Who predicted $145 billion of issuance?
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson

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

Creditflux guide: index tranches
Bespokes are back, single name CDS remain popular and credit indices can be very liquid. So why, years after the crisis, are index tranches still in the doldrums? By Tom Davidson

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

Direct lending leverage takes off
HPS, NXT and Crescent target mid market with leverage in Q4. By Grace Jennings-Edquist

Managers pick spots on CLO curve
As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot.

CLO managers return to new issues
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets

Creditflux guide: credit indices
The CDS indices remain one of the most liquid parts of the credit market, with billions of dollars’ worth of trades taking place each day

They said it
“If you never get a speed ticket, you’re not driving fast enough”

Genesis of a CLO desk
On the 10-year anniversary of Genesis CDO I, Creditflux analyses the development of Deutsche Bank’s structured credit desk. By Hugh Minch

Investors prefer direct lending to CLOs
For the first time in the history of Creditflux’s credit allocator survey, investors have voted direct lending the best investment in credit. CLOs came joint second. By Michelle D’souza

Computer hardware: manufacturers search for reboot button
Hardware firms are struggling for growth. It’s a problem that turning off and on again won’t fix. By Euan Hagger

Creditflux guide: single name CDS
Credit default swaps aren’t used as often as they were, but they are still a quick way for investors to hedge or take a position on names in the credit market

Transport and logistics: heavy debt leaves transporters in jam
With logistic specialists getting a rough ride, debt restructuring could be the next stop for asset-light companies

CLO managers like range of options
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CLO boom encourages new ideas
Volumes are up, spreads are down and risk retention is a doddle. That must mean it’s time to push the boat out and innovate

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

Think outside the box
While the US market credit is the most liquid and the UK is considered the home of European direct lending, there are opportunities further a?eld

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

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

Who cares about risk retention?
Managers watching CLO spreads reach their tightest levels since the crisis had little time to fret about US risk retention

Boutique CLO managers boss secondary market
Creditflux analysis shows that, when their total assets are taken into account, small managers' CLOs are more liquid than those of large managers 

Move up the stack to avoid implosion
Pundit warns investors to be concerned about return of their principal – but senior loans may be a safe haven as credit yields are squeezed and high yield becomes crowded