Refine Search
Article Categories
Strategy Tags
- Direct lending (8)
- Emerging markets (3)
- High yield bonds (16)
- Investment grade credit (4)
- Structured credit (10)
- CLO (43)
- Distressed debt (10)
- Leveraged loans (21)
- Marketplace lending (1)
- Synthetic/SRT (8)
- ABL Financing (3)
Geography Tags
-
BofA: innovation and consistency
20 days ago
The first of our new series of CLO arranger profiles takes a look at Bank of America, the largest shop in the market, where one team covers CLO arranging, trading and financing, globally -
US borrowers try again with high-water mark provisions
2 months ago
In the US, high-water marking of EBITDA was rebuffed back in 2022. But the concept has been used regularly in Europe and US borrowers are once again slipping it into credit agreements -
How many CLOs will be reset?
2 months ago
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs -
How many CLOs will be called this year?
2 months ago
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption -
A strong year for CLO strategies
3 months ago
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did. -
How worried should we be about defaults?
5 months ago
As defaults in the US loan market continue to stack up, we investigate the fallout for CLO investors by focusing on the OC tests of double B tranches across 10 years of US CLO vintages -
What CLO investors really need to know
5 months ago
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know -
From zero to hero
6 months ago
CLO ETFs have grown into a $5bn market and proved their worth in difficult periods. We sat down with managers in the space to discuss these achievements — and what the future holds -
Primary market roars into life
8 months ago
The primary CLO market pickup that started in August continued strongly in September, both in Europe and the US. Although the overall direction was the same on both sides of the Atlantic, the type of activity was quite different. -
What do you think?
8 months ago
The Creditflux CLO Census is back for its seventh instalment. Our annual stock-take of the global CLO industry begins on Monday, 2 October — it’s your chance to make your voice heard -
Fund performance
11 months ago
Good month for CLO funds sees six in top 10 as Axiom sets pace -
CLO funds make best of a bad situation
1 year ago
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies -
Rope-a-dope brings knock-out returns
1 year ago
Post-pandemic US and European CLOs delivered mid-teen equity returns in 2022, despite a barrage of weak macroeconomic news and what could have been a heavyweight Libor mismatch -
Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory -
What matters is what you do with it
1 year ago
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed -
We can cope with downgrades again
Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios1 year ago -
Can someone call the triple A? We’ve stalled
1 year ago
CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt -
Arb work pays off
2 years ago
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen -
HY fund is exception to rule of CLOs
2 years ago
CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021 -
I’ll see your 2020 and raise you 2021
2 years ago
Discounted loans, Libor floors and bond flexibility helped make 2021 an even better year for CLO returns than 2020, as US CLOs distributed 15.54% and European CLOs paid 13.93% annualised -
A fresh approach to loss distribution
2 years ago
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions? -
2020 CLOs find redemption is sweet
2 years ago
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions. -
Woah, we’re halfway there
3 years ago
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform -
CLOs come up smelling of roses
3 years ago
The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020 -
Moving fast pays off for hedge funds
3 years ago
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up
Want all the latest news, comment, analysis and data?