"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
Sometimes you have to swallow your medicine and take a step back to go forwards

"Forget the World Cup, the macro-economic catastrophe cup has more well-matched contenders"
Government bonds are rallying in some quarters, but the odds are on more stress feeding into credit  

Past returns: Alhambra CLO paves the way
Five years ago in Creditflux, we reported that Be-Spoke Capital was launching the first SME European CLO since the financial crisis.

They said it: "I don’t know and I don’t care about ESG"
One of our CLO Census responders has a strong view (or not) on ESG

Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo

Points up front: CLO managers didn’t take advantage of volatility, say CLO managers
Creditflux’s CLO Census shows CLO managers can be hard on themselves

"Value persists in IG, but higher interest rates are a threat. Opening the synthetic toolbox can help"
Fiscal and monetary policy are pulling in opposite directions, but value in IG can be accessed via CDS and CSOs

Past returns: US firms become Euro CLO issuers
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention.

They said it: "Can we have a best hair in the CLO market category?"
The CLO Census is nigh

Points up front: Form an orderly queue. Or follow the celebs
If we have learned one thing over the past month, it’s that queuing in an orderly manner is very important to the British public. No matter your status, you simply must wait your turn.

Past returns: Absolutely floorless CLOs
Five years ago in Creditflux we reported on the emergence of European CLO tranches without Euribor floors

Points up front: Andromeda aims to stand tall against credit beasts
There are no end of monsters lurking in the credit markets this year, so it is perhaps fitting that Alberto Gallo has dubbed his new credit fund management business Andromeda

Points up front: ESG official rants at ESG
Stuart Kirk, the former head of responsible investing at HSBC Asset Management, signed off on a frank note as he unveiled his resignation on LinkedIn

"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
Something has gotta give as a recession looms in the US. Might it be energy?

They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform 

Points up front: BofA takes both sides
As dealers joined forces for the Octaura electronic trading platform, KopenTech announced a rival...

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Representation really matters
At our London Women in CLOs event, Creditflux’s Tanvi Gupta and Michelle D’Souza spoke about how inspiring it can be to see someone who looks like you achieve success in your industry

"When the US market gets legislation it does not like, people sue..."
The difference between Americans and Europeans in regards to CLOs

Points up front: Who is going into the Creditflux interview room?
The Creditflux CLO Symposium brought together 620 market participants from across the globe, and they had one question on their lips: what’s going on in the Creditflux interview room?

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

"Wholesale moves into risk areas after internal changes should sound an alarm"
The composition of CLO managers is changing, so management styles may drift