It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Retail fund pain is a CLO manager’s gain
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years

Loan volumes fall in Europe but rise in US
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets

Finding the hidden value in success
Learning from one’s mistakes is often cited as key to professional development. However, widening this perspective and paying attention to things that go well can further improve performance

September: Ucits at a glance
Ucits funds continue to post mixed returns

September: fund performance

Managers digest blockbuster deals
Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv

Still weighed down by 2015 oil price slump
It’s three years since the depths of the oil crisis but offshore service companies — such as the helicopter businesses that transport workers to oil rigs — are not seeing lift-off in prices or profits

August: fund performance
CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

Rolling the dice on Turkey and Italy
Gambling specialists with operations around the Mediterranean are facing political risks and currency falls – but there are opportunities to hit the jackpot if investors play their cards right

Loan market finds balance as spreads edge wider
New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers

Blockchain drags credit into the future

Star names join Barclays as it pushes into CLOs

Steelmakers forge links in face of overcapacity

Investors gain upper hand in doc negotiations

Aircraft lessors: gathering clouds lead to talk of turbulence
Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous

Managers spot opportunity as leveraged loans soften
An abundance of US leveraged loan issuance helped soften secondary prices even though the overall market is highly bid. Meanwhile, investors’ preference for floating rate paper hit high yield

Higher leverage is on the horizon - but, for now, take in the MFN sunsets
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage

Indonesian property developers: cracks reopen as liquidity dries up
Indonesian developers didn’t fully recover from the 2013 taper tantrum. And now, as development costs and interest payments eat into their capital, they are looking far from stable

Experienced CSAM holds off boutiques to win biggest prize
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

BRF avoids butcher’s block – for now
While Brazilian meat exporters appear to have survived claims of widespread malpractice throughout the country, the future of the world’s largest poultry producer still hangs in the balance
 

Libor rise gives timely boost to US loan yields
Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market

A credit market in constant flux
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next?

Drug makers: desperately seeking pain relief
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger