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Past returns: Barclays gambles and wins on Zohar
3 years ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
Don’t obsess over the state of your OC cushions
3 years ago
During Creditflux’s live CLO webinar last month, panellists agreed that fighting to keep an over-collateralisation test in compliance could do more harm than good in the long term -
Investors take comfort from an active secondary market, but liquidity can be a mixed blessing
3 years ago
One of the most interesting characteristics of credit behaviour during the coronavirus era has been the momentum of junk bonds, with sharp changes in issuer and investor confidence around the asset class driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels and skewed-to-worse ratings for leveraged loans -
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 -
There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
3 years ago
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive -
They said it: There will be a re-tiering of managers after this
3 years ago
"There will be a re-tiering of managers after this" -
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 -
Points up front: Senior tranches pay down despite junior OC passes
3 years ago
192 US CLOs have breached at least one over-collateralisation test, according to CLO-i, but at least two deals have not followed the conventional path -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
3 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
Liquidity is king. A company with a sound long-term value proposition may not last the next few weeks
3 years ago
For borrowers — and credit providers seeing revolvers drawn down — liquidity is the greatest concern -
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 -
Points up front: Liquidating CLO can’t escape Standard & Poor’s
3 years ago
With over 1,000 CLO tranches on watch across the big three rating agencies, it’s good to see rigorous standards are being maintained and little things like CLO liquidation are not excusing deals from detailed scrutiny -
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 -
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 -
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. -
Private credit is not overcrowded — there is four times as much private equity dry powder
4 years ago
With much negative reporting around private credit, our columnist debunks oft-heard complaints -
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 -
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
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