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September: credit funds at a glance
5 years ago
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry -
Wide CLO pricing need not be a drag
5 years ago
Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers -
Weighted average life divides CLO industry
5 years ago
Creditflux’s second CLO Census reveals stark differences of opinion on weighted average life and par-flush for US CLOs. But there is a clear consensus on which bank is best at CLO execution -
Star names join Barclays as it pushes into CLOs
John Clements’ move to Barclays has been voted one of the biggest moves this year. On the buy side, Carlyle’s private credit growth and Alcentra’s US expansion have been boosted with big hires -
Not a bad time to try your hand at CLOs
In a busy second quarter, CSAM nudged ahead of Carlyle, CLO spreads moved wider for the first time in months, and a posse of established credit managers made the grade in US CLOs -
Mid market CLOs - the expanding middle
5 years ago
The small band of middle market CLO managers employ a growing range of strategies - from direct lending-style origination, to dabbling in broadly syndicated loans - as they build out deals. Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5% -
Evolving strategy takes Norinchukin close to top spot in CLO investment
5 years ago
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor -
At the heart of CLO doc negotiations
5 years ago
As investors up and down the capital structure shared their views on fictional US and European CLOs, we discovered that par flushes must be worded carefully or they could be a deal-breaker
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There are no perfect hedges for CLOs
5 years ago
As the CLO market gets hotter and hotter, investors are seeking hedges against the inevitable downturn. But although there are a wide range of options, there is no consensus on which is best
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Investors gather to talk teams and tactics
5 years ago
With US CLO risk retention recently ruled off-side, attendees at the Creditflux Symposium were expecting a number of small, nimble managers to enter the field of play as the year progresses -
Experienced CSAM holds off boutiques to win biggest prize
5 years ago
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May -
CLO performance is faltering – a loans shock would help
6 years ago
Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007 -
CLOs aren’t as similar as you might think
6 years ago
Almost 70% of some managers’ portfolios overlap with those of their competitors. But the average overlap is around 35% so there’s plenty of room for managers to express their preferred strategies
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Issuers excited by busy first quarter
6 years ago
After 13 months of compulsory risk retention for US CLOs, it seems that the simplified regulatory regime is already encouraging a host of CLOs from returnees and new entrants to the market
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Tracking down the credit industry’s original winners
6 years ago
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
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Tastes change in secondary trading
6 years ago
Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies. -
A credit market in constant flux
6 years ago
Since Creditflux's launch in 2001, we've reported on CLO evolution, trendy new products, regulatory U-turns, and, of course, crashes. Which, we wonder, is coming next? -
Making it to the top: women reflect on changes in the CLO industry
6 years ago
As a growing number of women break the glass ceiling and take senior positions in CLO firms, Creditflux asked about the opportunities and challenges they face. By Michelle D’Souza -
Tapping Europe doesn't always pay
6 years ago
The premise – reaching a broader audience of investors – is sound. But some managers have found that opting for dual compliant CLOs is not worth the extra effort. -
Building new ways to evaluate CLOs
6 years ago
For CLO investors, there is no longer a question of whether a particular CLO will be reworked; instead, they must judge when, and how dramatically, its terms will change. By Tom Davidson -
Managers predict skill will win out
6 years ago
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist -
Who predicted $145 billion of issuance?
6 years ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson -
Manager activity spreads across US
6 years ago
In 2016, there were 83 CLO managers active in the US; by the end of 2017 there were 121 -
Managers pick spots on CLO curve
6 years ago
As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot. -
CLO managers return to new issues
6 years ago
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets
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