Refine Search
Article Categories
Strategy Tags
- Direct lending (6)
- Emerging markets (3)
- High yield bonds (12)
- Investment grade credit (8)
- Structured credit (7)
- CLO (16)
- Distressed debt (remove)
- Leveraged loans (11)
- Synthetic/SRT (10)
- ABL Financing (1)
Geography Tags
-
Fund performance: Credit funds end difficult 2022 on a positive note
1 year ago
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black -
Serta Simmons makes its bed again with default leaving CLOs with a restless night
1 year ago
$172.5 million of CLO assets defaulted on Monday after Serta Simmons Bedding filed for chapter 11 bankruptcy. -
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. -
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 -
Bond tenders bring outperformance as credit fends off commodity woes
1 year ago
Credit markets are managing to stay remarkably robust this week despite high volatility in oil prices and covid deaths in China undermining hopes for its economy to reopen -
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 -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
2 years 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. -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
2 years ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
Talen bond squeeze brings low auction pay-out for protection holders
2 years ago
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper -
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 -
Fund performance: Credit hits another bump in the road after March revival
2 years ago
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March -
Retailers, travel cos and Italian banks lead charge as market rally accelerates
2 years ago
Retail companies have been resurgent on Thursday as the credit market’s relief rally gathered pace, with Europe seeking to catch up with the US following its strong surge -
See what's next: Netflix gives whole market a chill
2 years ago
Financial markets look set to end the week once again on a bearish trajectory, with fears over consumer confidence and company earnings helping take credit spreads back to their widest levels since the start of December -
Apollo establishes $1 billion credit secondaries platform
3 years ago
Apollo says it formed the platform to capitalise on the explosive growth of private credit, as well as addressing related liquidity or portfolio needs from underlying investors -
Ucits at a glance: Advent and Algebris lead the pack again
3 years ago
Ucits funds saw the brighter side of February, as 80% of funds achieved a positive return -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
SkyBridge generates best returns since inception with 75% credit exposure
4 years ago
SkyBridge Capital, the fund of hedge funds manager run by ex-White House communications director Anthony Scaramucci, claims its Skybridge G II Fund has generated the best monthly and quarterly returns since inception. It will also cut its 25% tender offer frequency from quarterly to semi-annual -
SkyBridge slashes structured credit exposure by 32%
4 years ago
A New York-based fund of funds has slashed structured credit exposure by 32% since March while increasing distressed allocation by 16%, according to an investor letter seen by Creditflux. The fund is also rejigging the portfolio towards allocations with larger managers -
OC health check: US CLOs hit by new round of test failures
4 years ago
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i. -
CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
4 years ago
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event -
Frontier CDS auction final list points to 75 cent pay-out
4 years ago
An auction next week to settle Frontier Communications CDS will have 20 deliverable obligations, according to a final list published by the Americas Determinations Committee. The cheapest of these suggest a payout on CDS of around 74.5 cents -
Selecta and Southwest battered as market trades flat as a pancake
4 years ago
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners -
Frontier triggers credit event but HY equity tranches outperform
4 years ago
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low -
Beneath the triple C: $1 billion of CLO credits take a dive
4 years ago
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi. -
McDermott slips into bankruptcy with CLOs holding almost $1 billion
4 years ago
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement
Want all the latest news, comment, analysis and data?