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CLO investors should be able to see live secondary trading levels
4 years ago
Olga Chernova of Sancus Capital takes our credit quiz -
Miscast as the villains of the 2008 crisis, CDS may prove to be the heroes of 2020
4 years ago
Credit default swaps provide investors with valuable signals on the depth of the coronavirus crisis -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
4 years ago
Last year’s CLOs could become the benchmark for manager performance -
They said it: "Start writing the story about banks making margin calls to buyers of CLOs using repo!"
4 years ago
A reader comments on our 25 March report “US fund managers put on leveraged CLO triple A trade with a view to 13% returns”, pointing out that banks were pulling loan TRS lines, but still had the appetite to support leveraged CLO trades. -
Distressed exchanges offer pathways to recapture value that others are trying to take from CLOs
4 years ago
Volcker rule amendments could protect CLOs from losing out to distressed funds in a restructuring -
"We can have a positive impact by bringing diverse thinking to our business"
4 years ago
Edwin Wilches of PGIM takes our credit quiz -
Past returns: Seven-year wait for equity payment
4 years ago
Five years ago we reported that equity investors in three legacy PGIM CLOs received a total of €1.1 million in distributions — seven years late. -
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
4 years ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs -
Don’t be tempted by low debt costs — the key driver of performance in static CLOs is market timing
The development of a term curve in CLO debt does not necessarily make short tenor deals a good bet4 years ago -
Not all old tier one CLO managers lived up to their premier billing
The definition of a tier one manager has evolved from the days when big brands where considered best4 years ago -
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 -
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
4 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 -
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" -
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.. -
They said it
6 years ago
Waiting game is over
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