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Private credit is the regulatory fix that became an asset class
1 month ago
Institutional investors have pushed private credit to greater scale than either loans or bonds -
As the economic environment evolves, investors need to change too
3 months ago
Ten years ago, I became a regular contributor to Creditflux. It seems like yesterday — until we reread our debut submission. -
Private credit funds are more stable, lower levered and more regulated than you might think
3 months ago
The private credit market’s steady and impressive growth has caused some pundits to voice concerns about an eventual bubble. While we expect there to be more dispersion in private credit funds’ performance in the coming years, we don’t see signs that a bubble is about to burst. -
Nordic countries have much in common — including a growing appetite for private credit
6 months ago
Norway, Sweden and Denmark share many similarities. The ‘Nordic model’ includes high standards of living, free-market economies, liberal welfare states, a tendency for workers to unionise, and a relatively narrow gap between low and high earners. -
Points up front
10 months ago
Get off the bus, but don't despair -
We pulled back because yields didn’t seem to match the risk. Now it’s better
11 months ago
During visits to Melbourne and Sydney last month, conversations with clients and friends about private debt revealed important contexts to understanding how investors there think about the asset class. -
"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
1 year ago
Direct lending terms look better than at any point in the past decade. But is there enough to go around? -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
1 year ago
The two segments of the loan market are on different paths as mid-market volumes rise -
We’ll get through this awkward patch
2 years ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"ESG should not be viewed as a set of principles being imposed on investors — it’s a natural evolution"
2 years ago
It’s not easy for fund managers to assess the most green option -
"Strong growth is not necessary for good loan or bond performance, but it keeps a recession at bay"
2 years ago
The picture in credit was looking good (even with inflation rising) until Russia invaded Ukraine -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
"I’m passionate about broader representation within investment teams"
2 years ago
CIP's Leila Donnachy takes our credit quiz -
"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 -
"I’ve been doing ESG for 27 years; I just didn’t know it"
2 years ago
Apollo's Joe Mornoey takes our credit quiz -
"Having multiple sources of data for investors is particularly helpful in opaque markets like private debt"
3 years ago
Our columnist looks at the new Lincoln International Senior Debt Index and finds total returns of 154.3 since 2014 -
"Three CLOs issued in 2021 have included triple C baskets of 20%"
3 years ago
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year -
A transformational framework means fund managers have to drive real-world change
3 years ago
There are managers who make transformational investments, those who incorporate ESG and those who do nothing -
A year that looked like it would be a total wipe-out ended up being very constructive indeed
3 years ago
Our columnist looks back at some of the surprises of 2020 -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
3 years ago
2020 could still turn out to be the best private credit vintage ever -
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 -
Points up front: Credit picking follows on from investor picking
4 years ago
Credit picking skills will be important this year amid heightened idiosyncratic risk, so everyone seems to say. But Ares Management, one of the biggest names in direct lending, has demonstrated that asset managers can also be picky with the mandates they take on, when the firm walked away from a private debt mandate with London CIV in January. -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
The manager, not the market, decides value in direct lending
4 years ago
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash -
Negotiating terms up front and getting comfortable with the precedent document is key
4 years ago
Private equity sponsors are struggling to buy low and sell high, so they are trying to take advantage of weak debt covenants
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