Ask the market where spreads are heading
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. 

Five ways to master risk retention
Confused about risk retention? Sayed Kadiri provides a quick guide that covers how the various methods work, their pros and cons and which managers have used them

Coal mining: In a hole and still digging
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

Stress testing your cocos
Joao Garcia and Nicola Pede look at how to value cocos and argue that the valuation model should cater for related equities and CDS being stressed by a systemic event

JP Morgan still on top
Our first quarter issuance tables show JP Morgan retaining top spot while Citi climbs two places, from fifth to third

Spotlight on pharmaceuticals - A bitter pill
A few years ago they had top ratings, but the creditworthiness of the world’s largest producers of branded pharmaceuticals is waning – and worse is to come.