"It’s not unusual for investors to toggle between the US and Europe depending on pricing and terms"
The accents may be different, but US and European direct lending markets have a lot in common

"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back

Past returns: Doing DIY CLOs
Five years ago we reported that CLO managers were considering self-arranged CLOs

"Low inflation was in part responsible for fostering a transfer of returns from creditors to shareholders"
We are conditioned to fear inflation risk. But it brings plenty of positives

They said it: "A lot of value was lost due to CLO window dressing"
"A lot of value was lost due to CLO window dressing"

"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
Welshcake reminds us that mid-cycle portfolio management is a funny old game  

"In the afternoon I awoke from a pile of willow leaves to discover we had created a Welsh ether-based token"
A localised crypto-currency boom and bust cycle teaches Welshcake (again) that everything becomes correlated in a downturn  

Past returns: Having a whale of a time in tranches
In Creditflux 10 years ago we reported on JP Morgan’s “little known prop book” making waves in index tranches

They said it: "The board announces the discovery of a website purporting to represent Volta"
They said it 

"We should be mindful of the transfer of power to the C-suite that inheres in ESG"
As shareholder returns become one factor among many, the C-suite becomes more powerful  

"The lack of standardised ESG data creates opportunities for data-driven investors"
Investors can gain an edge by using technology to help parse ESG data

CLOs seem like Premier League members in the world of finance
The CLO industry is in a privileged position and can wield its power to do good  

We say it: Creditflux salutes women in credit
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns

Points up front: Navigating lockdown easel-y with brush in hand
The various periods of lockdown over the past 12 months have provided time for credit professionals to tap into their creative side, and Schroders’ head of securitised credit Michelle Russell-Dowe has taken full advantage

Points up front: Brahms for the brain
We often use this column to highlight charitable initiatives undertaken by members of the CLO community, but charity starts at home and we’d like to point you towards an initiative conducted by Richard Burrell, partner of our own Tanvi Gupta

"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers

"We have to think about the influence of social media like Reddit"
Schroders' Michelle Russell-Dowe takes our credit quiz

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

CLO guys shouldn't feel quite as self-important as us Welsh... But you are in a pretty amazing spot
CLO portfolio managers should be emboldened by recent events to push for ESG strategies 

Past returns: Highland sells European CLOs at second attempt
In Creditflux 10 years ago, we reported that Highland Capital Management was offloading its European CLOs, with Alcentra and Barings among the frontrunner

I'm a nosy neighbour... get CSO deals public and embrace the age of information
A year of staying under the radar has not helped the CSO market

All types of financing will have to incorporate ESG risks and use their real economy influence
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change

Virus-impacted sectors may suffer greater distress in Europe than in the US
Investors may take different paths to capture positive convexity in US and European credit markets in 2021

Speculative protection buying censures managements that seek only to enhance their own wealth
The Catholic church misses the mark when referring to CDS as ‘finance of chance’