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Past returns: US firms become Euro CLO issuers
1 year ago
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention. -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
2 years ago
We need to accept the pain and cut dependence on Russian oil today -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
2 years ago
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed -
"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 -
Past returns: Prophet’s early CLO redemption
2 years ago
In Creditflux five years ago, we reported that Prophet Capital, the control equity investor in Covenant Credit Partners CLO I, had driven liquidation of the deal -
A brighter year ahead
3 years ago
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before -
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 -
The structured credit industry could promote its benefits more
3 years ago
Filippo Sampietro takes our credit quiz -
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: Would-be CLO buyers turn sellers
4 years ago
Five years ago in Creditflux, we reported that the new generation of US 2.0 CLO managers were striving to grow their CLO AUM through manager acquisitions; namely, Benefit Street Partners and Triumph Capital Advisors, the pair having issued their debut CLOs in 2012 and 2014, respectively. -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
4 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
Considering the variables over the life of a CLO, a drop in Libor is a relatively modest risk
4 years ago
Changes in Libor do not have a major impact on CLO equity cash flows or equity yields -
The IRR of CLO equity is driven by far more than just initial spreads
4 years ago
No one ever says the CLO equity arb looks great. But even in particularly challenging periods there are ways for equity investors to generate strong returns -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
5 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
5 years ago
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch -
There is an opportunity for investors able to look beyond the typical fixed income asset classes
5 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 -
Borrowers who made the one-month Libor election at the beginning of the year saved only a bit of money
5 years ago
The spread between one-month Libor and three-month Libor has garnered a significant amount of attention in the CLO market this year. Indeed, some market prognosticators suggested that the difference between the two rates could have such an impact that it would shut down the primary CLO market. -
Past returns: Atlantic crossing
5 years ago
Five years ago in Creditflux we reported on Axa Investment Managers planning its debut US CLO with a view to becoming a global CLO manager. Today, US managers are prioritising the build-out of European CLO platforms -
Points up front: BlueGreen OneTreeHill United - the CLO team
5 years ago
Inspired by Serhan Seçmen’s keynote address at Creditflux’s CLO Symposium in May, we’ve come up with a World XI of CLO managers -
Long-term lock-up funds work very well in private equity, but CLO equity has greater needs
6 years ago
Beware of applying to CLOs fund structures that work for other asset classes, such as private equity. The result may be lost value -
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 -
Join the debate: flippin' heck, you're distorting the CLO market
6 years ago
After our report on a CLO investor flipping 2018 bonds before the deals had even closed, one reader pointed out that this "masks true demand"
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