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"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
"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 -
"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 -
“For Creditflux this will be an extra special occasion - the publication is marking its 20th year in business”
2 years ago
A colourful train journey featuring Alice in Wonderland, Yoda and Top Trumps puts Welshcake in mind of the CLO Symposium -
"In the afternoon I awoke from a pile of willow leaves to discover we had created a Welsh ether-based token"
2 years ago
A localised crypto-currency boom and bust cycle teaches Welshcake (again) that everything becomes correlated in a downturn -
Past returns: Having a whale of a time in tranches
2 years ago
In Creditflux 10 years ago we reported on JP Morgan’s “little known prop book” making waves in index tranches -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
CLO guys shouldn't feel quite as self-important as us Welsh... But you are in a pretty amazing spot
3 years ago
CLO portfolio managers should be emboldened by recent events to push for ESG strategies -
I'm a nosy neighbour... get CSO deals public and embrace the age of information
3 years ago
A year of staying under the radar has not helped the CSO market -
Past returns: Bravo! Citi takes applause with CSO portfolios
3 years ago
Five years ago in Creditflux we reported that Citi was planning a follow up to its Bravo portfolio — a CSO reference entity in which the bank made two-way markets -
They said it: "Clearing houses have proposed they will clear index tranches next year"
3 years ago
More liquidity for the index tranche market -
The surge in index tranche trading has resulted in a deep, liquid and nuanced set of market dynamics
3 years ago
Welshcake emerges from his bunker to find CLOs still standing and the CSO market getting back to business -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
4 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
4 years ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
4 years ago
Bespokes are the next big thing — and you’d be wise to get involved -
If you can stomach volatility, CLO equity is very attractive
Brandon Cahill of BlueMountain Capital Management takes our credit quiz4 years ago -
They said it: "I saw a CLO OM which ran 484 pages"
4 years ago
At Creditflux’s Credit Dimensions event, JP Morgan’s Zaheen Mir argues that CSOs are simpler to understand than CLOs -
You can’t time everything 100% correctly, but being too early can be a mistake
5 years ago
ArrowMark's Kaelyn Abrell takes our credit quiz -
Past returns: Citi kickstarts CSO market
5 years ago
Five years ago in Creditflux, we reported on the revival of the synthetic CDO market, with Citi leading the push -
Points up front: Creditflux makes significant SRT call
5 years ago
They were once referred to as regulatory capital relief trades (or reg-cap trades), but now no one can agree on what to call them -
Past returns: secret CLO market
5 years ago
Five years ago in Creditflux, we reported on the emergence of an inter-dealer market for CLOs -
Points up front: super senior CSO investors wanted
5 years ago
As part of a vibrant opening panel at Creditflux’s Credit Dimensions event in New York last month, we came tantalisingly close to issuing a managed CSO in front of a live audience (if you ignore formalities such as warehousing risk and sourcing single name CDS) -
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
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