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CSO momentum builds as focus turns to fundamentals
Collateralised synthetic obligations (CSOs) have proved to be a bright part of the credit market in 2022. And participants are daring to dream the coming year will be one of the asset’s busiest. -
Capex and real yields will split winners from losers in '23: BofA
1 year ago
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists -
High yield markets win big in 2022’s love-letter to CDS
1 year ago
Tradeable credit assets have suffered a rough year for liquidity and returns, but credit derivatives are among a small group of products defiantly enjoying a bumper year. -
Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
1 year ago
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform -
Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
1 year ago
Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays -
One-year CSOs come to fore as investors predict widening
1 year ago
With credit spreads entering the fourth quarter at much the same elevated levels they began Q3, investors are increasingly looking to bespoke tranches as a way of taking advantage while mitigating the market’s tail risks. -
Go long duration in consumers and industrials: BofA
1 year ago
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists -
Real estate is about to get real bad: Welshcake
1 year ago
The extent of disconnect between real estate and what other markets have been experiencing is enough to convince me a whole other layer of economic mayhem is on the way. But investors in credit, for all their current pain, could still end up shining if they are prepared -
Duration, decompression and dispersion disconnects grow
1 year ago
Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect -
Wide yields mean high times again for corporate hybrids
1 year ago
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022 -
Credit Rendezvous: Pass masters
2 years ago
Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them... -
High stakes promise big year for new short-dated CSOs
2 years ago
The bespoke tranche market looks set to put in revitalised issuance numbers in 2022 as interest grows in structured assets. But a clear trend is emerging for investors to assume short-dated exposure amid increasing macro and geopolitical uncertainty -
Bond pipeline builds as rocky markets thwart supply
2 years ago
Various factors have played into credit spreads widening at the start of 2022, but an over-supply of bond issuance is not one of them — in contrast to what was moving the market this time last year -
ESG template fires up hopes of CSO issuance
2 years ago
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022 -
Citadel promotes credit head to co-CIO
2 years ago
Citadel has promoted its global credit head to co-chief investment officer -
There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
2 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
Zais and BNP Paribas strike ESG breakthrough with climate change CSO
2 years ago
The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions -
Rising stars will fuel double B boom, says BofA
2 years ago
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists -
Triple Bs gain momentum as IG buyers pick best spots
2 years ago
The absolute tightness of credit spreads has led many to lament their chances of delivering strong returns in 2021, while stressing the need to move down either the quality or duration curve. But even within investment grade, European and US managers are still finding pockets of value -
Credit Rendezvous: And breathe...
2 years ago
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives. -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
Signs of new dawn as tranche volumes smash past $250bn
3 years ago
Last year, people formed fresh habits as they adapted to the coronavirus pandemic. Similarly, in credit, a breakthrough year for the CDS tranche market is leading participants to believe that elevated tranche volumes are here to stay -
Dealers power up as tranche trading hits new heights
3 years ago
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support -
CSOs start printing again with new money ready to invest
3 years ago
The synthetic bespoke market is putting behind it the turmoil of recent months, with a pipeline of new CSO transactions starting to price and a swelling supply of new money lining up to invest. -
Credit Rendezvous: record fiscal stimulus provides pick-me-up
3 years ago
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market
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