A clash of views on credit
Recent volatility has shattered any consensus that existed on corporate credit. Buy-side firms, in particular, have been putting forth sharply contrasting views of late

Not shrinking but shifting
Volatility and back-bidding has driven CLO trading off b-wics, but as Trace data shows, the secondary market remains in robust health

Let’s all start buying again
As market rebound, pundits and managers turn bullish. Last month’s sell-side research and buy-side commentary contained many positive views along with a few bearish trade ideas

Medical device makers: Rising leverage may threaten health
Medical device companies have piled on debt while making large acquisitions – and they aren't bringing it back down

Rethinking credit value
CLO seniors, cash-CDS basis and tranche shorts were some of bank researchers' top picks last month, as volatility sends analysts back to the drawing board

Trading ideas for volatile times
Turmoil in the credit markets last month prompted a wide range of views and recommendations. Here is our pick of the most eye-catching research

US lodgings: Check-out time approaches
Recent years have been good for credit investors in the US lodging sector. But event risk is rising

Finding value amid volatility
Researchers and strategists had plenty of tips last month about where to find opportunities in volatile credit markets. We pick 10 of the most eye-catching findings

Loan covenants: Investors helpless as borrowers go free
Freebies, builder baskets and side cars are just some of the ways loan covenants are being loosened

Petrobras: In deep water – and sinking deeper
It has $135 billion in debt and its credit standing rests on a signature from its auditor. Petrobras is a credit for brave investors

Road haulage: Clear road ahead for truckers
A tailwind of economic growth is helping trucking companies – and they are avoiding the temptation to overload on debt and capacity

Coal mining: In a hole and still digging
Some coal prices have fallen by almost two-thirds in the past three years – and for heavily-indebted coal mining companies the outlook is black

European direct lenders strike €25 million sweet spot
Many new entrants to the European direct lending market are finding that they can put assets to work by making loans in the €20 million to €30 million range

CLO surge through third quarter
US CLO volumes stayed strong in the third quarter, with GSO remaining as the largest manager globally and Citi once again taking the top arranger place

Taking coupons into account
Sara Cecchetti and Antonio Di Cesare show that bond yields and spreads are not good indicators of default risk – and that coupon rate is an important driver of the yield curve

What rates really mean to credit
Credit portfolio managers should take better account of the correlation between rates and credit

2013 sees CLOs go global again
The top arrangers, the biggest managers and the leading law firms and trustees in the CLO universe – they're all in our expanded survey

The seatbelt sign has been turned off
Investors are learning to love airline bonds with aircraft collateral – but they may yet encounter turbulence. Euan Hagger reports

Managers launched since 2000 rise in credit hedge fund ranking
Oaktree continues to dominate the ranks of the largest credit hedge fund managers but firms launched this century have seen their share of assets rise

JP Morgan takes CLO arranger crown
It has been a bumper quarter for top arranger JP Morgan, but overall CLO outstandings held steady and have yet to match their 2008 high

How to value a coco
Converting default risk into conversion risk provides a method for valuing contingent convertibles, according to Patrick Cheridito and Zhikai Xu  

When credit gets ahead of equity
Corporate bonds were regarded as lagging followers of equity markets. But Trace data shows that, in many cases, debt anticipates stock moves

High yield debt: Bonds-to-go are bad for you
Portable bonds give borrowers the option of a quick, cheap change of management – which could make them rather unhealthy investments

Spotlight on asset-based lending: a tale of uncomfortable bedfellows
When senior lenders share security with asset-based lenders they fret about the increased risk of default and lower recoveries

Citi takes 2012 arranger crown
Citi once again led the way in a big year for CLO issuance. But the bank had to shake off some stiff competition in the fourth quarter.