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"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
Points up front: Exhibit A: every single CLO slide deck ever
1 year ago
In a recent note, the National Association of Insurance Commissioners said they needed “more data to showcase that CLO pools have outperformed the loan market” -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
Past returns: Silvermine CLOs splash the cash
1 year ago
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again -
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 -
"It’ll take something special to drag my attention away from Depp/Heard, but Jerome Powell could just do it"
1 year ago
It’s not easy letting go of the past, but May heralds the start of something new in credit -
Points up front: "It’s all me, me, me"
1 year ago
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists. -
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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CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
The tide has turned… the solution for investors is to move into floating rate loans
3 years ago
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up -
Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
3 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones -
Past returns: Death by triple Cs? A step too far
3 years ago
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers -
Investors need to ask: can my asset manager survive the crisis?
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was -
You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
4 years ago
Investors can’t afford to be too conservative as they prepare for the end of the cycle -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
The manager, not the market, decides value in direct lending
4 years ago
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash -
If national income were a four-cylinder engine, the US economy is really only firing on one
4 years ago
The US economy’s reliance on consumers increases the likelihood of further rate cuts and diminishing returns for credit investors -
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly
4 years ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs -
Enhanced CLOs are no more enhancing than run-of-the-mill distressed funds
4 years ago
Triple C-heavy CLOs that try to time the market may be paying for options they never use -
Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
4 years ago
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
4 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
Past returns: Columbia wins at long game
5 years ago
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009 -
They said it: the dangers of corporate finance
6 years ago
Cairn Capital's Asif Godall gives his take on companies that don't have a deleveraging plan
25 results found Showing page 1 of 1
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