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Fidelity rocks personal records with tightly priced US CLO
2 years ago
Fidelity has signed its biggest ever new US CLO and priced triple As at the tighter end of the marke -
Morgan Stanley EV resets post-Assurant CLO with tighter stack
2 years ago
Morgan Stanley Eaton Vance CLO Manager has completed a $416 million CLO reset, its second in under a month -
CLO resets drive equity returns to highest in five years: JP Morgan
2 years ago
Equity investors in US CLOs are earning, on average, the biggest returns of the past five years, finds JP Morgan – with deals reset this year having done most to raise the numbers -
Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
2 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait -
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 -
BlackRock upsizes mid-market CLO and tightens pricing with reset
2 years ago
BlackRock has reset a 2017 mid-market US CLO called TCP Whitney, upsizing the deal in the process and tightening much of the capital stack -
The Last Tranche with Antares' Seth Painter: we could start to see syndicated middle market CLO equity
2 years ago
In this episode of the Last Tranche, Antares Capital's Seth Painter tells Creditflux's Hugh Minch about the performance of private credit and middle market CLOs through the covid-19 crisis and recovery -
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. -
Novicap tech platform targets credit investors with fundraising drive
2 years ago
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporates, is looking to debt capital markets participants such as credit and structured credit funds, asset managers, pension companies and insurers as it seeks to raise third-party funding for its credit platform -
No labels mean CLO triple As refuse to budge as mezz rallies
2 years ago
Senior European CLO spreads are stuck in the mid 80s as mezzanine tranches rally, with market participants bemoaning the lack of depth in the triple A investor base relative to ABS products -
Carlyle senior credit investor joins fintech firm as CFO
3 years ago
An experienced credit investment professional at the Carlyle Group has moved to become chief financial officer at fintech company NoviCap -
MidOcean employs rare tranche structure with 2016 US CLO reset
3 years ago
MidOcean Credit Fund Management has reset a 2016 vintage US CLO via Jefferies, upping the deal size slightly and shaving its funding costs in an unusual reconfiguration of tranches -
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 -
Managers brave covid-hit sectors to drum up returns
3 years ago
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance -
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 -
They said it: "Clearing houses have proposed they will clear index tranches next year"
3 years ago
More liquidity for the index tranche market -
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. -
Fed settles one third of small business loans in latest talf funding round
3 years ago
Of the $453.2 million small business loans requested in the 21 July subscription, only $152 million settled -
Fed extends emergency relief programmes to 31 December
3 years ago
The Federal Reserve has announced that its lending facilities announced in response to the coronavirus pandemic have been extended until 31 December -
Fed gets $723.1 million of talf requests in second round of funding
3 years ago
Small businesses and CMBS dominated the second round of term asset backed loan funding, as the New York Federal Reserve received $723.1 million worth of requests from issuers to tap into the financial rescue loans -
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 -
Palmer Square eyes talf-eligible CLO after Fed clarification
3 years ago
Palmer Square Capital Management is said to be exploring its options for issuing a term ABS loan facility (talf) eligible static CLO -
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 -
Short-dated CSOs touted as jump-to-default risk hits curves
4 years ago
The coronavirus outbreak has all but vanquished hopes of any regular CSO business getting done, but sources say bespoke portfolios of short-dated CDS could soon be in the offing as investors look to express a view on when the crisis will end. -
EIB buys mezzanine tranche in Commerzbank SRT
4 years ago
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation
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