"Do not rush to set up a check-box approach with negative screening and start de-investing"
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach

"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

"Alongside larger private equity funds, loan volumes will continue to grow"
Spire's Phil Bennett-Britton takes our credit quiz

"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

Points up front: non-performing loan market reboots Star Wars
Credito Valtellinese kicked off a trend a few years ago when it named its non-performing loan portfolios after characters from the Lord of the Rings trilogy

"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"

Points up front: CLO veteran earns OBE
We spotted a household name in the CLO business among those being feted in last month’s Queen’s birthday honours list — former Alcentra chief executive David Forbes-Nixon was awarded an OBE

"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  

"Technology won’t replace human judgement. In ESG a qualitative review is necessary"
The social aspect of ESG must be given sufficient weight in investment decisions  

"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 

Points up front: Waterway to name and brand your CLO
When taking over a CLO launched by another firm, CLO managers face a dilemma: how do you re-brand it so it’s clear it’s one of your CLOs, but not so much that it fudges your personal track record? Well, HPS Investment Partners has found a neat balance

"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  

Points up front: Abrdn finds text appeal
Marketing consultants have been working overtime to concoct new brand names, but their efforts have not been met with universal acclaim

Points up front: The flattest term curve - work anniversary rewards
If you think CLO term curves are flat with a handful of basis points between three and five-year triple A CLOs, then you haven’t seen anything yet

"The heterogeneous set of KPIs make comparisons difficult and self-policing hurts credibility"
Loans with ESG ratchets are popular and a good way to align incentives – but we need accountable external reviewers

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

They said it: "State Street is pleased to offer financing of CLOs in loan form"
"State Street is pleased to offer financing of CLOs in loan form" A spokesperson for State Street confirms the US bank is buying European CLOs as loans, and adds that this will be a growing business line.

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