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We’re drifting apart
2 years ago
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs -
Arb work pays off
2 years ago
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen -
2020 CLOs find redemption is sweet
3 years ago
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions. -
Loan slump brings managers closer
4 years ago
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
Credit funds at a glance
5 years ago
A round-up of fundraising and people moves in credit -
Healthcare hits top of US critical list in slower month
June was the first month in a long while in which healthcare brought the greatest number of US bankruptcies, but the largest single debtor was Legacy Reserves, an oil and gas company5 years ago -
Large, liquid loans aren’t always perfect
5 years ago
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically -
Finding the best managers, CLOs and direct lenders
To compile the shortlist for the annual Creditflux awards, we select the best performers in credit using a combination of detailed, data-driven metrics. The winners will be announced on 8 May -
Wide CLO pricing need not be a drag
6 years ago
Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers -
Who predicted $145 billion of issuance?
6 years ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson
10 results found Showing page 1 of 1
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