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  • Greensledge arranges new private credit CFO
    Churchill Asset Management, an investment-specialist affiliate of Nuveen, announced on Monday it had closed its second collateralised fund obligation, or CFO

    3 months ago
  • CLOs at a glance
    A round-up of recently priced CLOs

    11 months ago
  • Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
    Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays

    1 year ago
  • Euro loans with FX hedging offer better value than US: Barclays
    The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

    1 year ago
  • Real estate is about to get real bad: Welshcake
    The extent of disconnect between real estate and what other markets have been experiencing is enough to convince me a whole other layer of economic mayhem is on the way. But investors in credit, for all their current pain, could still end up shining if they are prepared

    1 year ago
  • Duration, decompression and dispersion disconnects grow
    Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect

    1 year ago
  • Wide yields mean high times again for corporate hybrids
    Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

    1 year ago
  • Macro drivers set to give lift to CDS tranche trading
    Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far

    1 year ago
  • Credit Rendezvous: Pass masters
    Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them...

    1 year ago
  • High yield / loan slowdown affects year-end projections and pricing: Barclays
    A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value

    1 year ago
  • Banks and loans to benefit in 2022 as safe havens dwindle
    Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes

    2 years ago
  • Relative value traders seize on fleeting mismatches
    The volatility that hit credit markets from mid-November has produced rare opportunities for relative value traders after a dearth for 12 months

    2 years ago
  • Lev loan index rule change proposed to meet Sofr switch
    Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule

    2 years ago
  • Firm claims to cut loan settlement times with blockchain based securitisation
    Cadeia, a German technology firm, claims to have undertaken the first ever fully blockchain based corporate loan securitisation transaction

    2 years ago
  • Zais and BNP Paribas strike ESG breakthrough with climate change CSO
    The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions

    2 years ago
  • Broadening SRT market defies spread compression
    Credit spreads are close to all time tights — high yield, courtesy of CDX HY, recently hit its tightest level since January 2007 — but the significant risk transfer (SRT) market is one of the few pockets of credit where pricing is wide of pre-covid levels

    2 years ago
  • China teaches tough lessons to foreign investors
    China’s regulatory crackdown on some of its fastest-growing industries created shockwaves that have reverberated widely, dragging on US and European credit at the end of July.

     

    2 years ago
  • Coronavirus delta dilemma puts reflation trades into reverse
    Concern over the covid-19 delta variant dented investor optimism in July and looks set to hold back credit spread improvement in August, as focus turns to rising cases in the US and Germany

    2 years ago
  • It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
    US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US

    2 years ago
  • Credit Rendezvous: And breathe...
    The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

    2 years ago
  • It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
    Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground

    2 years ago
  • Climate change pair trade delivers as oil companies' CDS widens
    A climate change pair trade proposed by Anthropocene in March has come good with Norwegian oil company Equinor’s CDS outperforming Total, a French oil company

    2 years ago
  • CSOs and index tranches reach sticking point as correlation gets rich
    Credit correlation trading looks to have reached a point of inflexion, as the previous bull run at the lower end of index capital stacks has given way to caution over how much further spread compression can go. At the same time, bespoke tranche business is gaining interest but equity remains stickier to sell at the market's ultra-low spread and volatility levels

    2 years ago
  • Credit Rendezvous: ready and waiting
    In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

    2 years ago
  • "IG investors might want to rethink the instrument, but they need not fear rising rates just yet"
    In his latest column for Creditflux, Cheyne's Duncan Sankey writes that the sharp rise in 10-year US treasuries could be positive for investment grade investors, but value is in CDS rather than bonds 

    2 years ago

70 results found Showing page 1 of 3

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