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BofA: innovation and consistency
5 days ago
The first of our new series of CLO arranger profiles takes a look at Bank of America, the largest shop in the market, where one team covers CLO arranging, trading and financing, globally -
CLOs grow from strength to strength
5 days ago
The first quarter of 2024 saw such extraordinary issuance across the global CLO market that it was enough to outpace the equally extraordinary amortisation occurring in older deals -
Do defaults predict equity returns?
5 days ago
At first glance, recently redeemed European CLOs show some sort of correlation between final IRR and the number of defaults in their portfolio. But what other factors affect performance? -
In September, the Fed said financial institutions could transfer risk to SPVs
5 days ago
The Fed’s reading of Basel 3.1 could double capital requirements — so it’s just as well it is softening on risk transfers. -
How many CLOs will be reset?
2 months ago
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs -
CLO rankings: 2023 turns out OK
3 months ago
Last year may not have seen records in the primary CLO market, but it was a very solid performer with a strong finish. -
A strong year for CLO strategies
3 months ago
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did. -
Banks predict steady year ahead
5 months ago
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe -
2023: a bumper year for CLO funds
5 months ago
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle -
Tightening spreads show market’s growing maturity
5 months ago
As another tumultuous year ends, we review how CLO spreads are looking around the world. In summary? Given current macroeconomic woes, the situation could have been much worse -
What CLO investors really need to know
5 months ago
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know -
Setting standards for emissions data
6 months ago
Macroeconomic trends may have pushed the topic of ESG reporting down the news agenda this year, but this is changing with a raft of new regulations in countries around the world -
The wall is coming down
6 months ago
Refis and extensions have greatly reduced the height of the maturity wall looming over European CLOs in the near term — but, further out, WAL test cushions remain critical -
CLO Census: It’s time to put the shop in order
6 months ago
After a lacklustre year for the CLO market, the 539 respondents to our comprehensive survey are increasingly calling for structural changes, from electronic trading to standardised documents -
European CLOs win out against US deals
7 months ago
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches. -
Coping with stress
7 months ago
After a long period of relatively stable European CLO documentation, 2023 has seen a number of innovations. Tom Davidson, Creditflux’s managing editor, sat down with S&P Global Ratings’ Sandeep Chana and Kos Vavelidis, a partner at DLA Piper, to discuss the trends. -
Primary market roars into life
7 months ago
The primary CLO market pickup that started in August continued strongly in September, both in Europe and the US. Although the overall direction was the same on both sides of the Atlantic, the type of activity was quite different. -
What do you think?
7 months ago
The Creditflux CLO Census is back for its seventh instalment. Our annual stock-take of the global CLO industry begins on Monday, 2 October — it’s your chance to make your voice heard -
The Italian connection
8 months ago
As Octagon and Conning come under the umbrella of large Italian insurer Generali, we spoke to the firms’ CEOs about their expectations for credit in general and their firms in particular -
Question your assumptions
10 months ago
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal. -
All change, please
10 months ago
This year has not only seen the fall of Credit Suisse, but also the arrival of two fresh faces — Scotiabank and CIBC — triggering a wave of hiring that has some way to run. -
Fund performance
10 months ago
Good month for CLO funds sees six in top 10 as Axiom sets pace -
Credit hedge funds
10 months ago
Credit hedge funds performance data -
Credit funds at a glance
10 months ago
Fund performance, fund raising and LP commitments -
CLOs at a glance
10 months ago
New CLOs this month
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