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34 results found Showing page 1 of 2

  • 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
  • Secondary CLOs stand firm as credit markets take a hit
    Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market

    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
  • 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
  • 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
  • It's all relative: CLOs march tighter as macro traders open positive CDS skews
    Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter  

    3 years ago
  • It's all relative: CLO spreads explore record tights as credit indices hit impasse
    CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged

    3 years ago
  • It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
    “CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018

    3 years ago
  • Early 2021 moves open up CLO and credit curve dislocations
    Fund managers are keeping a close watch on credit curves as sharp moves since the start of December have forced relative value to shift between corporate bonds, CDS, CLOs and loans. This has put CDS curve steepeners in focus but, conversely, CLO flattening appears likely.

    3 years ago
  • It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally

    The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen

     

    3 years ago
  • Credit Rendezvous: heading for homes
    Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

    3 years ago
  • It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
    European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

    3 years ago
  • Europe leads corporate credit rally, but US outperforms in CLOs
    iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

    3 years ago
  • Compression plays out as HY and European CLO double Bs outperform
    Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

    3 years ago
  • European CLOs rise in secondary with Sound Point deal up 4.25 cents from issuance
    Double-B rated CLO tranches received bids in the high 90s on Wednesday with Sound Point Capital Management’s debut European CLO attracting the highest cover of 98.25 cents on the euro. But the CLO rally is lagging moves in corporate credit  

    3 years ago
  • IG and crossover indices converge while European CLO double Bs rally
    iTraxx Crossover is again outperforming Main today with the investment grade index widening 0.11bp to 52.56bp while the crossover index is 2.42bp tighter to 296.99bp. Meanwhile bank research signals that junior CLO tranches could benefit as investors look at covid industries through a different lense 

    3 years ago
  • European CLO double Bs jump wider amid October macro worries - but seniors stand firm
    The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time

    3 years ago
  • US and Europe diverge on credit spreads and more
    US and European corporate credit performance has diverged since cities went into lockdown in March, with Europe tending to do better. But the CLO market gives a different picture, with 17 US transactions pricing to four in Europe since 1 April, and with tighter investment grade spreads

    3 years ago
  • CLO investors should be able to see live secondary trading levels
    Olga Chernova of Sancus Capital takes our credit quiz

    3 years ago
  • Fund perfomance: Slowdown for some as pandemic takes hold

    A round-up of fund performance

    3 years ago
  • Fund performance: CLO funds pick up where they left off
    A round-up of fund performance

    4 years ago
  • Fund performance: Presents under the tree as CLO funds perform

    A round-up of fund performance

    4 years ago
  • Falling correlation reignites passion for index tranche trades
    Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

    4 years ago

34 results found Showing page 1 of 2

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