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"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
3 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
3 years ago
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option -
We say it: Creditflux salutes women in credit
3 years ago
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
Points up front: Revlon repayment was Bad Day at the office
3 years ago
Making light of a situation is a good coping mechanism when things don’t go as expected. The Revlon loan repayment saga has underlined this with court filings revealing how CLO portfolio managers reacted to what Citi purported was a ‘mistaken’ $900 million paydown of Revlon loans -
The tide has turned… the solution for investors is to move into floating rate loans
3 years ago
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up -
They said it: "I am extraordinarily proud of the firm I have helped build"
3 years ago
Apollo chief executive officer Leon Black announces he is stepping down. -
We need to remove CLO misinformation from the market
3 years ago
Vibrant's Kashyap Arora takes our credit quiz -
All types of financing will have to incorporate ESG risks and use their real economy influence
3 years ago
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change -
Perhaps 2021 will be the first year of the next expansion
3 years ago
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves -
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 -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
4 years ago
Blockchain might not eradicate all problems in credit, but it should reduce human error -
Points up front: How much do I owe you?
4 years ago
Payment systems in the credit industry had a bad August -
They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
4 years ago
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party -
Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
4 years ago
Corporate credit downgrade storms have been weathered before, but this one has come out of season -
A lot of CLO portfolios look similar and I’ve never been one to follow the herd
4 years ago
Zais's Vinnie Ingato takes our credit quiz -
Past returns: Death by triple Cs? A step too far
4 years ago
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers -
Points up front: There are lies, damn lies and awards pitches
4 years ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered. -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
4 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
4 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet
4 years ago
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity -
Points up front: Best to price your deals between 12 and 6am
4 years ago
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry -
For enhanced CLOs to outperform, investors need the credit cycle to turn — and quickly
5 years ago
If the current credit cycle doesn’t end within two years, triple C-heavy CLOs will not see a return on their high financing costs
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