Consumer lending: questions pile up for debt collectors
Cabot’s failed IPO has hit bonds across the debt collection sector – and made investors much more cautious. By Euan Hagger

Managers predict skill will win out
We asked managers to predict the year ahead across a range of credit strategies. Overall, they had a positive outlook. By Grace Jennings-Edquist

US pensions look beyond equities
US pension funds dramatically lowered their allocations to equity in the decade ending in 2016 as they diversified into illiquid and alternative assets. By Grace Jennings-Edquist

US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

Engineering and construction: diversification leads to deepening debt
In trying to build a more global roster of clients, some construction companies may have dug a hole for themselves

Pre-insolvency arrangements: restructuring schemes set to go Dutch
Brexit-hampered UK courts could lose out as schemes of arrangement are updated in the Netherlands and Singapore

Payday: Investors go for broke on regulatory bet
New regulations could seriously hamper US payday lenders – but bond holders are betting the rules won’t be enacted

Computer hardware: manufacturers search for reboot button
Hardware firms are struggling for growth. It’s a problem that turning off and on again won’t fix. By Euan Hagger

Transport and logistics: heavy debt leaves transporters in jam
With logistic specialists getting a rough ride, debt restructuring could be the next stop for asset-light companies

Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
Growth-starved US phone companies are seeing consolidation as the best way to improve performance

Leading fund: Lupus Alpha CLO Opportunity Notes I
Single-B CLO trades boost Lupus Alpha asset Management

Think outside the box
While the US market credit is the most liquid and the UK is considered the home of European direct lending, there are opportunities further a?eld

Talk of carbon dioxide reduction boosting credit returns is hot air
There are good reasons to adopt a carbon neutral investing philosophy – just don’t expect it to have a major effect on alpha generation

Spotlight: Data centres - clear skies ahead for cloud providers
Demand for data centres is strong and there is no sign so far that the market is overheating

Things aren’t always what they seem
Buy CLO triple As but don’t be fooled by diversity scores; take a look at credit index futures if you need liquidity; and watch out for quasi-mid market loans appearing in CLOs

Investing ethically is worth it
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe

Move up the stack to avoid implosion
Pundit warns investors to be concerned about return of their principal – but senior loans may be a safe haven as credit yields are squeezed and high yield becomes crowded

US fashion stores: queueing up to exchange old debt
Fashionably loose covenants are allowing under-pressure retailers to turn expensive unsecured debt into senior notes

Heading tighter into uncertainty
Tightening loan spreads are making the job of a CLO manager harder in both the US and Europe. But credit volatility could be on the horizon

Heavy equipment suppliers: slowly crawling out of the mud
There are tentative signs that heavy equipment manufacturers are finally pulling themselves out of the mire

Technicals frustrate managers
In the US, high yield managers unable to buy into commodities have missed a rally. Their European counterparts have been hit by falling yields

From Suez to CLOs
Indosuez Capital blazed a trail in CLOs and its ex-staff are now pivotal players across the industry

A European at the heart of US CLOs
Deutsche Bank has carved out a distinctive role in the CLO business as a bridge between the US and Europe

Creditflux Returns
Creditflux Returns

Appetite for destruction
After the crisis, UBS pulled together a team of big hitters to lead a renewed push into CLOs. But a cruel about-turn has seen it scatter them throughout the industry