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US CLOs did not lose par in March, finds JP Morgan
4 years ago
A research paper from JP Morgan has estimated there was no US CLO par burn in March, although loss of par for the first quarter was 11% -
CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
4 years ago
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail -
30% of CLOs will breach their 7.5% triple C buckets, says BofA
4 years ago
The number of CLOs tripping their 7.5% buckets for loans rated triple C is set to soar from 8% to around 30%, according to the latest research from Bank of America -
CIFC hires research head from Genworth Financial
4 years ago
CIFC Asset Management has hired a head of research in its New York office -
Fed cut triggers Libor floors on third of US loans
4 years ago
Roughly a third of US loans effectively became fixed rate investments this week as Libor edged below 1% for the first time since January 2017 -
European CLO managers with big bond buckets do best, finds Bank of America
4 years ago
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research -
Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo
4 years ago
Proposed changes to the Volcker rule announced last week by the Federal Reserve, which would allow CLO managers to hold 5% bond buckets, are positive for CLO equity and ‘marginally negative’ for CLO debtholders, according to a research paper from Wells Fargo -
CLOs at risk of failing WAS tests due to loan refi wave, finds JP Morgan
4 years ago
Some CLOs could be at risk of failing their weighted average spread tests or could be at risk of a refi or reset due to a forthcoming refinancing wave in the loan market, according to new research from JP Morgan -
Euro CLO volume could beat €25 billion consensus in 2020, says TwentyFour
4 years ago
Current spread tightening in Europe’s CLO market could boost issuance beyond the widely anticipated €25 billion for 2020, according to a note from TwentyFour Asset Management -
36% of US loans could be repriced amid rally, finds Nomura
Nomura calculates that about 36% of loans are eligible for a repricing. It bases this on the number of loans that are immediately callable, have near-term call risk or are a potential call risk if the loan market continues to rally
4 years ago -
Ratio of CLO managers adding risk falls to lowest level since 2009, JP Morgan finds
4 years ago
The proportion of CLO managers looking to add risk has fallen to its lowest level since 2009, according to a market survey carried out by JP Morgan’s research desk -
CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
4 years ago
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press -
Central banks may consider ESG-compliant CLO paper, says Moody's
4 years ago
Central banks in Italy, the Netherlands, and France have begun integrating ESG into their investment process, a process which could reduce collateral refinancing risk of ESG compliant securitisations including CLOs, according to Moody’s -
CLO supply set for double-digit drop in 2020, says JP Morgan
4 years ago
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance -
CLOs' risk to Japanese banks 'subdued' despite ratings and mark-to-market risk, says Bank of Japan
4 years ago
The risk to Japanese banks posed by their investments in CLOs is ‘subdued’, according to the Bank of Japan Financial System Report -
18% of CLO managers priced their first deals post-January 2018, says Maples
4 years ago
Launching a new CLO management platform is ‘extremely difficult’ although the rewards appear to be worth the risks, according to new research from Maples Group -
Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
4 years ago
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS -
Another 2008 would leave IG CLOs without losses but default rates will climb, says BofE
4 years ago
CLOs will see greater losses in a downturn than they did in the last financial crisis, according to the Bank of England’s Financial Stability Report -
Fourth quarter CLO equity volatility is taste of things to come, says BAML research
5 years ago
CLO equity performance in the fourth quarter of 2018 gave an example of how mark-to-market returns could erase carry returns for investors, Bank of America Merrill Lynch says in its latest research piece -
CLO equity a "top trade" for 2019, but beware ratings risk, says JP Morgan
5 years ago
CLO equity is one of the top trades of 2019, according to research analysts at JP Morgan in a research paper published on Friday, noting that the asset class offers ‘sticky capital in a volatile cycle' -
CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
5 years ago
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch -
CLO spread tightening more likely than widening in Q1, says Wells Fargo research
5 years ago
CLO spreads are more likely to move tighter than wider in quarter 1 2019, despite the widening trend accelerating through December, according to Wells Fargo analysts -
Euro SME CLO market to remain at low issuance levels, DBRS predicts
6 years ago
A new report by credit rating agency DBRS says the European securitisation market has much to be positive about in 2018 – but warns that the SME CLO market is expected to remain at low issuance levels -
Citi finds that triple A investors should look at short-dated CLO resets over refis
6 years ago
Citi's credit research team has put together a report assessing how US CLO triple A tranches are pricing relative to their inherent refinancing risk. -
Two days left to make your views on the CLO market heard
6 years ago
The first Creditflux CLO Census closes on Friday 18th August, giving the CLO market only two days to make their views count.
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