Refine Search
Article Categories
Strategy Tags
- Direct lending (5)
- Emerging markets (1)
- High yield bonds (18)
- Investment grade credit (15)
- Structured credit (2)
- CLO (78)
- Distressed debt (3)
- Leveraged loans (9)
- Synthetic/SRT (15)
- ABL Financing (5)
Geography Tags
-
French foodco CDS jumps on bond offering
3 years ago
Picard, the French frozen foods company, is a big underperformer in credit markets on Monday, as it limbered up to bring a triple-tranche bond deal -
TRS goes electronic on Tradeweb with iBoxx trade
3 years ago
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index -
European CLO repricing volume passes €14bn as ICG resets 2019 deal
3 years ago
Intermediate Capital Group becomes the latest CLO manager to reset a deal, having reworked its 2019 vintage St Paul’s CLO X -
Euro CLO mezz spreads leak wider but seniors hold firm as ICG resets
3 years ago
European CLO mezzanine reset spreads have widened out slightly this week, highlighted by Intermediate Capital Group’s reset of St Pauls CLO VI via JP Morgan -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
-
Jaguar accelerates tighter as CDS indices go their own way
3 years ago
UK carmaker Jaguar is on a rallying run and gathering pace in CDS, despite CDS indices underperforming the more bullish tone in other assets, including bonds -
Disconnect as credit sells off as stocks and oil strengthen
3 years ago
Credit is a big underperformer today versus stocks, with the sell off that began yesterday afternoon starkly at odds with the positive tone with which the week began -
LP round up: Arcmont, Ares and Sixth Street win European direct lending mandates
3 years ago
Investors have allocated around $2 billion to credit funds in recent weeks, according to board documentation seen by Creditflux. Among those to recieve allocations include ADM, Arcmont, Ares, Audax, Bain, Centerbridge, Clearlake, Goldman Sachs merchant banking, Invesco, Monarch, Oaktree, Raven, Sixth Street and Sound Mark -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs -
European CLO double Bs jump wider amid October macro worries - but seniors stand firm
3 years ago
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time -
Single name shorters get improved entry point after conviction test
3 years ago
Returning market optimism has taken credit spreads back to ultra-tight levels. But for bears, this posits a better entry level for short trades, and the recent blow-out may have given strong pointers where to target them -
Global CLO round-up: fresh start for five year deals as market reopens
3 years ago
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020 -
Price talk emerges for Ares European CLO
3 years ago
Price talk for Ares' latest Eurpopean CLO has emerged with triple As guided around Euribor plus 110 basis points, in line with deals priced by Barings, CVC and Redding Ridge -
PGIM embarks on European CLO comeback with first deal since early March
3 years ago
PGIM is set to price its first post-covid European CLO as the manager markets Dryden 79 with triple A notes within range of a deal which it priced in early March -
LP round up: Connecticut eyes Fortress for private credit partnership
3 years ago
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux -
Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
3 years ago
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week -
Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
3 years ago
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers -
Global CLO b-wic round-up: secondary prices reach March levels
3 years ago
The Memorial Day bank holiday in the US and the late May bank holiday in the UK meant a short week for CLO trading, but that did not stop a good supply of US CLO triple A rated paper making its way to the secondary market -
Negative cash deal becomes first European CLO to fail OC test since sell off
3 years ago
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March -
Napier Park brings covid-era European CLO volumes to €1.5 billion
3 years ago
Napier Park Global today became the sixth CLO issuer in Europe since the onset of the pandemic, according to market sources, bringing volumes on the continent since the outbreak of the coronavirus pandemic to over €1.5 billion -
Silver lining: credit investors provided with lower entry points than Q4 2018
4 years ago
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them -
PGIM resets European CLO to cross €2 billion in 2019 issuance
4 years ago
PGIM reset its 2015 European CLO today, Dryden 35, via Goldman Sachs. It takes the PGIM’s 2019 European CLO volumes pass €2 billion -
European CLO round-up: new look turbos power up junior CLO tranches
4 years ago
Junior CLO debt investors are getting more defensive and this has resulted in the emergence of new-look CLO turbo tranches
Want all the latest news, comment, analysis and data?