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Analysts have interpreted the IG credit risk premium in various ways — but the point is to harvest it
4 years ago
Selling CDS protection could be the most effective way of capturing excess premiums in investment grade credit -
They said it: "Risky unmarked things are not not-risky. It will end in tears"
In response to a Creditflux article published on 23 October ('NEPC sees bias towards private markets despite lower return expectations'), an anonymous comment warned of the dangers of direct lending.4 years ago -
For a while, it seemed like every private equity fund was launching a credit fund
Trent Webster, Senior investment officer for strategic investments, State Board of Administration of Florida, takes our credit quiz4 years ago -
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 -
Considering the variables over the life of a CLO, a drop in Libor is a relatively modest risk
4 years ago
Changes in Libor do not have a major impact on CLO equity cash flows or equity yields -
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 -
Points up front: CLO awards banter
4 years ago
The Creditflux Manager Awards have a history of springing surprises. This year we had journalist and TV presenter Gavin Esler host the awards dinner and regale the audience with a Dolly Parton gag (the less said about that, the better). -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
5 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
5 years ago
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower -
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 -
Private credit managers are partially insulated from daily market moves — for them it’s the dough, not the Dow
5 years ago
If asked about credit investing, Yogi Berra might have said take the fork in the road leading to private credit, says our columnist Randy Schwimmer -
There is an opportunity for investors able to look beyond the typical fixed income asset classes
5 years ago
Real money investors need to be aware of the merits of investment grade CLO tranches over similarly rated corporate debt, says our columnist Thomas Majewski -
Past returns: LMCG and Trump
5 years ago
In Creditflux five years ago we reported on LMCG Investments (then known as Serenitas Capital) generating strong returns after spinning out of Bank America Merrill Lynch. -
They said it: “Occam’s razor, the marshmallow test and the Pareto principle – what do they have in common?”
5 years ago
The simplest solution is often the best solution, delayed gratification and the 80/20 rule; these can all be used in the assessment of CLO manager performance -
Join the debate: flippin' heck, you're distorting the CLO market
6 years ago
After our report on a CLO investor flipping 2018 bonds before the deals had even closed, one reader pointed out that this "masks true demand" -
Inflation is seeping in and leverage is rising like helium
6 years ago
The Fed is keeping close tabs on any signs of inflation in consumer products. But there are signs of an inflationary bubble in the credit market -
Join the debate: CLO ramp-up failings
6 years ago
“There is one manager out there that has got away with this behaviour for several years. The ‘fight back’ from investors is overdue” -
Points up front: dying question
6 years ago
The delicate reason, why it may not be possible to call a CLO.. -
It's essential to be senior in the capital structure
7 years ago
Concise Capital's Glenn Koach takes our credit quiz -
The seven deadly sins of credit fund reporting
7 years ago
Writing investor reports can be a thankless task, but there are ways to avoid the most sinful errors
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