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CLO warehouses trigger draw stops as loan market tanks
5 years ago
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge. -
We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par5 years ago -
We’ve survived before, we can do so again
5 years ago
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par -
Silver lining: credit investors provided with lower entry points than Q4 2018
5 years ago
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them -
Ellington sells large chunk of assets from European CLO warehouse
5 years ago
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources -
Repricing spike points to sharp spread compression
US loan repricing came to the fore in Q4, with higher quality credits hitting the market. The biggest was Refinitv, repricing at 325bp in December. Overall loan volumes fell 37% in 20195 years ago -
Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
5 years ago
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. -
Euro loan trading: CLO managers find a home for building specialist's downsized loan
5 years ago
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan -
CBAM plans expansion with new $60 million credit facility
5 years ago
CBAM has closed a $60 million credit facility to refinance a working capital facility to its parent company Eldridge Industries -
CLOs wrestle back control of the European loan market
5 years ago
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays. -
Managers amend CLO structures amid refinancing ripple
5 years ago
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave. -
A new generation of AI tools is helping CLO managers optimise their portfolio selection and trading strategies. Sky Road has made great strides in this area by creating a tool which helps identify trades5 years ago
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Established firms say managers new to European CLOs will struggle to attract assets
5 years ago
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations. -
The question is not whether CLOs are too dangerous, but what more they could and should be doing
5 years ago
Contrary to recent headlines, CLOs could be the tool which help reduce the rate of climate change -
NNIP's private debt head moves to private equity job
5 years ago
The team leader for direct lending, loan portfolio financing and non-performing loan securitisations at NN Investment Partners has moved to a senior private equity job at AnaCap Financial Partners -
Lenders turn to quality over quantity
Bond and loan volumes dropped in August amid signs that US investors are taking a safety-first approach: 46% of issuance was made up of loans rated BB-/Ba3, compared to 33% earlier this year5 years ago -
European CLO managers join tussle for high-quality loans
5 years ago
CLO managers which have been looking to de-risk their portfolios may have a fight on their hands if they seek to get hold of higher-quality paper in the primary market. -
PE firms take hands-on approach to syndication
5 years ago
European private equity firms are building out their debt capital market capabilities in a move which could radically improve information flow. -
Investors go first in lien at loan queue
The risk premium for second lien US loans has widened in recent months, while first lien loan margins have gone the other way. It’s a clear signal that lenders are erring on the side of caution.5 years ago -
US hedge funds use leverage to buy European CLOs
5 years ago
Boca Raton-based hedge fund manager III Capital Management is leading the charge as US hedge funds employ leverage to buy European triple A-rated CLOs. -
Prepayments pose reinvestment dilemma for CLO managers
5 years ago
CLO managers globally could be left sitting on piles of cash amid an uptick in loan prepayments. Standard & Poor’s reported that institutional US loan prepayments had hit $26 billion in July, and more recently some widely-held CLO names are set to return principal to lenders, with financial data provider Refinitiv US Holdings and Italian telecom operator Wind Tre taking this route. -
Europe and US diverge on covenant lite structures
5 years ago
Direct lending is syphoning away traditional loan supply -
Investors seek oasis as new issues dry up
US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds -
Euro CLO managers ditch Moody’s as negative views rise
5 years ago
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook. -
Points up front: Benefits of being unethical
5 years ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.
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