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The Last Tranche with Christine Ferris
1 month ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
Past returns: Where are they now?
3 months ago
Our latest set of manager rankings by AUM (see CLO rankings: 2023 turns out OK) prompted us to look back to our first league table in 2010 -
Rates are moving lower, which makes CLO equity look better versus loans
3 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
Basel III looks likely to further increase banks investment in CLO triple As
7 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
1 year ago
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments -
"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
1 year ago
CLOs are well positioned, even if there are mass downgrades to triple C -
Past returns: Absolutely floorless CLOs
1 year ago
Five years ago in Creditflux we reported on the emergence of European CLO tranches without Euribor floors -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ramp-up failings
1 year ago
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios. -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"Rules require 5% risk retention, but for first loss CRS that is not enough"
2 years ago
PGGM's Mascha Canio takes our credit quiz -
"The CLO industry can be a little clubby… it feels like there are few advocates"
2 years ago
Pension Danmark's David Altenhofen taks our credit quiz -
Points up front: Writing the book on CMVs
2 years ago
Former Canyon Partners CLO head Dominique Mielle has gone from poring over CLO documentation to writing a novel about her experiences in the credit industry -
"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 -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
3 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
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 -
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 -
All types of financing will have to incorporate ESG risks and use their real economy influence
3 years ago
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change -
I foresee various spooky spectacles hitting our screens - and your long portfolios
3 years ago
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads -
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 -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August -
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 -
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 -
Points up front: Introducing Downton Flux
During last month’s broadcast of the Creditflux Manager of the Year, we were inundated with messages of congratulations for the award winners via a live feed...
3 years ago -
Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
3 years ago
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis
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