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Global Loan Highlights 1Q24: Don’t call it a comeback
2 months ago
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth -
Full-year 2023 European Leveraged Highlights
5 months ago
Debtwire has released the full-year 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets -
Fund performance
11 months ago
Good month for CLO funds sees six in top 10 as Axiom sets pace -
Credit Suisse/UBS deal to create $5 trillion asset manager
1 year ago
The emphasis is set be on wealth and asset management, according to a statement released by UBS in conjunction with its move to acquire Credit Suisse -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Nerves of steel needed for CLOs as Phoenix Services files for chapter 11
1 year ago
CLOs hold $341.54 million of steel service provider Phoenix Services Topco which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware yesterday -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
Quick! Avaya has ignited and $1 billion of CLO assets are at risk
1 year ago
Sparks are flying in the leveraged loan and high yield market after communications company Avaya Holdings slashed its forecasted earnings mere weeks after syndicating new debt. The rapid decline of Avaya's debt has left CLO managers little time to avoid the blaze -
Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
1 year ago
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B. -
Beneath the triple C: CLOs take first knock since covid scrapes
2 years ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
You seem familiar
2 years ago
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator -
CLO managers in the mix for first US credit event auction since 2020
2 years 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 -
Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
2 years ago
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely -
Ucits at a glance: Long-short funds provide resistance in tough month
2 years ago
In February, Ucits funds followed market sentiment as 90% made negative returns -
LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
2 years ago
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds -
Fund performance: Wasserstein's early 2021 performance drives it to the top
2 years ago
The final top 10 of 2021 featured a variety of funds as five different strategies were ranked among the best. US high yield was the most highly represented with two BlackRock funds and an Angel Oak in the top 10 -
Ucits at a glance: mid market fund leaps into top four
2 years ago
The majority of Ucits funds end Q2 on a high note as 76% of those in our database recorded positive performance in June -
It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
2 years ago
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US -
US loan managers capture secondary opportunities as new issues struggle
2 years ago
US loan managers switched gears by sourcing loans in the secondary market in the second quarter. This came as pricing in the primary market became less attractive in the early part of Q2 and with new loan issuance slowing in May and June -
Ucits at a glance: Ucits stay positive for second month in a row
2 years ago
Ultra-tight credit spreads are not taking away from Ucits funds – 80% of funds in our database have again recorded positive returns. -
It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
2 years ago
Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground -
First Eagle opts to liquidate listed US loan fund
2 years ago
First Eagle Alternative Credit is in the process of liquidating its publicly listed, closed-ended credit fund, First Eagle Senior Loan Fund -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill
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