Refine Search
Article Categories
Strategy Tags
- Direct lending (10)
- Emerging markets (2)
- High yield bonds (15)
- Investment grade credit (5)
- Structured credit (8)
- CLO (28)
- Distressed debt (2)
- Leveraged loans (20)
- Synthetic/SRT (16)
- ABL Financing (1)
Geography Tags
-
The markets are supporting high reset and refi volumes —but sometimes calls are a better option
1 month ago
Broadly syndicated loans and CLOs kicked off 2024 with a nice rally. As a result, we are seeing a resurgence of majority CLO equity holders exercising their rights to refinance, reset, or even call their CLOs. -
"Investors no longer rely on simplistic tiering models to price CLOs"
1 year ago
CLO investors are taking a nuanced approach to applying manager tiers that goes way beyond using AUM as a proxy -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
Past returns: Persistence pays off for Western
1 year ago
In Creditflux five years ago, we reported Western Alliance Capital Advisors was planning on moving into CLO management -
"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
1 year ago
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments -
"Dispersion should manifest in potential fallen angel credits that are likely to proliferate"
1 year ago
IG and crossover names present a compelling alternative to shorting HY credit -
"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 -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
1 year ago
The two segments of the loan market are on different paths as mid-market volumes rise -
"If earnings weaken, equity and credit markets could enter a new phase in the sell-off"
1 year ago
High yield has outperformed equities since the sell-off this year, but that relationship could change -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
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 -
"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 -
"The CLO market can resemble a primary school soccer game, with everyone crowded around the ball"
2 years ago
The ability to refinance or reset a CLO is valuable, but there are friction costs to consider -
That’s another fine mezz I’d like to get into
2 years ago
Structural protection and flatter curves make short-dated mezz tranches attractive. Speakers at Credit Dimensions discuss which positions they’d take in CSOs, options and tranches this year -
Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
"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 -
"‘B-level’ assets could struggle to find optimal valuations"
2 years ago
Acquisitions are increasing and companies focused on health and technology could benefit -
"Boardrooms are being hustled by activist shareholders using ESG data to drive economic value"
2 years ago
Pledges have been made and the Race to Zero has begun. Firms need to put their plans in place -
"Credit investors should interpret 100,000 Russian troops on the Ukrainian border as worth pricing in"
2 years ago
Welshcake tells credit portfolio managers to under-promise and over-deliver in 2022 -
"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 -
"CLO equity investors have long accepted basis risk… but an off-market adjustment does not work"
The 26bp adjustment is disrupting the transition away from Libor — but market forces will prevail -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
-
"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe
Want all the latest news, comment, analysis and data?