A credit market in constant flux
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next?

Making it to the top: women reflect on changes in the CLO industry
As a growing number of women break the glass ceiling and take senior positions in CLO firms, Creditflux asked about the opportunities and challenges they face. By Michelle D’Souza

Genesis of a CLO desk
On the 10-year anniversary of Genesis CDO I, Creditflux analyses the development of Deutsche Bank’s structured credit desk. By Hugh Minch

Rush to Ucits gives regulators pause
Investors around the world love Ucits funds, and credit hedge fund managers are rushing to launch them. But the regulators are watching

Let’s all start buying again
As market rebound, pundits and managers turn bullish. Last month’s sell-side research and buy-side commentary contained many positive views along with a few bearish trade ideas

From Suez to CLOs
Indosuez Capital blazed a trail in CLOs and its ex-staff are now pivotal players across the industry

Putting low rates under a microscope
Cho-Hoi Hui suggests using a double square-root process with a non-linear drift term to capture recent near-zero interest rates more accurately when pricing corporate bonds

Taking coupons into account
Sara Cecchetti and Antonio Di Cesare show that bond yields and spreads are not good indicators of default risk – and that coupon rate is an important driver of the yield curve

Together, they’ve gone far
The stable Wells Fargo team that came together at Wachovia is now backed by one of the big four US banks. It's a combination that dominates in US mid-market CLOs

Giant takes sharp turn towards CLOs
It is one of the biggest banks, but BNP Paribas moved nimbly after the crisis to build on its position as a leader in credit derivatives by adding a CLO arranging business

Credit default swaps stop fire sales
Companies with credit default swaps have more liquid bonds and tighter spreads than those that don’t because investors can hold their bonds after a downgrade

Gone but not forgotten
ACA Capital’s spectacular collapse heralded the demise of the monoline business and scattered its employees into jobs right across the credit space

European CLOs take on the wall
Many European CLOs will exit their reinvestment periods within a year and will be vulnerable to rising default rates. Peter Melichar looks at the likelihood of this leading to tranche losses

All your CDS models are wrong
It is a common belief that it is simple to extract implied default probabilities from CDS spreads. But, argues Robert Jarrow, the conventional methods are drastically flawed

CLOs that delivered
Sayed Kadiri hunts among the growing number of called CLOs to find the deals that have delivered the highest final returns for equity investors – and finds one with a 150% return

Credit pays – in the long run
Bac Van Luu and Peiyi Yu crunch data going back to 1926 to figure out whether long term investors, such as pension funds, benefit from being overweight credit

Taking Merton to the extremes
The most widely used credit risk model fails in a financial crisis. David Allen, Akhmad Kramadibrata, Robert Powell and Abhay Kumar Singh show how it can be improved

Taking account of ratings migrations
Vivien Brunel describes a way to model credit prices without having to rely on narrow historical data about ratings, and looks at its use in a calculation of incremental risk charge

Calculating risk in real time
Luca Capriotti, Jacky Lee and Matthew Peacock describe a new technique that can hugely reduce the time taken to calculate credit risk in a Monte Carlo simulation

Symphony’s unfinished business
West Coast alternatives manager Symphony Asset Management was early in creating a full blown credit business. Now it’s ready to build on its track record

A faster way to crunch CVA
Exposure sampling could provide a quicker, more effective way for banks to calculate their counterparty credit risk

In defence of the Gaussian copula
It’s been called the model that killed Wall Street, but Jean-David Fermanian argues that the structured credit market’s Gaussian copula model has been unfairly maligned

Pricing counterparty risk
In the first of our series of articles exploring technical aspects of the credit markets,
Eduardo Canabarro examines models for pricing credit valuation adjustment, or CVA

Apidos - Credit’s true believers
Few CLO managers can boast they have never failed an OC test. Apidos can, and it wants the world to know about its track record

The prudent choice
Managers at Pramerica Fixed Income (which is called Prudential outside the UK) believe it has the scale and track record needed to secure replacement mandates