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They said it: "The mantra is doing good and doing well without sacrificing returns"
2 years ago
CarVal on its ESG line of CLOs -
"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 -
"Spacs… what better buyer than someone with a short fuse who needs to get their capital working"
2 years ago
Since the beginning of 2020, more than $191 billion has been raised in spac (special purpose acquisition company) IPOs. This money has such a short fuse — get a deal done in 24 months or management loses the IPO costs it covered — and there has been so much of it, that it has had an impact on the markets -
"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
2 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
"Technology won’t replace human judgement. In ESG a qualitative review is necessary"
2 years ago
The social aspect of ESG must be given sufficient weight in investment decisions -
"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
2 years ago
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option -
We say it: Creditflux salutes women in credit
3 years ago
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns -
A transformational framework means fund managers have to drive real-world change
3 years ago
There are managers who make transformational investments, those who incorporate ESG and those who do nothing -
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 -
Points up front: Revlon repayment was Bad Day at the office
3 years ago
Making light of a situation is a good coping mechanism when things don’t go as expected. The Revlon loan repayment saga has underlined this with court filings revealing how CLO portfolio managers reacted to what Citi purported was a ‘mistaken’ $900 million paydown of Revlon loans -
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 -
They said it: "I am extraordinarily proud of the firm I have helped build"
3 years ago
Apollo chief executive officer Leon Black announces he is stepping down. -
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 -
We need to remove CLO misinformation from the market
3 years ago
Vibrant's Kashyap Arora takes our credit quiz -
All types of financing will have to incorporate ESG risks and use their real economy influence
3 years ago
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change -
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 -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
3 years ago
Blockchain might not eradicate all problems in credit, but it should reduce human error -
Points up front: How much do I owe you?
3 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"
3 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
3 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
A lot of CLO portfolios look similar and I’ve never been one to follow the herd
3 years ago
Zais's Vinnie Ingato takes our credit quiz -
Past returns: Death by triple Cs? A step too far
3 years ago
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers
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