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"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
"No-one talks about the part oil price surges played in the 2008/9 global financial crisis"
2 years ago
Investors eyeing inflation shocks and supply chain disruption should instead be paying attention to the brewing energy crisis -
Points up front: Definitely not an ex-parrot
2 years ago
One of the biggest credit fund launches last month was Arini, led by star credit trader Hamza Lemssouguer -
“For Creditflux this will be an extra special occasion - the publication is marking its 20th year in business”
2 years ago
A colourful train journey featuring Alice in Wonderland, Yoda and Top Trumps puts Welshcake in mind of the CLO Symposium -
"It may be worth adding hedges of six-plus months’ duration when spreads trade this tight"
2 years ago
Options and tranches offer cost-effective hedges amid tight credit spreads -
"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
2 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
I'm a nosy neighbour... get CSO deals public and embrace the age of information
3 years ago
A year of staying under the radar has not helped the CSO market -
Some banks offer limited transparency, which makes cocos risky
3 years ago
Assenagon's Michael Huenseler takes our credit quiz -
The surge in index tranche trading has resulted in a deep, liquid and nuanced set of market dynamics
3 years ago
Welshcake emerges from his bunker to find CLOs still standing and the CSO market getting back to business -
There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
3 years ago
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive -
Points up front: We knew it, Jon Snow
3 years ago
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones -
Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
4 years ago
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs -
CLO investors should be able to see live secondary trading levels
4 years ago
Olga Chernova of Sancus Capital takes our credit quiz -
Investors need to ask: can my asset manager survive the crisis?
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was -
2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
4 years ago
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs -
It's imperative to remain in liquid assets and this makes CDS indices attractive
Mohammed Kazmi of Union Bancaire Privée takes our credit quiz
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Points up front: There are lies, damn lies and awards pitches
4 years ago
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered. -
Points up front: Talking his book (which is available on Amazon)
4 years ago
For listed asset managers, an earnings call is generally not the right forum to market or advertise upcoming funds. But it might be exactly the right place to try and sell your book. -
If you can stomach volatility, CLO equity is very attractive
Brandon Cahill of BlueMountain Capital Management takes our credit quiz4 years ago -
Helicopter money is more productive than sponsoring the next bout of company share buybacks
4 years ago
The ECB is set to recommence its asset purchase programme, but what’s wrong with putting money directly into the hands of people? -
I still love to sit in front of computer screens to try and understand markets
5 years ago
Jochen Felsenheimer of Xaia Investment takes our credit quiz -
The resolution of narrowly tailored credit events is a leap forward for the CDS market
5 years ago
Isda is replacing the mechanistic determination of a failure-to-pay credit event with a more subjective rule -
You can’t time everything 100% correctly, but being too early can be a mistake
5 years ago
ArrowMark's Kaelyn Abrell takes our credit quiz -
CDS could help wean credit off the QE intravenous drip
5 years ago
Muzinich's high yield portfolio manager Thomas Samson takes our credit quiz
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