A quarter of living dangerously
After a desperate start to 2016, CLO issuance recovered in March as loan prices rallied – but collateral values are still deteriorating

Hey, $125 billion isn’t bad
Despite generally gloomy sentiment about the market, 2015 was second only to 2014 for global full-year CLO issuance

Your credit research picks of 2015
The most read Creditflux news articles last year about research and strategy ranged across the biggest topics in credit, from CLO retention to how shorts affect dealer inventory figures

Impact of downgrades is not priced in
Barclays warned last month that record numbers of companies may become fallen angels in 2016. Here's our summary of that report and eight others that caught our eye

Apparel and accessories: Fast fashion leaves mid tier in a hole
Apparel and accessory company balance sheets are starting to resemble a pair of fashionably ripped jeans

Finding value amid volatility
Researchers and strategists had plenty of tips last month about where to find opportunities in volatile credit markets. We pick 10 of the most eye-catching findings

Cream of the credit research
In our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedgesIn our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedges

An end to bump and reval
Adjoint algorithmic differentiation can slash the computational time for valuation by three orders of magnitude. Luca Capriotti and Jacky Lee show how it can be applied to credit

What rates really mean to credit
Credit portfolio managers should take better account of the correlation between rates and credit

Cable operators: Event risk has investors in a bind
Acquisition could turn various US investment grade cable operator bonds into junk – and there are no change of control covenants that would let holders escape. Euan Hagger reports

Spotlight on retail: Penney dreadful
JC Penney’s catastrophic trading strategy is proving a case study in subordination risk for bond investors

Credit Suisse takes crown as largest manager of post-crisis CLOs
Buoyed by the issue of Madison Park Funding X, Credit Suisse has taken top spot as the largest issuer of post crisis CLOs, but Apollo and Carlyle are close behind

Credit ETFs: a quiet explosion
Credit ETFs have grown to become a $100 billion business. From this month we track the size and performance of the biggest funds

Credit pays – in the long run
Bac Van Luu and Peiyi Yu crunch data going back to 1926 to figure out whether long term investors, such as pension funds, benefit from being overweight credit

Booking sky-high growth
Rapid rises in online hotel bookings are helping internet travel agencies deliver impressive hikes in revenue despite a relatively shaky recovery in travel demand. 

Cracking the coco pricing conundrum
By drawing paralells between cocos and credit derivatives, it is possible to put a rough price on cocos – and a limit on coco issuance

Power games
TXU’s LBO may have been the worst LBO of all time. But the energy company’s efforts to stay solvent are keeping credit traders and analysts busy

Katonah woes put focus on public credit vehicles
Katonah Capital’s row with Deloitte, its auditor, and its restatement of the fair values of its assets, highlight the difficulty permacaps face in valuing illiquid assets

Henderson Global Investors: Telling it like it is
Henderson Global Investors is banking on its openess and its straight-talking culture to win it mandates from outside its UK base

Spotlight on auto makers - A long and winding road
Auto makers have turned a corner – but the ending of government incentives to consumers is just one reason to believe that progress won’t be entirely straightforward

Viewpoint - Consolidation: part II
Stone Tower’s James Galowski believes CDO manager consolidation has only just begun

Managers on the breadline
New business has dried up, deals are in trouble and fees are being slashed. In these hard times, CLO managers face tough choices. Should they quit, expand or stick it out for the long run? Our analysis of industry fee income may help them weigh their options

Spotlight: Handle with care
Spotlight: Handle with care

Spotlight: Shopping for survivors
Spotlight: Shopping for survivors

Crunch time for CLO fees
Crunch time for CLO fees