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Cessation of activity mid-December is an opportunity to switch off… and let the mind wander
3 years ago
Welshcake is grateful for a lull in credit markets. The downtime has inspired him to dream up a CLO play -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
3 years ago
Blockchain might not eradicate all problems in credit, but it should reduce human error -
They said it: "We’re going to change the world of finance"
3 years ago
Big ambitions in blockchain -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August -
They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
3 years ago
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party -
They said it: Can I be a bond investor and invest in Netflix?
3 years ago
The response of a loan portfolio manager after we asked where should loan investors park their cash? -
Points up front: Channelling Twain, Agent Smith and Mike Tyson
3 years ago
Lockdown can adversely affect one’s grasp of reality, and for credit portfolio managers this has manifested itself in a penchant for quoting famous (sometimes fictional) figures -
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 -
Past returns: Death by triple Cs? A step too far
4 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: Blame it on capitalism
4 years ago
You know it’s a tough month for returns when a hedge fund manager quotes Lenin and laments that capitalism and globalisation have failed to distribute wealth efficiently -
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 -
Points up front: There are lies, damn lies and awards pitches
4 years ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered. -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
Points up front: Loan deal with 23 takes Griezmann to Barcelona
4 years ago
Soccer financing firm 23 Capital has been adding credit experts to its team and now has a CLO specialist captaining its capital markets effort, with former Guggenheim Securities co-head of ABS/CLO syndication Sreesha Vaman joining last month. The squad already features credit portfolio managers Sam Filer (ex-BMS Finance), David O’Connor (Mizuho) and Ardeshir Sorabjee (Deutsche Bank). -
Points up front: Benefits of being unethical
4 years ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage. -
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 -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Just because there have always been loan fees doesn’t mean they are the right way of doing things
5 years ago
Scrapping loan transfer costs of up to €3,500 per transaction is a bridge Europe should cross for the sake of liquidity -
You can’t time everything 100% correctly, but being too early can be a mistake
5 years ago
ArrowMark's Kaelyn Abrell takes our credit quiz
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