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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. -
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
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. -
Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
1 year ago
CLOs hold $596 million debt of lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday -
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
1 year 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: Groundhog Day as 2021 leaders start strong
2 years ago
CLO funds once again claim the most top performing spots as seven out of 10 funds belong to the category -
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 -
Ukraine and Russia volatility steps up amid political trial and conflict fears
2 years ago
Ukrainian and Russian spreads are among the market's biggest movers at the start of the week, as developing tensions between the two countries ramp up another notch and former Ukrainian president Petro Poroshenko has arrived in Kyiv to face treason charges -
Determinations Committee agrees to rule on first credit event question in 10 months
2 years ago
Credit event triggers are back on the market's list of discussion points for the first time since February, with the Determinations Committee having agreed to rule on an Asian failure to pay question -
Traders hunt for Monday bargains in Black Friday debris
2 years ago
The turmoil of Black Friday has given way to a counter-wise move on Monday, with financial markets latching onto scraps of hope over the weekend following the panic of a newly discovered covid-19 variant -
Real estate relief boosts high yield but retail rout gathers pace
2 years ago
A mixed week for credit has taken German real estate company Adler back to safer levels while sending two supermarket retailers further into the realms of most risky in the iTraxx Crossover universe -
German convergence as travel co surges inside troubled real estate firm
2 years ago
Amid rocky markets there has been a tale of two diverging credits in the European high yield market on Wednesday, with two of the riskiest names passing each other on sharp convergent moves -
Fund performance: Déjà vu as April leaders dominate
2 years ago
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns -
Beneath the triple C: resurfacing credits surpass divers as tide turns for CLOs
3 years ago
Upgrades above triple C overtook downgrades to that rating or below in February. Moody's or Standard & Poor's cut six corporate debt issuers to triple C or below in February, out of which just four can be found in CLO portfolios -
Fund performance: CLO funds pick up where they left off
3 years ago
New year, same funds leading the way with CLO strategies the top performers in January -
Credit beats fast retreat as Biden boost dissolves in sea of troubles
3 years ago
The improvement of financial markets following the inauguration of Joe Biden as US president on Wednesday is looking short-lived as the week comes to an end, with CDS indices once again among the poorer performers -
Spread compression resumes with US passing key milestones
3 years ago
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe -
Fund performance: Structured finance finds its footing with credit rally
3 years ago
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings -
[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 -
Fracking servicer FTS files for chapter 11 protection
3 years ago
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans -
iQor files for chapter 11 with CLOs holding $260 millon
3 years ago
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today -
OC health check: US CLOs hit by new round of test failures
3 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. -
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 -
Sacramento pension earmarks $150 million for private credit in 2020
4 years ago
The pension fund expects to commit to two direct lending funds and one credit fund it describes as 'opportunistic'
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