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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 -
Genesis of a CLO desk
6 years ago
On the 10-year anniversary of Genesis CDO I, Creditflux analyses the development of Deutsche Bank’s structured credit desk. By Hugh Minch -
Investors prefer direct lending to CLOs
6 years ago
For the first time in the history of Creditflux’s credit allocator survey, investors have voted direct lending the best investment in credit. CLOs came joint second. By Michelle D’souza -
Finding horizontal and vertical angles
6 years ago
2017 CLOs where managers hold a vertical strip have higher spread portfolios and higher leverage than those with a horizontal risk retention investment. By Tanvi Gupta -
Chance encounter sets up CIFC sale
6 years ago
Selling a business can be arduous, frustrating and nerve-wracking. An exhaustive process does help – but sometimes it takes a bit of luck for a deal to go through -
CLO managers like range of options
6 years ago
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Spread decline makes style vital
6 years ago
It’s not the number of CLOs you manage, it’s how you manage them: with 62 US firms pricing CLOs this year, managers are keen to stand out from the crowd -
CLO boom encourages new ideas
6 years ago
Volumes are up, spreads are down and risk retention is a doddle. That must mean it’s time to push the boat out and innovate
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