Bs to return with higher attachments1 month ago
US CLO equity investors this year seem to be focused on downside risk and this is evident in the lack of single B-rated debt in 2019 CLOs. However, there is demand emerging for a new style of single B-rated tranches that are forcing some equity investors to reconsider their stance.
Control equity available in BlackRock CLO just one month after first payment1 month ago
Control equity in BlackRock's 2018 European CLO is up for auction today at 10am New York time (3pm London), according to market sources
Global b-wic round-up: secondary flows drop to $599 million in the US1 month ago
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings
Global b-wic round-up: focus shifts to the wings of the capital structure2 months ago
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention
Loan trading round-up: CLO managers fall out of love with First Data2 months ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans
Control equity in two US CLOs changes hands in secondary market2 months ago
Control equity in three US CLOs was up for sale yesterday at 10am New York time, according to market sources
Large, liquid loans aren’t always perfect2 months ago
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically
Moving on from the late 2018 hangover2 months ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues
Global CLO b-wic round-up: Europe and US an ocean apart as flows reverse2 months ago
Last week saw €102.35 million of European CLOs listed on the secondary market, only the second instance of 2019 with over €100 million of items put up for auction, but the US CLO b-wic market closed a strong month with a down week.
Global CLO b-wic round-up: fixed tranches make their way into European secondary3 months ago
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i.
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