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Fed members need to restore their credibility, which could translate into excessive tightening
1 year ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
2 years ago
The two segments of the loan market are on different paths as mid-market volumes rise -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
2 years ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
Past returns: Silvermine CLOs splash the cash
2 years ago
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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Past returns: Black Diamond riles investors
2 years ago
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received -
"The CLO industry can be a little clubby… it feels like there are few advocates"
3 years ago
Pension Danmark's David Altenhofen taks our credit quiz -
"Do not rush to set up a check-box approach with negative screening and start de-investing"
3 years ago
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
3 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back -
"I’ve been doing ESG for 27 years; I just didn’t know it"
3 years ago
Apollo's Joe Mornoey takes our credit quiz -
Points up front: The flattest term curve - work anniversary rewards
3 years ago
If you think CLO term curves are flat with a handful of basis points between three and five-year triple A CLOs, then you haven’t seen anything yet -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
The tide has turned… the solution for investors is to move into floating rate loans
3 years ago
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up -
The imperfect incorporation of ESG is no excuse not to act
3 years ago
Managers’ legal ESG responsibilities may be vague, but they must still set up a credible strategy -
Perhaps 2021 will be the first year of the next expansion
3 years ago
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Points up front: How much do I owe you?
4 years ago
Payment systems in the credit industry had a bad August -
They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
4 years ago
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party -
Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
4 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
4 years ago
Investors can’t afford to be too conservative as they prepare for the end of the cycle -
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly
5 years ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs -
Loans have changed. Leverage and docs are different. So what does this mean for recoveries?
5 years ago
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination
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