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Rates are moving lower, which makes CLO equity look better versus loans
3 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
Fed members need to restore their credibility, which could translate into excessive tightening
8 months ago
Rising wages have boosted spending and GDP — but the party can’t last forever -
"Investors no longer rely on simplistic tiering models to price CLOs"
1 year ago
CLO investors are taking a nuanced approach to applying manager tiers that goes way beyond using AUM as a proxy -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"A bit ‘woke’? Possibly. But true corporate sustainability derives from sound governance"
1 year ago
Silicon Valley Bank’s collapse underlines the importance of sound governance -
"Short memories forget how rampant anti-EU sentiment was before Mario Draghi became Italy’s prime minister"
1 year ago
Unrest in Italy threatens to escalate into a bigger crisis than Greece in 2012 -
That’s another fine mezz I’d like to get into
2 years 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 -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"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 -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
"If ESG funds only talk the talk, it is because investors, legislators and regulators don’t walk the walk"
2 years ago
Whatever an ESG fund means to you, it probably means something different to the next investor -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
"There are concerns about volatile sectors in high yield, but IG may be vulnerable to macro changes"
2 years ago
High yield has heavier exposure to energy and travel credits, but IG has more rate duration -
"Low inflation was in part responsible for fostering a transfer of returns from creditors to shareholders"
2 years ago
We are conditioned to fear inflation risk. But it brings plenty of positives -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
"How CLO managers optimise the value of reorg equity is one of the most important unasked questions"
2 years ago
Getting the most out of reorg equity could be the difference between a good CLO and a great one -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
3 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
People underestimate the impact they can have with ESG
3 years ago
Muzinich's Kirsten Bode takes our credit quiz -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
3 years ago
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis -
They said it: "Start writing the story about banks making margin calls to buyers of CLOs using repo!"
4 years ago
A reader comments on our 25 March report “US fund managers put on leveraged CLO triple A trade with a view to 13% returns”, pointing out that banks were pulling loan TRS lines, but still had the appetite to support leveraged CLO trades. -
Private credit is not overcrowded — there is four times as much private equity dry powder
4 years ago
With much negative reporting around private credit, our columnist debunks oft-heard complaints -
Investors are very focused on ESG: it’s driving them and us, and rightly so
4 years ago
My career in credit began just over 20 years ago, working in KPMG’s restructuring team and advising banks on their troubled loans. It was a pretty steep learning curve as every company was teetering on the edge of bankruptcy. But I learned that controlling cash flow is vital and how to prioritise what’s most important about a company. I still use those same skills every day. -
Points up front: Goldman CLO head smashes triathlon
5 years ago
The head of US CLO syndication at Goldman Sachs, Jamil Nathoo, last month completed the South Beach Triathlon in Miami to raise money for Memorial Sloan Kettering, a cancer treatment centre in New York
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