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- Direct lending (7)
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Private credit’s abundant dry powder is great news for CLOs as well as borrowers
4 months ago
The recent rapid growth in private credit funds has garnered much attention from market participants and media pundits. While naysayers warn that this “shadow banking” channel could be a bubble waiting to burst in the higher-for-longer environment, issuers and investors continue to flock to the asset class. -
It’s not just high interest rates that are helping CLOs outperform
5 months ago
It is unlikely a well-capitalised sponsor would allow a growing portfolio company to default -
"It’s critical to understand that lower marks are not necessarily indicative of declining borrower performance"
1 year ago
Despite rate hike plans going unchecked, there is cause for optimism in private credit -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
1 year ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry2 years ago
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"It’s not unusual for investors to toggle between the US and Europe depending on pricing and terms"
2 years ago
The accents may be different, but US and European direct lending markets have a lot in common -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
A brighter year ahead
3 years ago
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before -
The imperfect incorporation of ESG is no excuse not to act
3 years ago
Managers’ legal ESG responsibilities may be vague, but they must still set up a credible strategy -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
Bankers, private equity firms and corporate lenders are all looking for new ways of doing business
3 years ago -
Investors take comfort from an active secondary market, but liquidity can be a mixed blessing
3 years ago
One of the most interesting characteristics of credit behaviour during the coronavirus era has been the momentum of junk bonds, with sharp changes in issuer and investor confidence around the asset class driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels and skewed-to-worse ratings for leveraged loans -
Forced selling triggered by downgrades has created crossover opportunities
3 years ago
Mackay Shield's Alexandra Wilson-Elizondo takes our credit quiz -
A lot of CLO portfolios look similar and I’ve never been one to follow the herd
4 years ago
Zais's Vinnie Ingato takes our credit quiz -
New accounting rules could be the axe that decapitates zombie credits
Weak borrowers are likely to be hit as lenders start accounting for expected losses4 years ago -
Past Returns: German direct lending’s overhaul
4 years ago
In Creditflux five years ago we reported on German fund managers campaigning against regulations which dictated that funds require a banking licence to act as direct lenders. In 2016 they got their way as the German Banking Act stipulated that the banking licence requirement would not be imposed if a direct lender was authorised under the Alternative Investment Fund Managers Directive. -
Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
4 years ago
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment -
Bubble-watchers cite the popularity of leveraged lending as evidence against it
5 years ago
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds -
They said it: “Occam’s razor, the marshmallow test and the Pareto principle – what do they have in common?”
5 years ago
The simplest solution is often the best solution, delayed gratification and the 80/20 rule; these can all be used in the assessment of CLO manager performance -
Rating outlook: Strong demand for CLOs is leading to looser docs
6 years ago
Equity-friendly features are becoming more prevalent in US CLO docs -
Private credit isn’t crowded: it’s following the 80/20 rule
7 years ago
With 20% of private credit fundraising dedicated to 80% of financing there is plenty of room for new players -
Liquidations can deliver double digit returns
9 years ago
Venor Capital Management's Michael Wartell takes our credit quiz -
Fishknife : Beware the next credit avalanche
9 years ago
The biggest danger is not complexity, it is leverage applied to an illusion of certainty -
You need to look beyond the drama
9 years ago
Highland's James Dondero takes our credit quiz - 9 years ago
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