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Rate cuts won’t hurt CLO equity cashflows — and may even boost them
2 days ago
With rates poised to fall, some investors are worried about the impact of rate cuts on CLO equity cashflows. But in our view, the change in rates isn’t really a big deal on the way up or down for CLO equity. -
Past returns; Points up front
1 month ago
Past returns - PIMCO back and growing; Points up front - Avoiding catching the CLO bug & The bells ring out for public listings -
A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
1 month ago
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size -
Atlas SP joins new CLO arrangers vying for growth as sector booms
2 months ago
Apollo Global Management affiliate Atlas SP has joined the ranks of CLO arrangers, adding to the burgeoning number of new entrants eager to get into the lucrative business -
A reset can position a CLO for the drawdowns that follow a bull market
2 months ago
Extending a CLO’s reinvestment period is usually the best option — but timing is important -
Triple As could widen rapidly if CLO ETF managers see large outflows
2 months ago
CLO ETFs are likely to grow rapidly, bringing increased volatility to the CLO market -
Managers need to be able to capitalise on favourable document language
4 months ago
Maximising CLO returns post-reinvestment requires document flexibility and manager expertise -
The Last Tranche with Christine Ferris
5 months ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
We understand why the NAIC is open to a new framework
5 months ago
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage -
The markets are supporting high reset and refi volumes —but sometimes calls are a better option
6 months ago
Broadly syndicated loans and CLOs kicked off 2024 with a nice rally. As a result, we are seeing a resurgence of majority CLO equity holders exercising their rights to refinance, reset, or even call their CLOs. -
Points up front
7 months ago
Blame it on the Bad Bunny; End of an era -
Past returns: Where are they now?
7 months ago
Our latest set of manager rankings by AUM (see CLO rankings: 2023 turns out OK) prompted us to look back to our first league table in 2010 -
Rates are moving lower, which makes CLO equity look better versus loans
7 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 -
Private credit’s abundant dry powder is great news for CLOs as well as borrowers
9 months ago
The recent rapid growth in private credit funds has garnered much attention from market participants and media pundits. While naysayers warn that this “shadow banking” channel could be a bubble waiting to burst in the higher-for-longer environment, issuers and investors continue to flock to the asset class. -
It’s not just high interest rates that are helping CLOs outperform
10 months ago
It is unlikely a well-capitalised sponsor would allow a growing portfolio company to default -
Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
11 months ago
I’ve just returned from a trip to London, my first since taking on the mantle of editing Creditflux, and was struck as always by how stubbornly far apart the European and the US markets remain. -
Basel III looks likely to further increase banks investment in CLO triple As
11 months ago
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss. -
The pace in which we are seeing remediation today is very encouraging
1 year ago
Market participants smoothed the move from Libor to Sofr — but there is more to be done -
Borrowers are finding creative ways to address loan maturities
1 year ago
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. -
Past returns: Truly transatlantic
1 year ago
10 years ago we reported on Axa Investment Managers’ plans to enter the US CLO market. -
Points up front
1 year ago
Get off the bus, but don't despair -
Letter from the editor
1 year ago
It’s a curious thing to come back to your beginning, but that’s where I find myself, writing this letter as the new editor of Creditflux. I first joined 17 years ago, fresh out of university. -
Past returns: How Hildene took the lead
1 year ago
10 years ago in Creditflux we wrote about Hildene’s novel Hildene Leveraged Credit Fund, which was designed to take equity stakes in Hildene CLOs and provide a warehouse for forthcoming deals -
For the vast majority of managers, CLO AUM is akin to a melting ice cube
1 year ago
The past two years saw some of the largest ever CLO collateral manager acquisitions. We don’t expect this to ultimately lower the number of CLO collateral managers active in the market — each year brings new entrants — but it does create complications for investors in CLOs issued by both the acquired and the acquirer. -
Past returns: Tracing Fair Oaks’ roots
1 year ago
10 years ago in Creditflux, we reported on Miguel Ramos Fuentenebro’s nascent firm GMB Partners securing its first mandate
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