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61 results found Showing page 2 of 3

  • 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 par

    5 years ago

  • Making arb work of it

    In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios

    5 years ago

  • 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 2019

    5 years ago

  • Issuers fashion new outfits for junior mezz

    Junior CLO tranches have lost around five points in the past quarter. In response, new issue desks are dressing up junior debt in two piece suits and designing a range of protective styles

    5 years ago

  • The machines are here to help

    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 trades

    5 years ago

  • Two roads diverged in the CLO wood

    In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward

    5 years ago

  • 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 year

    5 years ago

  • 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

  • CLO managers went to CCC, to see what they could CCC…

    CLO portfolios are drifting towards low single B and triple C names. But triple C buckets are not in danger of overflowing, so managers can be even more aggressive

    5 years ago

  • 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
     

    5 years ago

  • Market rallies as key CLO investor retreats

    A key CLO triple A investor dropped back from the market in the second quarter of 2019, but, remarkably, CLO spreads tightened as repricings came back and other investors drove demand

    5 years ago

  • CLO investors should be looking at CSOs

    At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other

    5 years ago

  • Anti-ageing elixir gives CLOs 10-year lifespan

    With resets and reissues often giving CLOs a decade of life, managers may soon issue 10-year reinvestment deals as they seek to cut reset fees and reduce the limitation of WAL tests

    6 years ago

  • Seriously, the CLO arb is difficult right now

    We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

    6 years ago

  • CLOs at a glance

    A round-up of CLO performance

    6 years ago

  • High yield bonds regain lost ground

    The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates

    6 years ago

  • Managers slide down term curve
    PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

    6 years ago

  • It’s possible to be big — and still be picky
    Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.

    6 years ago

  • Large, liquid loans aren’t always perfect
    CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

    6 years ago

  • Moving on from the late 2018 hangover
    It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

    6 years ago

  • We can’t hide it any longer, we’re tiering up
    With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role

    6 years ago

  • Loans recover slightly after late-2018 havoc
    Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
     

    6 years ago

  • Keep calm and buy corporate loans
    Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

    6 years ago

  • Retail fund pain is a CLO manager’s gain
    Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years

    6 years ago

  • Loan volumes fall in Europe but rise in US
    European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets

    6 years ago

61 results found Showing page 2 of 3

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