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Stunning January rally means CLOs are back in business
1 year ago
Longtime observers of the CLO market tell Creditflux they have “never seen the market move so quickly” after a rip-roaring January saw a spectacular rally in both loans and CLO debt. -
Private equity firms are becoming CLO converts: TwentyFour
1 year ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense" -
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 -
Investors tipped to take on key role in growth of CFOs
1 year ago
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. -
Blackstone scores record with century of US CLOs
1 year ago
Blackstone Credit has become the first manager to price 100 US CLOs, following the printing of Storm King Park CLO in August -
"There is ample time and flexibility on the pathway from warehouse to securitisation"
1 year ago
A big loan sell-off does not mean CLO warehouses will be forced to liquidate -
The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
1 year ago
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Short duration CLOs are putting reset risk in the post: Barclays
1 year ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ramp-up failings
1 year ago
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios. -
CLOs aim to pick up pieces as fear drives dip in loans
1 year ago
Leveraged loan investors grew skittish in June, with prices slipping as the likelihood of a US recession increased, according to market sources. -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
1 year ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
CLO investors show more signs of optimism than other ABS: Barclays
1 year ago
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre -
US managers open new CLO warehouses at rapid rate
1 year ago
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years -
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 -
Think of the arb, say US CLO panelists after big loan drop
1 year ago
Far from being a cause for alarm, falling loan prices have brought a welcome opportunity in new CLO issuance for managers and investors, according to speakers at the Creditflux Symposium in London today -
Loan buyers warned about rush of Sofr opt-in amendments
1 year ago
CLO managers must be mindful of loan amendments that facilitate a benchmark switch from Libor to Sofr, as they could find themselves buried in paperwork and locked into tight deadlines -
We’re drifting apart
1 year ago
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs -
Tech firm eyes data-driven approach to CLO management
1 year ago
As New York-based tech firm Exos prepares to launch what it calls “the first truly tech-enabled CLO”, the specialist leading its efforts says technology could soon play a central role in CLO portfolio optimisation -
Credit Rendezvous: Pass masters
1 year 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 yield / loan slowdown affects year-end projections and pricing: Barclays
2 years ago
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value -
Attack-minded CLO managers capitalise on bearish outlook
2 years ago
Some of the most aggressive CLO managers have benefited from loan market volatility in March after having tweaked their portfolios in the months beforehand -
US loans recover but CLOs lag and issuance stutters
2 years ago
The US leveraged loan market spent the latter half of March recovering losses from Russia’s invasion of Ukraine, with prices now above where they were when the war started -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
2 years ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile
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