US borrowers try again with high-water mark provisions
In the US, high-water marking of EBITDA was rebuffed back in 2022. But the concept has been used regularly in Europe and US borrowers are once again slipping it into credit agreements

Banks predict steady year ahead
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe

Arcmont and Barings land direct lending doubles
Readers with long memories may recall that Creditflux used to award a handful of prizes for direct lending funds at the Manager Awards. But this year those gongs were spun out into their own glittering gala.

Tapping Europe doesn't always pay
The premise – reaching a broader audience of investors – is sound. But some managers have found that opting for dual compliant CLOs is not worth the extra effort.

Investors prefer direct lending to CLOs
For the first time in the history of Creditflux’s credit allocator survey, investors have voted direct lending the best investment in credit. CLOs came joint second. By Michelle D’souza

Spotlight: Data centres - clear skies ahead for cloud providers
Demand for data centres is strong and there is no sign so far that the market is overheating

Rebooting the CLO market
Switching off and on again proved a popular tactic for CLO managers last year as refis and resets helped push issuance to $132 billion

Gas suppliers: trouble flares at Chinese producer
Yingde has staved off a default, but problems linger in the boardroom and customer relationships are fractious

A year of credit insights

Finding value: spotting risk
US retail, Saudi sovereign and mid-market technology are just some of the sectors that credit specialists across the sell side and buy side commented on last month

Finding value near the market’s peak
Central bank buying is driving credit to new highs. Pundits suggest looking at long-dated bonds, options and selective shorts as ways to make money in a world of tight spreads

Avon Products: Dolled up and hoping for the best
A massive recent investment has made Avon’s bonds look more attractive than they have for some years

Rethinking credit value
CLO seniors, cash-CDS basis and tranche shorts were some of bank researchers' top picks last month, as volatility sends analysts back to the drawing board

Hey, $125 billion isn’t bad
Despite generally gloomy sentiment about the market, 2015 was second only to 2014 for global full-year CLO issuance

Cream of the credit research
In our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedgesIn our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedges

Holding course for a record year
Following a record first quarter, CLO issuance was steady enough in Q2 that the year's overall total should equal or exceed 2014 volumes

Road haulage: Clear road ahead for truckers
A tailwind of economic growth is helping trucking companies – and they are avoiding the temptation to overload on debt and capacity

Citi stays top as CLO volumes explode
2014 was a year of superlatives for the CLO market. Our analysis shows which arrangers, managers and service providers were most successful

Fertiliser production: Caught in a bleak midwinter
Fertiliser makers have invested to prepare for growth – but the outlook is wintry and their cash is dwindling.

Toys R Us: Trouble in toy town
One of the world's biggest retailers may be just one bad quarter away from a debt restructuring – or bankruptcy

Defining the direct route
Managers agree that direct lending has created a big buzz in European credit – but they don't agree on what exactly direct lending is

Keeping in sync with sinking bonds
Jan-Frederik Mai and Marc Wittlinger describe a technique for pricing bonds that have a random sinking fund feature without the need to resort to time-consuming Monte Carlo algorithms

Distressed debt: Chilling news for investors
Recent rulings by US courts could remove a central plank from loan-to-own buyers' strategies

Credit default swaps stop fire sales
Companies with credit default swaps have more liquid bonds and tighter spreads than those that don’t because investors can hold their bonds after a downgrade

Spotlight on shipping: leaving the storms behind
Some large container shipping lines are returning to profitability. But many tanker credits are still in danger of being lost at sea