Refine Search
Article Categories
Strategy Tags
- Direct lending (7)
- Emerging markets (2)
- High yield bonds (7)
- Investment grade credit (5)
- Structured credit (3)
- CLO (27)
- Distressed debt (2)
- Leveraged loans (17)
- Synthetic/SRT (9)
Geography Tags
-
Relative to Airbus, Boeing was long accountants but short engineers
9 days ago
A qualitative approach can help investors spot boards that are too focused on short-term returns -
"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 -
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. -
"Short memories forget how rampant anti-EU sentiment was before Mario Draghi became Italy’s prime minister"
1 year ago
Unrest in Italy threatens to escalate into a bigger crisis than Greece in 2012 -
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 -
Speculative protection buying censures managements that seek only to enhance their own wealth
3 years ago
The Catholic church misses the mark when referring to CDS as ‘finance of chance’ -
Cessation of activity mid-December is an opportunity to switch off… and let the mind wander
3 years ago
Welshcake is grateful for a lull in credit markets. The downtime has inspired him to dream up a CLO play -
The structured credit industry could promote its benefits more
3 years ago
Filippo Sampietro takes our credit quiz -
Some banks offer limited transparency, which makes cocos risky
3 years ago
Assenagon's Michael Huenseler 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 -
Past Returns: German direct lending’s overhaul
4 years ago
In Creditflux five years ago we reported on German fund managers campaigning against regulations which dictated that funds require a banking licence to act as direct lenders. In 2016 they got their way as the German Banking Act stipulated that the banking licence requirement would not be imposed if a direct lender was authorised under the Alternative Investment Fund Managers Directive. -
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 -
Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
4 years ago
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment -
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 -
Being the only provider in a deal allows us to be closer to the company
5 years ago
Tikehau's Cécile Mayer-Lévi takes our credit quiz
Want all the latest news, comment, analysis and data?