Refine Search
Article Categories
Strategy Tags
- Direct lending (3)
- High yield bonds (6)
- Structured credit (1)
- CLO (9)
- Distressed debt (1)
- Leveraged loans (9)
- Synthetic/SRT (1)
Geography Tags
-
How many CLOs will be called this year?
3 months ago
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption -
What matters is what you do with it
1 year ago
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed -
You seem familiar
2 years ago
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator -
We’re drifting apart
2 years ago
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs -
Still plenty more fish in the triple C
US CLO triple C buckets are lighter than a year ago thanks to the wave of loan upgrades from Moody’s and S&P. But 48% of downgraded paper is yet to return to a coveted single B rating2 years ago -
Lighten up, these are due an upgrade
3 years ago
CLO triple C buckets were overflowing last year, but the average exposure is now 7.3%. That is still close to trigger levels, but CLO managers are relaxed, as further loan upgrades are on the horizon -
Chin up – it’s been a pretty good effort
3 years ago
CLO managers did well to survive the covid-19 crash in loan valuations — but they failed to fully capitalise on the ensuing volatility, say participants in the Creditflux CLO Census 2020 -
Investors gain upper hand in doc negotiations
Late June saw the balance of power shift slightly in favour of loan investors, with repricing rates rising and doc terms improving as a glut of borrowers sought to get deals done by the quarter end -
Higher leverage is on the horizon - but, for now, take in the MFN sunsets
6 years ago
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage -
US pensions look beyond equities
6 years ago
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist -
Investing ethically is worth it
7 years ago
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe -
Move up the stack to avoid implosion
7 years ago
Pundit warns investors to be concerned about return of their principal – but senior loans may be a safe haven as credit yields are squeezed and high yield becomes crowded -
Real money chooses European credit
7 years ago
Creditflux’s biggest ever survey of institutional investors shows that real money investors are gravitating towards European credit -
Finding value: spotting risk
7 years ago
US retail, Saudi sovereign and mid-market technology are just some of the sectors that credit specialists across the sell side and buy side commented on last month -
A clash of views on credit
7 years ago
Recent volatility has shattered any consensus that existed on corporate credit. Buy-side firms, in particular, have been putting forth sharply contrasting views of late -
Not shrinking but shifting
8 years ago
Volatility and back-bidding has driven CLO trading off b-wics, but as Trace data shows, the secondary market remains in robust health -
Medical device makers: Rising leverage may threaten health
8 years ago
Medical device companies have piled on debt while making large acquisitions – and they aren't bringing it back down -
Finding the best managers in credit
8 years ago
The most prestigious awards in credit make their return on 4 May in London -
Cream of the credit research
8 years ago
In our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedgesIn our first round-up of last month's most eye-catching credit research, we pick pieces on energy options, green bonds and using tranches as CLO hedges -
Petrobras: In deep water – and sinking deeper
9 years ago
It has $135 billion in debt and its credit standing rests on a signature from its auditor. Petrobras is a credit for brave investors -
European direct lenders strike €25 million sweet spot
9 years ago
Many new entrants to the European direct lending market are finding that they can put assets to work by making loans in the €20 million to €30 million range -
Keeping in sync with sinking bonds
9 years ago
Jan-Frederik Mai and Marc Wittlinger describe a technique for pricing bonds that have a random sinking fund feature without the need to resort to time-consuming Monte Carlo algorithms -
Biggest managers deal their way to bigger share of CLO market
10 years ago
Mergers have helped the largest managers to increase dramatically their share of the CLO market. But as Arrowpoint shows, there is still room for new entrants -
BAML snatches top spot from Citi
10 years ago
Bank of America Merrill Lynch beats off regular winner Citi by a whisker in second quarter race to be world number one CLO arranger -
In search of a grand unifying theory
10 years ago
Tomasz Bielecki, Areski Cousin, Stéphane Crépey and Alexander Herbertsson describe the construction of a model that aims to make credit correlation work bottom-up and top-down
Want all the latest news, comment, analysis and data?