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Taking stock after a long hot summer
3 days ago
As fall approaches, the global CLO and leveraged loan markets are in a strong position. But will records set in 2021 tumble? We compare the numbers — and find out what the market thinks -
A strong year for CLO strategies
7 months ago
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did. -
What CLO investors really need to know
9 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
10 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 -
CLO Census: It’s time to put the shop in order
10 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
11 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. -
Primary market roars into life
11 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. -
Fund performance
1 year ago
Good month for CLO funds sees six in top 10 as Axiom sets pace -
We made the most of a tricky situation
The contrast between 2021 and the following 12 months could not have been starker. But although some heavy hitters remained on the sidelines, 94 US CLO managers priced new deals in 2022 -
Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory -
Weren’t there more of us than this?
1 year ago
According to this year’s Creditflux CLO Census, the CLO industry is not feeling optimistic. Some investors have vanished and managers have not taken advantage of helpful market conditions -
We can cope with downgrades again
Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios2 years ago -
A fresh approach to loss distribution
2 years ago
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions? -
Woah, we’re halfway there
3 years ago
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform -
Moving fast pays off for hedge funds
3 years ago
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up -
Elements work against CLO managers in Q3
3 years ago
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future -
It’s been a while — how’s tricks?
The primary CLO market has been open since April, but 41 managers have not managed to price a US CLO in over a year and a lack of access to equity capital means they may struggle to return4 years ago -
Managers weigh up matters of principal
4 years ago
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par -
A different kind of crisis
4 years ago
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests -
Credit pickers need luck to avoid OC trap
4 years ago
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans
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Star names join Barclays as it pushes into CLOs
John Clements’ move to Barclays has been voted one of the biggest moves this year. On the buy side, Carlyle’s private credit growth and Alcentra’s US expansion have been boosted with big hires -
Evolving strategy takes Norinchukin close to top spot in CLO investment
6 years ago
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor -
Aircraft lessors: gathering clouds lead to talk of turbulence
6 years ago
Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous -
Higher leverage is on the horizon - but, for now, take in the MFN sunsets
6 years ago
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage -
Drug makers: desperately seeking pain relief
6 years ago
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger
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