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Investors need to ask: can my asset manager survive the crisis?
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was -
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 -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
Points up front: There are lies, damn lies and awards pitches
4 years ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered. -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
Points up front: Loan deal with 23 takes Griezmann to Barcelona
4 years ago
Soccer financing firm 23 Capital has been adding credit experts to its team and now has a CLO specialist captaining its capital markets effort, with former Guggenheim Securities co-head of ABS/CLO syndication Sreesha Vaman joining last month. The squad already features credit portfolio managers Sam Filer (ex-BMS Finance), David O’Connor (Mizuho) and Ardeshir Sorabjee (Deutsche Bank). -
Points up front: Benefits of being unethical
4 years ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage. -
Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
4 years ago
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Just because there have always been loan fees doesn’t mean they are the right way of doing things
5 years ago
Scrapping loan transfer costs of up to €3,500 per transaction is a bridge Europe should cross for the sake of liquidity -
You can’t time everything 100% correctly, but being too early can be a mistake
5 years ago
ArrowMark's Kaelyn Abrell takes our credit quiz -
They said it: "I enjoy problem-solving and puzzles"
5 years ago
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager -
I liked it when banks could hold risk and actually had inventory to shift
5 years ago
Louis Gargour, CIO of LNG Capital, takes our credit quiz -
Selling at the time of the default or downgrade can often be the worst value decision for the CLO
5 years ago
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski -
They said it: ebit-don't or ebitdaaa
5 years ago
Two direct lenders take turns complaining about ebitda adjustments -
Points up front: Creditflux makes significant SRT call
5 years ago
They were once referred to as regulatory capital relief trades (or reg-cap trades), but now no one can agree on what to call them -
The perception of liquidity is often not the same as the reality
5 years ago
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix -
They said it: "If the loan has a covenant, there’s probably something wrong with it"
5 years ago
Fully covenanted loans are a rarity, which would bring one to think that these are prized possesions. A US loan manager disagrees -
Points up front: World Cup simulation shows models don’t work
5 years ago
England as fourth favourites? Pull the other one -
We are not structured finance investors – we are corporate credit specialists
6 years ago
Fair Oaks' Miguel Ramos-Fuentenebro takes our credit quiz -
Future returns: we've (not) got a case of the blues
6 years ago
Regular readers may notice a slight change to this, the 201st issue of Creditflux... -
They said it: regulators are using The Big Short as their frame of reference
6 years ago
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market -
Points up front: traders are dedicated, no matter how hot it gets
6 years ago
When a fire alarm goes off, you should make your way to the nearest exit: unless you’re a trader
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