CLO renaissance reshapes ranking
GSO stands tall once again as the largest CLO manager globally but smaller firms are beginning to make themselves heard

Credit Suisse takes crown as largest manager of post-crisis CLOs
Buoyed by the issue of Madison Park Funding X, Credit Suisse has taken top spot as the largest issuer of post crisis CLOs, but Apollo and Carlyle are close behind

European CLOs take on the wall
Many European CLOs will exit their reinvestment periods within a year and will be vulnerable to rising default rates. Peter Melichar looks at the likelihood of this leading to tranche losses

Chinese property credits: in from the cold
Increasingly prudent financial management by Chinese developers is turning their bonds into hot property among yield hungry US investors

High yield bond covenants: losing the shackles
“Lousy and getting worse,” is the assessment by investment managers and analysts of covenant quality in the super-heated US high yield bond market

Mined in Paris. Forged in London
In Paris, an exclusive university has built a web of well educated and well connected credit traders, sales people and structurers who now circle the financial world

Credit funds take direct action
Direct lending funds are springing up around Europe. But what do managers mean by direct lending? And what returns can their investors expect?

Citi leads charge as CLO volumes surge past last year’s tally
As the CLO market gets back into full swing, the number of arrangers is growing, with three launching their first deals since the crisis. But Citi again tops our league table

Network overload
Intense competition among communications network makers is creating tough trading conditions and could push one of the largest out of business.

Citi leads as CLO issuance trebles
2011 will be remembered as the year that structured credit finally re-emerged after the credit crisis. Overall, $12.9 billion was issued, compared to $4.3 billion in 2010

Measuring credit managers’ performance
The Creditflux Manager Awards will be held on 9 May. We outline how the winners will be chosen

Credit spotlight: Please enjoy alcohol responsibly
Drinks companies are highly profitable, so many debt investors have been tempted to hit the booze even though spreads are tight and M&A risk is significant

Re-thinking recovery
Loss-given-default presents an even bigger modelling challenge than default probability. A re-sampling casts light on the best approach

Credit spotlight – Hot stuff
With the price of metallurgical coal tripling in a couple of years, coal credits are holding up well in turbulent markets.

Stress testing your cocos
Joao Garcia and Nicola Pede look at how to value cocos and argue that the valuation model should cater for related equities and CDS being stressed by a systemic event

JP Morgan stays as top debt arranger
The second quarter of 2011 saw a strong showing by Royal Bank of Scotland in our corporate debt arranger league tables, but JP Morgan still has a good lead

Calling a halt to China’s housing boom
Chinese developers have enjoyed meteoric growth, but government moves to tackle house price inflation are causing liquidity problems for borrowers

Four-year-olds put in good run
Being launched just before the crunch hit doesn’t seem to have hurt 2007 CLOs, which are now outperforming older vintages on a range of metrics

In defence of the Gaussian copula
It’s been called the model that killed Wall Street, but Jean-David Fermanian argues that the structured credit market’s Gaussian copula model has been unfairly maligned

High yield financials tempt brave buyers
Yield hungry investors are turning to US speciality financial companies in spite of their high debts and unresolved questions about their funding

Credit spotlight - Getting stuck in cement
Fallen angel credit Cemex seems to be in all the wrong places, with exposure to Spain, Egypt and the US housing market. But investors are still dazzled by its bonds’ attractive yields

Spotlight - Picking a perfect pipeline
Companies that transport oil and gas generally deliver stable cash flows. But complicated corporate structures make some rather less attractive than they first appear. 

Broadcasters bounce back
Eighteen months ago, many broadcasters were fighting for life. But in the nick of time an increase in advertising revenue rode to the rescue. 

Spotlight on pharmaceuticals - A bitter pill
A few years ago they had top ratings, but the creditworthiness of the world’s largest producers of branded pharmaceuticals is waning – and worse is to come.

Tetragon viewpoint - You have to take control
Tetragon’s principals believe that CLO equity should not be a passive investment.