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"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
They said it: Whichever CSA number you use, it’s wrong
2 years ago
Whichever CSA number you use, it’s wrong... -
"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
2 years ago
Strong secondary loan prices are making CLO liquidations a compelling option -
They said it: "The third term is Jinping’s legacy..."
2 years ago
... He does not care about near-term growth." -
"In 2022, being slow will not be such a bad thing"
2 years ago
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse -
"CLO equity investors have long accepted basis risk… but an off-market adjustment does not work"
The 26bp adjustment is disrupting the transition away from Libor — but market forces will prevail -
"If ESG funds only talk the talk, it is because investors, legislators and regulators don’t walk the walk"
2 years ago
Whatever an ESG fund means to you, it probably means something different to the next investor -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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Past returns: Black Diamond riles investors
2 years ago
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received -
"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
2 years ago
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
2 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back -
They said it: "The mantra is doing good and doing well without sacrificing returns"
2 years ago
CarVal on its ESG line of CLOs -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
"Spacs… what better buyer than someone with a short fuse who needs to get their capital working"
2 years ago
Since the beginning of 2020, more than $191 billion has been raised in spac (special purpose acquisition company) IPOs. This money has such a short fuse — get a deal done in 24 months or management loses the IPO costs it covered — and there has been so much of it, that it has had an impact on the markets -
"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
2 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
"We should be mindful of the transfer of power to the C-suite that inheres in ESG"
2 years ago
As shareholder returns become one factor among many, the C-suite becomes more powerful -
"Don’t buy loans for the floating rate component alone"
2 years ago
Loomis Sayles' Matt Eagan takes our credit quiz -
"The lack of standardised ESG data creates opportunities for data-driven investors"
2 years ago
Investors can gain an edge by using technology to help parse ESG data -
Past returns: Hedging is back
2 years ago
Ten years ago in Creditflux we reported that loan managers had begun hedging after loan prices stabilised back to par following the global financial crisis. These loan managers were worried about future loan slumps and began using credit options and ETFs -
"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
2 years ago
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option -
We say it: Creditflux salutes women in credit
3 years ago
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
Points up front: Revlon repayment was Bad Day at the office
3 years ago
Making light of a situation is a good coping mechanism when things don’t go as expected. The Revlon loan repayment saga has underlined this with court filings revealing how CLO portfolio managers reacted to what Citi purported was a ‘mistaken’ $900 million paydown of Revlon loans -
The tide has turned… the solution for investors is to move into floating rate loans
3 years ago
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up -
They said it: "I am extraordinarily proud of the firm I have helped build"
3 years ago
Apollo chief executive officer Leon Black announces he is stepping down.
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