Arb work pays off
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

Who cares about risk retention?
Managers watching CLO spreads reach their tightest levels since the crisis had little time to fret about US risk retention

Fertiliser production: Caught in a bleak midwinter
Fertiliser makers have invested to prepare for growth – but the outlook is wintry and their cash is dwindling.

In search of a grand unifying theory
Tomasz Bielecki, Areski Cousin, Stéphane Crépey and Alexander Herbertsson describe the construction of a model that aims to make credit correlation work bottom-up and top-down

Fine-tuning the momentum signal
Daniel Haesen, Patrick Houweling and Jeroen van Zundert describe an approach that slashes volatility and improves returns in momentum strategies for corporate bonds

CLO trading strategies revealed
CLO trading strategies revealed