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A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
10 months ago
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size -
Atlas SP joins new CLO arrangers vying for growth as sector booms
11 months ago
Apollo Global Management affiliate Atlas SP has joined the ranks of CLO arrangers, adding to the burgeoning number of new entrants eager to get into the lucrative business -
Past returns: Making CLO triple As more secure
2 years ago
10 years ago in Creditflux, we reported on super-senior tranches being inserted into US CLOs -
They said it: "You have to question whether the vast array of CLO managers should... "
2 years ago
A credit investor questions the sheer number of CLO managers -
Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
2 years ago
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo -
Points up front: Form an orderly queue. Or follow the celebs
2 years ago
If we have learned one thing over the past month, it’s that queuing in an orderly manner is very important to the British public. No matter your status, you simply must wait your turn. -
"There is ample time and flexibility on the pathway from warehouse to securitisation"
2 years ago
A big loan sell-off does not mean CLO warehouses will be forced to liquidate -
Past returns: Absolutely floorless CLOs
2 years ago
Five years ago in Creditflux we reported on the emergence of European CLO tranches without Euribor floors -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
3 years ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
Past returns: Ramp-up failings
3 years ago
Five years ago in Creditflux, we reported that CLO investors were fed up with misleading model portfolios. -
"The shutdown of economies in the pandemic showed it’s better to suffer up front"
3 years ago
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one -
We’ll get through this awkward patch
3 years ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
3 years ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
Past returns: ‘Stabilisation’ provides back-up
3 years ago
Five years ago in Creditflux, we reported that Wells Fargo had offered to buy tranches in an Octagon Credit Investors’ CLO to support execution. -
They said it: "CLO triple As are attractive lending opportunities"
3 years ago
A bank is about to start buying CLO tranches -
"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
3 years ago
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile -
Past returns: Ares constructs private CLO
3 years ago
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation -
"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
3 years ago
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed -
"‘B-level’ assets could struggle to find optimal valuations"
3 years ago
Acquisitions are increasing and companies focused on health and technology could benefit -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
3 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
They said it: "The tone may have been too positive"
3 years ago
CLO market participants have been guilty of being overly bullish -
The Creditflux CLO Symposium was back as an in-person event for the first time in two years and participants were delighted to socialise and bask in an amazing year for the credit industry3 years ago
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"Never have the choices for issuers been more varied, nor the market dynamics more complex"
3 years ago
Direct lending deal terms are becoming more attractive in Europe -
"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
3 years ago
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested3 years ago
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