Loans will be winners in bearish year for credit: BNP Paribas
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

Citadel promotes credit head to co-CIO
Citadel has promoted its global credit head to co-chief investment officer

There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists

Zais and BNP Paribas strike ESG breakthrough with climate change CSO
The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions

Long duration high yield will overcome short-term rates carnage, says BofA
Bonds with inflation-protected real yield, longer duration, and especially those in the utilities sector are among the most compelling trades amid a phase of ‘policy paranoia’, according to Bank of America credit strategists

Angelo Gordon inserts loan tranche as it prints second-largest CBO ever
Angelo Gordon has issued the second-largest bond-heavy CLO in the market, teaming up with JP Morgan to print the $847.7 million deal named AG CC Funding II

Debt investors agree to nine-month call lock in Anchorage CBO refi
Anchorage Capital Group refinanced the mezzanine debt of its 2019 bond-heavy CLO named Anchorage Credit Funding 9 on Friday

CLO refi and reset volumes surge with $2.3 billion priced on Friday
CLO refi and reset volumes surged on Friday with $2.3 billion priced across the US market, according to market sources. Brigade Capital Management, MidOcean Credit Partners and New Mountain Capital reset regular-way CLOs, Blackstone Credit scored a regular CLO refi, Sculptor Capital Management refinanced a bond-heavy CLO, and Ivy Hill Asset Management reset a middle market CLO

Everyone’s ramping

Romark returns with second bond-flex CLO
Romark Credit Advisors has issued its second bond-heavy CLO following its debut in the asset class last year

Rising stars will fuel double B boom, says BofA
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

2021 CBO refi volume reaches record as CSAM cuts costs on 2019 deal
Credit Suisse Asset Management paired with Citi on Thursday to refinance the mezzanine debt tranches of its 2019 bond-heavy CLO named One Eleven Funding III

Anchorage refis mezz tranches of twin CBOs
Anchorage Capital Group has refinanced the mezzanine debt tranches of two of its CBOs

Anchorage prints 2021's third bond-flex CLO
Anchorage Capital Group has priced its latest bond-heavy CLO offering named Anchorage Credit Funding 13, teaming up with GreensLedge to print the $458.8 million deal

Woah, we’re halfway there
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

Anchorage adds double B tranche to 2019 bond-flex CLO
Anchorage Capital Group has added a double B liability tranche to a 2019 bond-heavy CLO following a refinancing

World welcomes debut CLO manager as Centerbridge joins bond-flex issuers
The world welcomed a new CLO manager on Thursday as New York-based private equity firm Centerbridge Partners entered the fray with a bond-heavy transaction named Centerbridge Credit Funding 1

Angelo Gordon joins ranks of bond-flex CLO issuers
Angelo Gordon teamed up with Credit Suisse on Thursday to issue its first ever bond-heavy CLO

It's all relative: CLO spreads explore record tights as credit indices hit impasse
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged

Anchorage upsizes 2016 bond-flex CLO by $267 million with reset
Anchorage Capital Group has reset its 2016 vintage bond-flex CLO, Anchorage Credit Funding 4, upsizing the deal by $266.7 million in the process

Blackstone refinances mezz tranches of 2018 bond-heavy CLO
Blackstone Credit has teamed up with GreensLedge to refinance the mezzanine debt notes of a 2018-vintage inaugural bond-heavy CLO named Cirrus Funding 2018-1

It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

Fortress partially refinances bond-flex CLO
Fortress Investment Group has partnered with GreensLedge and Natixis to partially refinance its 2017 vintage bond-flex CLO named FDF III

The cost — a few basis points — is modest compared to the potency of bond buckets
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan