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Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
1 year ago
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo -
Points up front: Form an orderly queue. Or follow the celebs
1 year ago
If we have learned one thing over the past month, it’s that queuing in an orderly manner is very important to the British public. No matter your status, you simply must wait your turn. -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
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 -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
2 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Past returns: Ares constructs private CLO
2 years ago
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
They said it: "The tone may have been too positive"
2 years ago
CLO market participants have been guilty of being overly bullish -
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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"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe -
"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
2 years ago
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs -
Past returns: Doing DIY CLOs
2 years ago
Five years ago we reported that CLO managers were considering self-arranged CLOs -
A brighter year ahead
3 years ago
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before -
They said it: "Clearing houses have proposed they will clear index tranches next year"
3 years ago
More liquidity for the index tranche market -
The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
3 years ago
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
4 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
4 years ago
Bespokes are the next big thing — and you’d be wise to get involved -
They said it: "They are finally picking up the phone and making use of their rolodexes"
4 years ago
Bankers have been forced to reconnect with the broader triple A CLO buyer base now that Norinchukin Bank has stepped back, says a US CLO equity investor. -
Points up front: Cap wearer plays trump card in support of SRT
4 years ago
Such has been the success of Donald Trump’s “make America great again” caps that structured credit folks have started sporting their own versions. Santander’s Jeremy Hermant has been seen in the streets of London proudly wearing a cap with the motto “make SRT great again”. Hermant works in the significant risk transfer team and tells Creditflux that he has been campaigning for SRTs for the past few years. -
Points up front: Benefits of being unethical
4 years ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage. -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Past Returns: Repacking in land of the rising sun
5 years ago
Five years ago in Creditflux, we reported that Bank of Tokyo Mitsubishi UFJ was embarking on a strategy of buying repackaged CLO triple A notes denominated in Japanese yen -
Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
5 years ago
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch
25 results found Showing page 1 of 1
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