There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive

I take strength from the composure investors have shown when told their payments are being deferred
It’s tempting to head to the beach or grab a CLO distribution, but investing is all about playing the long game

New accounting rules could be the axe that decapitates zombie credits

In private credit, we look to stay in senior structures with control

Points up front: Best to price your deals between 12 and 6am
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry

If you can stomach volatility, CLO equity is very attractive

Helicopter money is more productive than sponsoring the next bout of company share buybacks
The ECB is set to recommence its asset purchase programme, but what’s wrong with putting money directly into the hands of people?

Past returns: Unfinished business in CLOs
Five years ago in Creditflux we reported that DA Capital was looking for a way back into CLO management. The firm had sold its four US CLOs in 2011 to Citi Alternative Investments (now known as Napier Park Global Capital), but a rally had convinced the firm it was time to issue CLOs again. 

Investors are very focused on ESG: it’s driving them and us, and rightly so
My career in credit began just over 20 years ago, working in KPMG’s restructuring team and advising banks on their troubled loans. It was a pretty steep learning curve as every company was teetering on the edge of bankruptcy. But I learned that controlling cash flow is vital and how to prioritise what’s most important about a company. I still use those same skills every day.

There’s pain to come for those who have become too greedy
Stephen Catling of Connection Capital takes our credit quiz

I still love to sit in front of computer screens to try and understand markets
Jochen Felsenheimer of Xaia Investment takes our credit quiz

Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences

Being the only provider in a deal allows us to be closer to the company
Tikehau's Cécile Mayer-Lévi takes our credit quiz

Private credit managers are partially insulated from daily market moves — for them it’s the dough, not the Dow
If asked about credit investing, Yogi Berra might have said take the fork in the road leading to private credit, says our columnist Randy Schwimmer

They said it: “I’ve run the numbers and it looks more like a 3% IRR”
A CLO modelling professional tells Creditflux that European CLO model portfolios don’t look realistic

CDS could help wean credit off the QE intravenous drip
Muzinich's high yield portfolio manager Thomas Samson takes our credit quiz

The biggest credit stories in 2017
CLO ramp-up risk, new risk retention proposals and new CLO joint ventures were in the headlines last year. Here, Creditflux reveals the most read stories of 2017

They said it: long faces on flow traders
Citi’s Jim Hughes tells the Creditflux CLO Investor Summit about how difficult life is for flow credit traders

Going short IG against the ECB will eventually pay off
Chenavari’s Demian Brasil takes our credit quiz

A successful transition from prop desk to hedge fund
This month 10 years ago, negotiations over the fate of an important set of structured credit investors were on a knife edge

Rating outlook: It's a matter of life and spread for CLO managers
Stabilisation of loan spreads and recovery rates spells good news for European CLO managers

Tuna fishing with a harpoon is a lot like picking credits
AlbaCore's David Allen takes our credit quiz                                        

Join the debate: Ellington’s CLO debut
“The bond has a story, but you get paid for that”

Expect more $1 billion deals in middle-market lending
Reflecting the views of many experienced practitioners, these are our predictions for middle-market lending this year

Points up front: Trumped
There were shocked and tired faces among the leading investors gathered in New York last month for the Creditflux CLO Investor Summit