Tracking down the credit industry’s original winners
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
 

Making it to the top: women reflect on changes in the CLO industry
As a growing number of women break the glass ceiling and take senior positions in CLO firms, Creditflux asked about the opportunities and challenges they face. By Michelle D’Souza

Dedication pays off in risk sharing
Fund managers are pitching dedicated CRT funds to institutional investors as market hits €75 billion in 2017 and US banks start to take notice. By Sayed Kadiri

Drug makers: desperately seeking pain relief
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger

Synthetic CDOs seek to follow CLOs
Growing issuance, interest in longer maturities and the emergence of a secondary market are encouraging dealers to believe that bespokes are on the road to acceptance. By Sayed Kadiri

Managers predict skill will win out
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

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