It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
Bespokes are the next big thing — and you’d be wise to get involved

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

They said it: "They are finally picking up the phone and making use of their rolodexes"
Bankers have been forced to reconnect with the broader triple A CLO buyer base now that Norinchukin Bank has stepped back, says a US CLO equity investor.

Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance

Past Returns: Repacking in land of the rising sun
Five years ago in Creditflux, we reported that Bank of Tokyo Mitsubishi UFJ was embarking on a strategy of buying repackaged CLO triple A notes denominated in Japanese yen

Past returns: short and sweet
Five years ago in Creditflux, we reported on Pimco emerging as a major buyer of triple A-rated US CLO tranches

Points up front: Credit Suisse and Sound Point rekindle the fire
Sound Point CLO XII was refinanced on 14 February and arranger Credit Suisse displayed its passion for CLO structuring by embedding half a dozen hearts in its pricing email

Points up front: Two scoops or none
Norinchukin Bank’s CLO holdings have been the subject of much debate in the mainstream financial media

Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski

Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch