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What CLO investors really need to know
4 months ago
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know -
We can cope with downgrades again
Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios1 year ago -
A fresh approach to loss distribution
2 years ago
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions? -
Updated, upgraded and ready to launch
5 years ago
Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations -
Evolving strategy takes Norinchukin close to top spot in CLO investment
5 years ago
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor -
Indonesian property developers: cracks reopen as liquidity dries up
5 years ago
Indonesian developers didn’t fully recover from the 2013 taper tantrum. And now, as development costs and interest payments eat into their capital, they are looking far from stable -
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 -
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 -
Theme parks: scream if you want to go tighter
7 years ago
Investing in theme park debt is like taking a rollercoaster ride. Lately it’s been a thrill, but there are always ups and downs -
Gold mining: All that’s gold does not glitter
8 years ago
The price of gold has fallen 40% since 2011 and heavily indebted mining credits have lost their lustre -
Loan covenants: Investors helpless as borrowers go free
8 years ago
Freebies, builder baskets and side cars are just some of the ways loan covenants are being loosened -
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 -
Coal mining: In a hole and still digging
9 years ago
Some coal prices have fallen by almost two-thirds in the past three years – and for heavily-indebted coal mining companies the outlook is black -
Europeans add twist to US recipe
9 years ago
A simple direct lending recipe born in the US is now being given a European flavour as unitranches grow in popularity among direct lenders and borrowers -
Meat processors: Living high on the hog
9 years ago
Meat producers are in clover right now. But low margins and industry consolidation could make the future precarious -
Project finance: solo investors bridge funding gap
9 years ago
Deals with a single large investor seem to be the only way to overcome Europe's €2 trillion hole in infrastructure financing -
IT operations software: incumbents wary of threatening cloud
9 years ago
Companies that make software for IT operations are milking an ageing cash cow. If they can't compete in the cloud, their leverage looks to be unsustainable -
Catastrophe insurance: A storm is brewing
10 years ago
A select group of credits make a living from the catastrophe business. But soon they may be the ones in need of help -
Toll road operators: Caution: no traffic ahead
10 years ago
With a monopoly that everyone uses, toll road companies would be perfect borrowers – if only their roads weren't so empty -
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 -
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 -
GSO Capital stretches CLO lead
11 years ago
GSO may be cementing its position at the top of our ranking of CLO managers by total assets under management, but beneath it the list is in constant flux -
Playing euro-chicken
11 years ago
Game theory can help us understand the likely course of the eurozone crisis and its impact on credit spreads. It can also tell us that the worst is yet to come -
Credit funds take direct action
11 years ago
Direct lending funds are springing up around Europe. But what do managers mean by direct lending? And what returns can their investors expect? -
Credit spotlight: Gaming becomes a better bet
12 years ago
With gambling revenue rising strongly in Las Vegas and, especially in Macau, credit investors are turning to gaming even as yields tighten
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