Investors tipped to take on key role in growth of CFOs
It’s early days in the renaissance of the market for collateralised fund obligations (CFOs), but market participants are looking forward to how the product will evolve.

We’ll get through this awkward patch
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

Credit Rendezvous: And breathe...
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.  

Sovereign wealth funds empower direct lenders
Sovereign wealth funds are turning toward the booming private credit market, with three massive partnerships formed this year

Credit Rendezvous: record fiscal stimulus provides pick-me-up
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

Lenders look at MAC clauses amid revolver demand
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers.

Europe and US diverge on covenant lite structures
Direct lending is syphoning away traditional loan supply

PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

Loans have changed. Leverage and docs are different. So what does this mean for recoveries?
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination