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As banks are forced to offload more risk, SRTs build an increasingly long list of advantages
14 days ago
Banks — even global systemically important banks — need additional capital. Problem CRE exposures, increased reserve requirements for expected credit losses under IFRS9/CECL, the entrance of government bond portfolio losses... -
"Kwasi Kwarteng’s ‘mini budget’ will be remembered like a forklift truck disaster video"
1 year ago
Welshcake sees the funny side as bunga bunga returns -
"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 -
"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? -
Points up front: Celebrating par — that definitely isn’t par for the course
1 year ago
The head of securitised credit at Schroders, Michelle Russell-Dowe, recently posted on LinkedIn that her grandmother had turned par (100 years old)... -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
1 year ago
We need to accept the pain and cut dependence on Russian oil today -
That’s another fine mezz I’d like to get into
1 year 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 -
"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 -
"Rules require 5% risk retention, but for first loss CRS that is not enough"
2 years ago
PGGM's Mascha Canio takes our credit quiz -
"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 -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
“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 -
They said it: "The board announces the discovery of a website purporting to represent Volta"
2 years ago
They said it -
Points up front: Navigating lockdown easel-y with brush in hand
2 years ago
The various periods of lockdown over the past 12 months have provided time for credit professionals to tap into their creative side, and Schroders’ head of securitised credit Michelle Russell-Dowe has taken full advantage -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
2 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 -
"We have to think about the influence of social media like Reddit"
2 years ago
Schroders' Michelle Russell-Dowe takes our credit quiz -
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: Barclays gambles and wins on Zohar
3 years ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
The structured credit industry could promote its benefits more
3 years ago
Filippo Sampietro takes our credit quiz -
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
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