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The Last Tranche with Christine Ferris
1 month ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
Rates are moving lower, which makes CLO equity look better versus loans
3 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
The pace in which we are seeing remediation today is very encouraging
8 months ago
Market participants smoothed the move from Libor to Sofr — but there is more to be done -
Borrowers are finding creative ways to address loan maturities
10 months ago
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. -
Past returns: Truly transatlantic
10 months ago
10 years ago we reported on Axa Investment Managers’ plans to enter the US CLO market. -
Past returns: How Hildene took the lead
11 months ago
10 years ago in Creditflux we wrote about Hildene’s novel Hildene Leveraged Credit Fund, which was designed to take equity stakes in Hildene CLOs and provide a warehouse for forthcoming deals -
Past returns: Tracing Fair Oaks’ roots
1 year ago
10 years ago in Creditflux, we reported on Miguel Ramos Fuentenebro’s nascent firm GMB Partners securing its first mandate -
"Investors no longer rely on simplistic tiering models to price CLOs"
1 year ago
CLO investors are taking a nuanced approach to applying manager tiers that goes way beyond using AUM as a proxy -
Past returns: UBS gives up on CLOs
1 year ago
10 years ago, officials at UBS told Creditflux they were not closing their CLO origination business, despite mounting evidence to the contrary -
Past returns: Making CLO triple As more secure
1 year ago
10 years ago in Creditflux, we reported on super-senior tranches being inserted into US CLOs -
"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 -
"The equity IRRs of enhanced CLOs are nearly all in the bottom decile of the market"
High triple C CLOs sound like a good idea on paper. But in practice, they have not fared well1 year ago -
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 -
Sofr, so complicated
2 years ago
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments -
Past returns: Highland’s Brazilian ‘CLO’
2 years ago
In Creditflux 10 years ago, we reported that Highland Capital Management was launching a regulated fund backed by Brazilian credit in a tranched structure consisting of senior debt and equity -
They said it: "I feel vindicated..."
2 years ago
Dallas-based Patrick Daugherty says “it was worth it”, after his settlement with Highland -
"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 -
Past returns: Ares constructs private CLO
2 years ago
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation -
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 -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
"The CLO industry can be a little clubby… it feels like there are few advocates"
2 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"
2 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"
2 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"
2 years ago
Apollo's Joe Mornoey takes our credit quiz
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