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Rates are moving lower, which makes CLO equity look better versus loans
2 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
It’s not just high interest rates that are helping CLOs outperform
5 months ago
It is unlikely a well-capitalised sponsor would allow a growing portfolio company to default -
Basel III looks likely to further increase banks investment in CLO triple As
7 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
Fed members need to restore their credibility, which could translate into excessive tightening
8 months ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
"A bit ‘woke’? Possibly. But true corporate sustainability derives from sound governance"
1 year ago
Silicon Valley Bank’s collapse underlines the importance of sound governance -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
"Kwasi Kwarteng’s ‘mini budget’ will be remembered like a forklift truck disaster video"
1 year ago
Welshcake sees the funny side as bunga bunga returns -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"Boardrooms are being hustled by activist shareholders using ESG data to drive economic value"
2 years ago
Pledges have been made and the Race to Zero has begun. Firms need to put their plans in place -
"If omicron paradoxically lowers the temperature of the market, that may be no bad thing"
2 years ago
The global economy is well protected against omicron — and a mild infection may be beneficial -
"In 2022, being slow will not be such a bad thing"
2 years ago
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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“For Creditflux this will be an extra special occasion - the publication is marking its 20th year in business”
2 years ago
A colourful train journey featuring Alice in Wonderland, Yoda and Top Trumps puts Welshcake in mind of the CLO Symposium -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
2 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back -
CLOs seem like Premier League members in the world of finance
3 years ago
The CLO industry is in a privileged position and can wield its power to do good -
"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
3 years ago
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option -
Points up front: Navigating lockdown easel-y with brush in hand
3 years ago
The various periods of lockdown over the past 12 months have provided time for credit professionals to tap into their creative side, and Schroders’ head of securitised credit Michelle Russell-Dowe has taken full advantage -
"We have to think about the influence of social media like Reddit"
3 years ago
Schroders' Michelle Russell-Dowe takes our credit quiz -
It is unfair to extrapolate from one lemon on the lot that the whole fleet of cars is defective
3 years ago
As a barometer of Europcar credit risk before the credit event the CDS contract did a credible job -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August -
There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
3 years ago
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive -
I take strength from the composure investors have shown when told their payments are being deferred
3 years ago
It’s tempting to head to the beach or grab a CLO distribution, but investing is all about playing the long game -
New accounting rules could be the axe that decapitates zombie credits
Weak borrowers are likely to be hit as lenders start accounting for expected losses4 years ago -
In private credit, we look to stay in senior structures with control
Robert Crowter-Jones of Saranac Partners takes our credit quiz4 years ago
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