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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 -
Private credit’s abundant dry powder is great news for CLOs as well as borrowers
9 months ago
The recent rapid growth in private credit funds has garnered much attention from market participants and media pundits. While naysayers warn that this “shadow banking” channel could be a bubble waiting to burst in the higher-for-longer environment, issuers and investors continue to flock to the asset class. -
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. -
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 -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
2 years ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile -
"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 -
"I’ve been doing ESG for 27 years; I just didn’t know it"
3 years ago
Apollo's Joe Mornoey takes our credit quiz -
"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
3 years ago
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option -
We need to remove CLO misinformation from the market
3 years ago
Vibrant's Kashyap Arora takes our credit quiz -
Past returns: Barclays gambles and wins on Zohar
3 years ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
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 -
A lot of CLO portfolios look similar and I’ve never been one to follow the herd
4 years ago
Zais's Vinnie Ingato takes our credit quiz -
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 -
The CMBS talf proposal is simple and effective. A similar approach for CLOs would be welcomed
4 years ago
It’s great that government is trying to boost securitisations, but they’re missing the mark for 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 -
Past returns: A new secondary market for CLOs
4 years ago
Ten years ago we reported on the recovery of CLO triple As in the secondary market. -
Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet
4 years ago
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity -
If you can stomach volatility, CLO equity is very attractive
Brandon Cahill of BlueMountain Capital Management takes our credit quiz5 years ago -
Superficial analysis in the press fails to account for critical differences between CLOs and CDOs
5 years ago
Credit risk is rising, but any failures among CLOs will not impact the financial system as a whole -
Loan managers need an equity-like mindset instead of relying on docs
5 years ago
Octagon's Lauren Basmadjian takes our credit quiz and talks about buying CLO equity in 2009, the impact of technology on the retail sector and Eddie Murphy's 1980s heyday -
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 -
There is an opportunity for investors able to look beyond the typical fixed income asset classes
6 years ago
Real money investors need to be aware of the merits of investment grade CLO tranches over similarly rated corporate debt, says our columnist Thomas Majewski
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