What do reset deals have in common?
Is it possible to predict which deals are likely to be reset next? With reset mania continuing to grip the US CLO market, we search for common factors among 2014-2021 deals that were reset

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Weren’t there more of us than this?
According to this year’s Creditflux CLO Census, the CLO industry is not feeling optimistic. Some investors have vanished and managers have not taken advantage of helpful market conditions

Refi deluge casts shadow on b-wics

2020 CLOs find redemption is sweet
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions.

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

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLOs at a glance
Floodgates open with new issues everywhere

Engineering and construction: diversification leads to deepening debt
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves

Aluminium: Learning to live with crushed prices
The slump in the price of aluminium has hurt even Chinese producers. That is good news for other borrowers

A legacy market no longer
CLO calls, step-up refis and a recovery in new issuance have all changed the CLO market in the second quarter of 2016

Petrobras: In deep water – and sinking deeper
It has $135 billion in debt and its credit standing rests on a signature from its auditor. Petrobras is a credit for brave investors

Toys R Us: Trouble in toy town
One of the world's biggest retailers may be just one bad quarter away from a debt restructuring – or bankruptcy

Recognising the best in credit
More than 350 of the credit market's leading players gathered in London on 7 May to learn who among 81 finalists had won a Creditflux manager award

European CLO arrangers: back in business
With at least 15 deals likely to price this year, European CLOs are well and truly back. But who will arrange them? Sayed Kadiri finds the key people on European arrangers’ desks

Spotlight on retail: Penney dreadful
JC Penney’s catastrophic trading strategy is proving a case study in subordination risk for bond investors

Spotlight on Asian electronics companies: Giants teeter as Koreans’ sales grow
With Korean companies winning in growth markets and very competitive on price, giants such as Sony and Sharp are struggling.

Network overload
Intense competition among communications network makers is creating tough trading conditions and could push one of the largest out of business.

Re-thinking recovery
Loss-given-default presents an even bigger modelling challenge than default probability. A re-sampling casts light on the best approach

Most active CLO traders unveiled
US CLOs trade their portfolios much more actively than European CLOs. But CLO-i shows that within each region there are big differences in trading style

Investigating bubble trouble
Robert Jarrow and Philip Protter describe how a new way of looking at price bubbles gives insights into how some debt instruments fail to reflect the underlying values of their assets

Plotting the grim reaper’s path
Events such as the October 1987 crash show us that the credit market isn’t random. Actually, it’s all or nothing: business as usual or sudden death

CLO trading strategies revealed
CLO trading strategies revealed

Casinos see their long-running lucky streak come to an end
Casinos see their long-running lucky streak come to an end