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Investors query loan b-wic objectives as trade rates plummet
4 years ago
Over €1 billion worth of loan paper has appeared in the form of European loan b-wics in March, according to market sources. But buyer appetite has been low -
Ellington sells large chunk of assets from European CLO warehouse
4 years ago
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources -
Loan market slump feeds into CLO pricing
4 years ago
The loan market opened this week 2-4 percentage points lower than last week, pushing it toward 90—a threshold it has not crossed since February 2016. CLOs have reacted to this rapid drop -
CLO managers don’t always prioritise profits
Research into CLO trading by professors Florin Vasvari and Maria Loumioti leads them to believe that, when CLOs are bound by strict constraints, managers tend to focus on ‘compliance trading’4 years ago -
Managers amend CLO structures amid refinancing ripple
4 years ago
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave. -
CBOs aren’t fixated on interest rate moves
The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds.4 years ago -
Established firms say managers new to European CLOs will struggle to attract assets
4 years ago
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations. -
CLOs take advantage of valuations to cash out of Refinitiv
4 years ago
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm. -
CLO managers look to move away from ‘spiky’ triple Cs
4 years ago
CLO managers are in the process of de-risking their portfolios by rotating out of triple Cs into less risky credits following a volatile month in markets, according to multiple sources. Creditflux analysis shows that, for the past couple of years, managers have become emboldened with triple C and B3/B- loans making up 25% of the portfolios of 50 US CLO managers. -
Rival manager’s warehouse contributes to new CIFC US CLO
4 years ago
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager. -
Doing CLOs is hard work as recovery lags
4 years ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
Large, liquid loans aren’t always perfect
5 years ago
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically -
Moving on from the late 2018 hangover
5 years ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues -
Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
5 years ago
Creditflux, Debtwire and Xtract discuss the current state of the market -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
5 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
Neiman Marcus loan slumps amid debt restructuring talks
5 years ago
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit
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