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Palmer Square liquidates 2022 CLO through BWIC
3 months ago
Palmer Square is the seller of a mammoth EUR 350m loan and bond BWIC portfolio that was auctioned last Thursday (4 January) as it has been winding down Palmer Square European Loan Funding 2022-3 -
Leveraged loan market shrinks as CLO trading grows
10 months ago
A lack of primary issuance has caused the leveraged loan market to shrink this year for the first time since the aftermath of the global financial crisis, according to market sources. -
Up to 40% more US loan supply will hit primary market next year: Barclays
1 year ago
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index -
Private equity firms are becoming CLO converts: TwentyFour
1 year ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense" -
Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
1 year ago
Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays -
US loan index falls below 92 to almost wipe out gains since July
1 year ago
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally -
Secondary CLOs stand firm as credit markets take a hit
1 year ago
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market -
The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
1 year ago
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Short duration CLOs are putting reset risk in the post: Barclays
1 year ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
Euro loans with FX hedging offer better value than US: Barclays
1 year ago
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
1 year ago
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform -
CLOs aim to pick up pieces as fear drives dip in loans
1 year ago
Leveraged loan investors grew skittish in June, with prices slipping as the likelihood of a US recession increased, according to market sources. -
Loan traders eagerly await electronic trading solution
1 year ago
The announcement of Octaura’s electronic loan and CLO trading platform last month has been met with positivity by market participants, who laud the unified approach taken by large investment banks in supporting the initiative -
Octaura's real-time trading solution paves way for loans and CLOs to drop illiquid tag
1 year ago
The unprecedented cooperation between CLO trading desks that culminated last week in the launch of Octaura could change the way credit investors judge the relative value merits of loans and CLOs versus liquid alternatives such as high yield bonds -
US loan market drops to record low for 2022
1 year ago
The loan market reached a new record low for the year on Thursday with the S&P/LSTA Leveraged Loan Index trading at an average bid of just 93.66 cents on the dollar -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
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 -
Loan dip brings longest CLO primary pause since January
1 year ago
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week -
CLO managers in the mix for first US credit event auction since 2020
1 year ago
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently -
Loan fintech drills into private data to free up analysts’ time
1 year ago
The role of credit analysts could be redefined if a new product launched by a tech company takes off -
Credit Rendezvous: Pass masters
1 year ago
Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them... -
High yield / loan slowdown affects year-end projections and pricing: Barclays
2 years ago
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
2 years ago
We need to accept the pain and cut dependence on Russian oil today
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