CLO wormhole opens as deal pricing blurs
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing

Chance encounter sets up CIFC sale
Selling a business can be arduous, frustrating and nerve-wracking. An exhaustive process does help – but sometimes it takes a bit of luck for a deal to go through

Transport and logistics: heavy debt leaves transporters in jam
With logistic specialists getting a rough ride, debt restructuring could be the next stop for asset-light companies

Things aren’t always what they seem
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs

Coal mining: In a hole and still digging
Some coal prices have fallen by almost two-thirds in the past three years – and for heavily-indebted coal mining companies the outlook is black

European tier two: waiting for Basel
Regulatory uncertainty has deterred some investors from buying European tier two bank debt. But soaring demand from new investors has pushed down spreads dramatically

Credit funds take direct action
Direct lending funds are springing up around Europe. But what do managers mean by direct lending? And what returns can their investors expect?

Credit hedge funds deliver the goods
Long-only credit funds have made stellar returns in the past 18 months, but credit hedge funds have delivered better Sharpe ratios

Tracking the secondary CDO market
The Creditflux B-wic Tracker shows secondary CDO volumes staying strong and throws up some surprises amongst the managers most often mentioned Mike Peterson

Credit managers wake up to Ucits
One big disadvantage of Ucits III funds – the strict rules about liquidity – is also their trump card

The disciplined player
The strategies at Credaris aim to be transparent and easily articulated. And with the market now anti elaborate funds it looks like this discipline is timely.

End view: SG's hedger-in-chief gets busy
End view: SG's hedger-in-chief gets busy