US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

Engineering and construction: diversification leads to deepening debt
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves

Pre-insolvency arrangements: restructuring schemes set to go Dutch
Brexit-hampered UK courts could lose out as schemes of arrangement are updated in the Netherlands and Singapore

Payday: Investors go for broke on regulatory bet
New regulations could seriously hamper US payday lenders – but bond holders are betting the rules won’t be enacted

Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
Growth-starved US phone companies are seeing consolidation as the best way to improve performance

Leading fund: Lupus Alpha CLO Opportunity Notes I
Single-B CLO trades boost Lupus Alpha asset Management

Spotlight: Satellite operators - sending signals of distress
Satellite operators are trying to transmit optimistic messages – but they admit that prices for data services are falling

Spotlight: Data centres - clear skies ahead for cloud providers
Demand for data centres is strong and there is no sign so far that the market is overheating

It pays to eat your own cooking
CLO managers affiliated with PE firms buy extra debt from companies owned by those firms – and it seems to give them an advantage

Things aren’t always what they seem
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs

Investing ethically is worth it
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe

US fashion stores: queueing up to exchange old debt
Fashionably loose covenants are allowing under-pressure retailers to turn expensive unsecured debt into senior notes

Heading tighter into uncertainty
Tightening loan spreads are making the job of a CLO manager harder in both the US and Europe. But credit volatility could be on the horizon

From Suez to CLOs
Indosuez Capital blazed a trail in CLOs and its ex-staff are now pivotal players across the industry

A European at the heart of US CLOs
Deutsche Bank has carved out a distinctive role in the CLO business as a bridge between the US and Europe

Appetite for destruction
After the crisis, UBS pulled together a team of big hitters to lead a renewed push into CLOs. But a cruel about-turn has seen it scatter them throughout the industry

Together, they’ve gone far
The stable Wells Fargo team that came together at Wachovia is now backed by one of the big four US banks. It's a combination that dominates in US mid-market CLOs

Giant takes sharp turn towards CLOs
It is one of the biggest banks, but BNP Paribas moved nimbly after the crisis to build on its position as a leader in credit derivatives by adding a CLO arranging business

Gone but not forgotten
ACA Capital’s spectacular collapse heralded the demise of the monoline business and scattered its employees into jobs right across the credit space

The growing Swiss network
Defunct investment banks such as Lehman Brothers are not the only ones with a healthy diaspora of credit traders. UBS has a wide network of ex-colleagues.

Adding an Asian presence
Taking the plaudits as the first euro CLO 2.0 arranger and turning heads by distributing CLOs to Asia, Credit Suisse has set itself up as a global CLO player.

European CLO arrangers: back in business
With at least 15 deals likely to price this year, European CLOs are well and truly back. But who will arrange them? Sayed Kadiri finds the key people on European arrangers’ desks

Her Majesty’s secret CLO desk
They don’t know it, but through their ownership of nationalised RBS, UK taxpayers may hold the world’s biggest portfolio of CLO paper. Sayed Kadiri analyses RBS’s Stamford-based CLO business

Oh Brothers, where art thou?
Lehman Brothers’ collapse scattered one of the best regarded structured credit teams in the business around the investment banks and hedge funds of the world