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The Last Tranche with Christine Ferris
1 month 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
1 month ago
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage -
The pace in which we are seeing remediation today is very encouraging
8 months ago
Market participants smoothed the move from Libor to Sofr — but there is more to be done -
We pulled back because yields didn’t seem to match the risk. Now it’s better
11 months ago
During visits to Melbourne and Sydney last month, conversations with clients and friends about private debt revealed important contexts to understanding how investors there think about the asset class. -
There were no surprise events… CDS did exactly what it said on the tin
11 months ago
Good tabloid headlines rely on the obverse of normal expectations and, over the years, Credit Suisse has furnished a deep seam. Banks are meant to be risk-averse, and of unimpeachable character and integrity. -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
Past returns: Absolutely floorless CLOs
1 year ago
Five years ago in Creditflux we reported on the emergence of European CLO tranches without Euribor floors -
"If earnings weaken, equity and credit markets could enter a new phase in the sell-off"
1 year ago
High yield has outperformed equities since the sell-off this year, but that relationship could change -
Points up front: CLO guy Boehly becomes global household name
1 year ago
The CLO market might be a $1 trillion industry, but we’ve been waiting years for a “CLO guy” to break into the mainstream. Step forward Todd Boehly... -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
2 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Sofr, so complicated
2 years ago
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
"We again have to flag up information in CLO marketing pitches that can mislead investors"
2 years ago
Cash-on-cash returns, default records and leverage statistics don’t always give CLO investors the full picture -
"Growth in credit products lets investors express sector-specific views as dispersion ticks higher"
2 years ago
Investors can use ETFs, volatility dispersion swaps or even bond baskets to trade dispersion -
"Never have the choices for issuers been more varied, nor the market dynamics more complex"
2 years ago
Direct lending deal terms are becoming more attractive in Europe -
"Don’t buy loans for the floating rate component alone"
2 years ago
Loomis Sayles' Matt Eagan takes our credit quiz -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
It is unfair to extrapolate from one lemon on the lot that the whole fleet of cars is defective
3 years ago
As a barometer of Europcar credit risk before the credit event the CDS contract did a credible job -
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 -
The imperfect incorporation of ESG is no excuse not to act
3 years ago
Managers’ legal ESG responsibilities may be vague, but they must still set up a credible strategy -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
Points up front: How much do I owe you?
3 years ago
Payment systems in the credit industry had a bad August
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