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Past returns: Making CLO triple As more secure
1 year ago
10 years ago in Creditflux, we reported on super-senior tranches being inserted into US CLOs -
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. -
"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 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. -
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 -
Past returns: ‘Stabilisation’ provides back-up
1 year ago
Five years ago in Creditflux, we reported that Wells Fargo had offered to buy tranches in an Octagon Credit Investors’ CLO to support execution. -
They said it: "CLO triple As are attractive lending opportunities"
1 year ago
A bank is about to start buying CLO tranches -
"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 -
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 -
"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
2 years ago
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed -
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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"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 -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
Past returns: Doing DIY CLOs
2 years ago
Five years ago we reported that CLO managers were considering self-arranged CLOs -
"CLO managers who struck the right balance in 2020 are more easily able to reset their deals"
3 years ago
CLO managers were re-evaluated during the pandemic, and outperformers can expect to see benefits this year -
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 -
Points up front: A gander at Recette’s reset
3 years ago
The paths of a CLO and the restaurant it was named after are entwining after Invesco reset its 2015 CLO, Recette, last month. -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
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?
3 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
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