CLO performance is faltering – a loans shock would help
Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007

Tracking down the credit industry’s original winners
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
 

Managers predict skill will win out
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

Who predicted $145 billion of issuance?
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson

CLO managers return to new issues
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets

CLO boom encourages new ideas
Volumes are up, spreads are down and risk retention is a doddle. That must mean it’s time to push the boat out and innovate

Leading fund: Lupus Alpha CLO Opportunity Notes I
Single-B CLO trades boost Lupus Alpha asset Management

Investing ethically is worth it
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe

Who cares about risk retention?
Managers watching CLO spreads reach their tightest levels since the crisis had little time to fret about US risk retention

Boutique CLO managers boss secondary market
Creditflux analysis shows that, when their total assets are taken into account, small managers' CLOs are more liquid than those of large managers