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A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
1 month ago
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size -
Basel III looks likely to further increase banks investment in CLO triple As
11 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. -
"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
1 year ago
Sometimes you have to swallow your medicine and take a step back to go forwards -
Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
1 year ago
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo -
"Value persists in IG, but higher interest rates are a threat. Opening the synthetic toolbox can help"
1 year ago
Fiscal and monetary policy are pulling in opposite directions, but value in IG can be accessed via CDS and CSOs -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
2 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
"Europe undermines itself through fossil fuel addiction while the UK baulks at expunging oligarchs"
2 years ago
Russia’s actions in Ukraine are deeply troubling, but there is hope for the future -
"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 -
"No-one talks about the part oil price surges played in the 2008/9 global financial crisis"
2 years ago
Investors eyeing inflation shocks and supply chain disruption should instead be paying attention to the brewing energy crisis -
"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
3 years ago
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
4 years ago
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer -
There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
4 years ago
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
4 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
Miscast as the villains of the 2008 crisis, CDS may prove to be the heroes of 2020
4 years ago
Credit default swaps provide investors with valuable signals on the depth of the coronavirus crisis -
The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
4 years ago
Last year’s CLOs could become the benchmark for manager performance -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
If you can stomach volatility, CLO equity is very attractive
Brandon Cahill of BlueMountain Capital Management takes our credit quiz5 years ago -
You can’t time everything 100% correctly, but being too early can be a mistake
5 years ago
ArrowMark's Kaelyn Abrell takes our credit quiz -
So lacking in transparency are CDS that they cloak themselves with standardised docs and definitions
5 years ago
A glance through mainstream media reports confirms that credit default swaps are as sinful as the media thinks they are, says our columnist Welshcake -
The perception of liquidity is often not the same as the reality
6 years ago
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix -
Join the debate: most memorable moment in credit
6 years ago
At Creditflux we’ve now produced 200 monthly magazines since Fishknife first came up with the idea of tracking the global credit markets in 2001). We asked several key credit industry officials about their most memorable moment in credit -
Past returns: pension scheme gets stung after regulators rewrite CLO rules
6 years ago
Five years ago, we reported that US pension funds were boosting their allocation to euro-denominated credit. One institution in particular led the way by supporting the first European CLO to be issued since the global financial crisis -
The biggest credit stories in 2017
6 years ago
CLO ramp-up risk, new risk retention proposals and new CLO joint ventures were in the headlines last year. Here, Creditflux reveals the most read stories of 2017 -
How credit fraud could make a comeback
6 years ago
Easy credit leads inevitably to fraud, whether in consumer credit or corporate lending
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