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Credit pickers need luck to avoid OC trap
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans4 years ago -
Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
4 years ago
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion -
A round-up of fundraising and people moves in credit
4 years ago -
Beneath the triple C: mighty CLO buckets from Akorns grow
4 years ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. -
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios4 years ago
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Making arb work of it
4 years ago
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. -
A round-up of fundraising and people moves in credit
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Two roads diverged in the CLO wood
In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward4 years ago -
Any takers for illiquid European CLO equity?
4 years ago
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year. -
Any takers for illiquid European CLO equity?
4 years ago
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year. -
Past returns: Unfinished business in CLOs
4 years ago
Five years ago in Creditflux we reported that DA Capital was looking for a way back into CLO management. The firm had sold its four US CLOs in 2011 to Citi Alternative Investments (now known as Napier Park Global Capital), but a rally had convinced the firm it was time to issue CLOs again. -
CLO pipeline: US takes up baton after European July sprint
4 years ago
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline. -
CLOs at a glance
4 years ago
A round-up of CLO performance -
A round-up of fundraising and people moves in credit4 years ago
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A round-up of fund performance4 years ago
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CLO pipeline: newcomer emerges with unusual transaction
4 years ago
The US CLO pipeline continues to fill up, with 20 new issue US CLOs featured and another 17 deals set to be refinanced. -
CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates
4 years ago
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates -
CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture
4 years ago
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching. -
Creditflux reveals finalists for most competitive Manager Awards ever
5 years ago
To compile the shortlist for the annual Creditflux awards, we select the best performers in credit using a combination of detailed, data-driven metrics. The winners will be announced on 8 May -
CIFC launches its first CLO Ucits fund
5 years ago
CIFC Asset Management has become the latest manager to launch a new CLO Ucits fund -
CLO warehouse terms free up as stakeholders negotiate
5 years ago
CLO warehouse terms are becoming more flexible as dealers compete for business, and equity investors seek to extract maximum value from their deals. Sources say that warehouse maturities are more frequently rising to three years for certain deals in the US market, and that banks may be moving away from the mark-to-market warehouse model -
Global CLO round-up: there's something for everyone as CLOs put on a good spread
5 years ago
This week, equity investors have something to be thankful for with triple A CLO spreads showing signs of tightening -
CLO Ucits funds take off despite investment limits
5 years ago
CLO investors are swarming over the Ucits fund market, despite the obvious regulatory headwinds and stringent liquidity requirements associated with these structures -
Past returns: Atlantic crossing
5 years ago
Five years ago in Creditflux we reported on Axa Investment Managers planning its debut US CLO with a view to becoming a global CLO manager. Today, US managers are prioritising the build-out of European CLO platforms -
CLO b-wic line-up: control equity in Investcorp euro deal goes under the hammer again
5 years ago
An investor is looking to sell a control equity position in Investcorp Credit Management’s 2015 European deal, Harvest XI
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