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15 CLO managers aim to print European deals as 'aspirational pipeline' forms
3 years ago
European CLO market participants are doubtful the pace of issuance will return to full swing in September, despite a reasonably healthy forward-looking pipeline. -
B- share of CLO portfolios rated by S&P hits all-time high after 30 downgrades in a month
3 years ago
The share of CLO portfolio assets rated B- by S&P hit an all-time high of 29% after 30 loans were downgraded in August -
Fitch launches ESG scoring for Euro lev fin issuers with 75% CLO coverage
3 years ago
Fitch has scored 430 individual borrowers in the European market, which are on average more than 75% of the portfolio in an average Fitch-rated European CLO -
Mandatum launches open-ended European leveraged loan fund
3 years ago
Sampo Group and Kaleva Mutual Insurance Company have provided seed capital to the Article 9-aligned vehicle and will additionally co-invest alongside the sub-fund in underlying loans and bonds -
Keep an eye on gaming, leisure and entertainment issuers in Euro CLOs, says BofA
3 years ago
CLO investors should be mindful of industry concentration exposure, with the gaming, leisure and entertainment sector an area of focus, according to Bank of America research released yesterday -
ArrowMark fills vacancy in London with SRT hire from sell side
3 years ago
ArrowMark Partners has filled a void in its London office after hiring an SRT specialist from Citi -
Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
3 years ago
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings -
LP round up: Magnetar and Värde among winners as $3 billion flows to credit
3 years ago
Institutional investors allocated at least $3 billion to credit funds in August -
CLO engine sputters as loan recovery hits road block
3 years ago
US CLO issuance suffered a precipitous decline in August as firms struggled to adjust to the new pricing landscape -
Three defaults mean CLO OC ratios to decline by 17bp in September, says BofA
3 years ago
CLO overcollateralisation ratios are set to decline by 17 basis points in September following the defaults of Cineworld, Endo and Carestream health, according to a research paper from Bank of America -
Secondary CLOs stand firm as credit markets take a hit
3 years ago
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market -
The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
3 years ago
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
3 years ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Widening asset/liability gulf will hurt CLOs: Barclays
3 years ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
CIFC boosts legal team with two senior appointments
3 years ago
CIFC Asset Management has announced two senior appointments on its legal and compliance team -
Quick! Avaya has ignited and $1 billion of CLO assets are at risk
3 years ago
Sparks are flying in the leveraged loan and high yield market after communications company Avaya Holdings slashed its forecasted earnings mere weeks after syndicating new debt. The rapid decline of Avaya's debt has left CLO managers little time to avoid the blaze -
Market sentiment shifts as investors turn bullish on loans and CLOs
3 years ago
CLO market sentiment has shifted decisively in recent weeks with investors expressing more optimism than earlier in the year -
S&P revises US CLO stress tests to include recession-based scenarios
3 years ago
Standard and Poor’s has published revised stress test scenarios on the US broadly syndicated loan CLO market in light of increasingly negative market sentiment -
Carlyle names co-founder as interim CEO as Lee steps down
3 years ago
Carlyle Group’s chief executive officer Kewsong Lee has stepped down from this role and the board of directors, effective immediately -
Short duration CLOs are putting reset risk in the post: Barclays
3 years ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
"Extreme volatility can push BSL yields close to mid market levels, although that trade never lasts"
3 years ago
The two segments of the loan market are on different paths as mid-market volumes rise -
Lenders fume over Avaya ebitda miss weeks after issuing loans
3 years ago
Avaya’s lenders are considering legal options after the company slashed its ebitda projections just a few weeks after issuing a $350 million term loan paying Sofr plus 1,000 basis points -
UBS says modelling suggests upcoming recession won’t bite
3 years ago
Likely global recession scenarios look mild according to strategists at UBS, who have run four models. -
Credit funds at a glance (August 2022)
3 years ago
A round up of fundraising and people moves in credit
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Ucits at a glance: Ucits see red in a tough June for returns
3 years ago
June marked an exceptionally tough month for Ucits funds, as none of those listed in the Creditflux database made it into the black
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