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Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
2 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait -
Dispersion trades in play as transatlantic rift opens
2 years ago
The return of idiosyncratic risk at the wide end of US and European high yield markets has put index equity tranches for the two jurisdictions on noticeably divergent paths, say correlation traders -
Millennium senior tranche trader jumps to Verition
2 years ago
An experienced synthetic structured credit trader has left Millennium Management in New York to join Greenwich headquartered Verition Fund Management -
Credit Rendezvous: And breathe...
2 years ago
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives. -
Past returns: Having a whale of a time in tranches
2 years ago
In Creditflux 10 years ago we reported on JP Morgan’s “little known prop book” making waves in index tranches -
Past returns: Barclays gambles and wins on Zohar
3 years ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
ABS market holds strong as talf date approaches
3 years ago
The US Federal Reserve announced last week that the term ABS loan facility's first subscription date for loans backed by eligible asset-backed securities (ABS) will be 17 June, but before the Fed has even spent a dollar, talf has already been a success, says Tom Sweeney, co-head of structured credit finance at DWS Asset Management. -
Prophet closing hedge fund due to weak CLO liquidity
4 years ago
Prophet Capital is winding down its $500 million-plus CLO and structured credit hedge fund. The firm cites poor liquidity and uncertain valuations as the biggest factors behind its decision -
Structured credit dragged very wide — but CLOs stand to gain
4 years ago
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors. -
CLO investors should be looking at CSOs
At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other4 years ago -
Arrival of five-year bespokes draws in CLO investors
4 years ago
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019. -
Past returns: secret CLO market
5 years ago
Five years ago in Creditflux, we reported on the emergence of an inter-dealer market for CLOs -
SEC charges ex-Nomura CMBS traders with fraud
6 years ago
The SEC yesterday said that two former Nomura CMBS traders, James Im and Kee Chan, misrepresented price information to clients in trades where they were acting as intermediaries -
Ex-Bear credit sales specialist sets up home in Brownstone
7 years ago
New York-based broker Brownstone Investment Group has hired a senior credit sales specialist, according to well placed sources
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