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The Last Tranche with Capital Four: 26% of new European loans have an ESG-linked margin ratchet, and the US could follow fast
3 years ago
In this episode of the Last Tranche, Capital Four's Torben Skødeberg and Jim Wiant discuss the emergence of loans linked to environmental, social and governance (ESG) criteria -
CLO Census latest: banks in tight race, 51% optimistic on Sofr and large managers viewed as outperformers
3 years ago
More than 100 CLO market participants have already cast their vote in the most tightly-contested Creditflux CLO Census ever with a single vote separating the top three banks at US and European CLO execution. Meanwhile, most voters are unworried by the Sofr migration and BlackRock, CSAM, CIFC and PGIM are among the CLO managers viewed as having outperformed following the covid crash. Click here to vote: CreditfluxCLOCensus2021 -
Banks reject mandates amid loan surge as settlement lengthens
4 years ago
M&A bankers are turning down mandates and settlement times for US loan trades are extending as understaffed desks struggle to cope with record deal volumes -
CLO issuers sit on Sofr as they brace for short-term hit
4 years ago
Times are about as good as they get in the US CLO market, with new issuance breaking records as daily volumes in September regularly topped $2 billion, but in three months new CLOs will have to adopt Sofr as a benchmark and thoughts are turning to how the CLO industry will manage the accompanying basis risk -
Nine CLOs each — and every one of them is different
4 years ago
CLO giants Blackstone and Carlyle Group have printed nine new US CLOs apiece this year, but CLO market participants say managers are creating distinct portfolios -
Landmark Sofr loan nears with spread adjustment giving taste of things to come
4 years ago
The first fully-Sofr US loan is getting closer -
Fitch cuts US leveraged loan default rate projection
4 years ago
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection -
Variety of US CLO-eligible loans makes ramping up a joy [CLO Symposium video]
4 years ago
A buoyant US CLO market is basking in a golden summer with record issuanc. Speakers at Creditflux’s CLO Symposium earlier this month pointed out a vibrant loan market means CLO issuers are spoiled for choice -
Alcentra makes leadership changes as European CLO head Rainbow goes part-time
4 years ago
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm -
CLOs face uncertainty as Libor rate deadline looms
4 years ago
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes -
TriMark court ruling encourages peace between lenders
4 years ago
Many CLO managers breathed a sigh of relief in August, with one source indicating a recent court case decision sent a “clear signal that the spate of lender-on-lender violence in the leveraged loan market will not remain unchecked” -
Credit investors seek alpha as delta variant creates volatility
4 years ago
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead -
Liquidations emerge as speed bump to $1 trillion CLO market
4 years ago
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. -
Jets overcome turbulence as American Airlines repays debt
4 years ago
Although international travel remains suppressed by the coronavirus, US domestic air travel has rebounded, with the Transportation Security Administration data showing a return to 2019 levels of footfall at US airports. -
Key CLO official earns promotion to managing director at Z Capital
4 years ago
Z Capital Group has promoted two members of its investment team in New York, including a central figure on its CLO management platform -
US CLO portfolio manager set to join fast-growing Redding Ridge
4 years ago
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three -
Investors proclaim ‘CLO arb is good’
4 years ago
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors -
The Last Tranche with Pretium's Goss: airlines are barometer for reopening trade
In this episode of The Last Tranche, Pretium's Roberta Goss and Creditflux's Hugh Minch discuss how the effects of the vaccine rollout and economic reopening are showing in the loan market. -
CLO demand to drive loan outperformance over bonds: BNP Paribas
4 years ago
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team -
Update: Kayne to split from CLO and credit opps units
4 years ago
Kayne Anderson is set to spin out its CLO business -
CLOs bask in 'golden period' as industry approaches $1 trillion market cap
4 years ago
The economic rebound following the reopening US economy has created a 'golden period' for the CLO market, market participants say -
Fitch lowers US loan default rates for 2021 and 2022
4 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
CME touts forward-looking Sofr term benchmarks
4 years ago
CME Group has begun publishing term benchmarks for the secured overnight interest rate (Sofr) as part of the global push to move away from Libor in financial markets -
S&P lowers default rate forecast for US loan index
4 years ago
S&P Global Ratings has revised down its leveraged loan default rate forecast for the end of the year, based on the S&P/LSTA Leveraged Loan Index, from 3.5% to 2.75% -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
4 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill
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