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10 results found Showing page 1 of 1

  • Seriously, the CLO arb is difficult right now

    We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

    20 days ago
  • Budge up, more new managers are coming

    Room for 10 more? The average loan overlap among recent European CLOs is 48.7% – so the expected influx of new managers will have to work hard to distinguish themselves from the pack 

    20 days ago
  • New kids on the block dominate awards

    Two firms that have been in the market for fewer than seven years were named the top managers at the Creditflux awards last month. Manager of the year Spire only issued its first CLO in 2015 

    20 days ago
  • CLOs at a glance
    A round-up of CLO performance

    1 month ago
  • Large, liquid loans aren’t always perfect
    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

    2 months ago
  • We can’t hide it any longer, we’re tiering up
    With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role

    3 months ago
  • Keep calm and buy corporate loans
    Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

    4 months ago
  • The financial crisis was the making of ’em
    Some of the largest and best performing CLO managers before the crisis were fairly nimble by today’s standards — but these 1.0 outperformers are now among the biggest names in the industry

    6 months ago
  • Tastes change in secondary trading
    Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.

    1 year ago
  • It pays to eat your own cooking
    CLO managers affiliated with PE firms buy extra debt from companies owned by those firms – and it seems to give them an advantage

    2 years ago

10 results found Showing page 1 of 1

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