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People underestimate the impact they can have with ESG
3 years ago
Muzinich's Kirsten Bode takes our credit quiz -
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. -
A year that looked like it would be a total wipe-out ended up being very constructive indeed
3 years ago
Our columnist looks back at some of the surprises of 2020 -
Past returns: Nochu lands in Europe
3 years ago
Five years ago in Creditflux, we reported that Norinchukin Bank had made its first investment in a 2.0 European CLO -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
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 -
They said it: "Clearing houses have proposed they will clear index tranches next year"
3 years ago
More liquidity for the index tranche market -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
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 -
Points up front: Despite the fees, European SME CLOs are the future
4 years ago
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital. -
Points up front: Swiss CLO manager is regular as clockwork
4 years ago
The Swiss are known for their meticulous timekeeping and punctuality, so it’s perhaps no surprise that an asset manager based in Zug is crafting a reputation as the most efficient in the CLO market. -
Points up front: “Thanks for the loan.” “What loan?”
4 years ago
Direct lending sounds simple enough; borrowers have direct engagement with a small set of lenders and negotiate a private agreement for the long-haul. Sounds easy enough, except when the lender claims to have no idea about the deal you’ve just announced. -
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 -
Points up front: Best to price your deals between 12 and 6am
4 years ago
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry -
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 -
Past returns: short and sweet
5 years ago
Five years ago in Creditflux, we reported on Pimco emerging as a major buyer of triple A-rated US CLO tranches -
Points up front: Credit Suisse and Sound Point rekindle the fire
5 years ago
Sound Point CLO XII was refinanced on 14 February and arranger Credit Suisse displayed its passion for CLO structuring by embedding half a dozen hearts in its pricing email
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