What matters is what you do with it
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

HY fund is exception to rule of CLOs
CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021  

A fresh approach to loss distribution
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions?  

Elements work against CLO managers in Q3
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

New issues keep managers busy in summer season
New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1

US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

Finding horizontal and vertical angles
2017 CLOs where managers hold a vertical strip have higher spread portfolios and higher leverage than those with a horizontal risk retention investment. By Tanvi Gupta

Refinancing and reset options change the face of CLOs
The CLO market is going into overdrive, with refis, resets and new issue deals combining to give investors an unprecedented choice of maturities.

Healthcare providers: Heading for the emergency room
Donald Trump’s pledge to scrap the Affordable Care Act has hit a big high yield sector hard

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

CLO refis take centre stage
The third quarter CLO league tables cover a period in which issuance has been increasing while the total size of the market has fallen

Finding value amid volatility
Researchers and strategists had plenty of tips last month about where to find opportunities in volatile credit markets. We pick 10 of the most eye-catching findings

Defining the direct route
Managers agree that direct lending has created a big buzz in European credit – but they don't agree on what exactly direct lending is

Credit spotlight: Still loving it
Leverage is high but the fast food sector is doing well even as consumer spending falls – so it’s no surprise that credit investors are tucking into large portions

CLO trading strategies revealed
CLO trading strategies revealed

Special report: The dash to senior
Special report: The dash to senior

Spend spend spend
Spend spend spend

League table report
League table report