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The Last Tranche with Christine Ferris
26 days 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?
2 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
2 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 -
Nordic countries have much in common — including a growing appetite for private credit
5 months ago
Norway, Sweden and Denmark share many similarities. The ‘Nordic model’ includes high standards of living, free-market economies, liberal welfare states, a tendency for workers to unionise, and a relatively narrow gap between low and high earners. -
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. -
We pulled back because yields didn’t seem to match the risk. Now it’s better
10 months ago
During visits to Melbourne and Sydney last month, conversations with clients and friends about private debt revealed important contexts to understanding how investors there think about the asset class. -
"A bit ‘woke’? Possibly. But true corporate sustainability derives from sound governance"
1 year ago
Silicon Valley Bank’s collapse underlines the importance of sound governance -
"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 -
"If earnings weaken, equity and credit markets could enter a new phase in the sell-off"
1 year ago
High yield has outperformed equities since the sell-off this year, but that relationship could change -
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. -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
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 -
Points up front: Italian international tackles banking after rugby
2 years ago
In his latest column, on page 21, Thomas Majewski draws similarities between the CLO market and a youth soccer game. Turns out there might also be parallels between investment banking and rugby -
"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 -
"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 -
"If omicron paradoxically lowers the temperature of the market, that may be no bad thing"
2 years ago
The global economy is well protected against omicron — and a mild infection may be beneficial -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
Points up front: Correlation between CDS and mixed martial arts
2 years ago
BNP Paribas clinched a big-name hire to its credit derivatives division in New York last month after poaching managing director Patrick Vickers from Credit Suisse. -
"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe -
"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
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