CLO performance is faltering – a loans shock would help
Early CLO 2.0s benefited from wide loan spreads. Today, that arbitrage opportunity has closed and returns have gradually diminished – yet there are now similarities to the market in 2007

Tracking down the credit industry’s original winners
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
 

79% of credit managers expect US high yield to widen, survey reveals
The International Association of Credit Portfolio Managers (IACPM) has revealed the results for its latest IACPM Credit Outlook Survey – and the outlook appears to be bleak

Structured credit specialists seek future-proofing in direct lending
At the turn of the last credit cycle, structured credit recovered spectacularly – but credit managers today seem to be gravitating towards private credit as the area to pick up excess returns in a downturn

CSAM in contention for US and European CLO honours
Credit Suisse Asset Management, CVC Credit Partners, Spire Partners and Sound Point Capital Management are among the CLO managers that have secured multiple finalists positions at this year’s Creditflux Manager Awards

Structured credit investors look beyond US RMBS
Re-remic, re-performing loans, non-performing loans and single family rental securitisations have come into favour as non-agency RMBS issuance dries up

Direct lenders pile into "turbocharged" market as fundraising skyrockets: report
Growth in the direct lending market in the 12 months to 31 December was “turbocharged,” growing robustly in the fourth quarter 2017 in particular due to a consistently growing Eurozone economy, according to Deloitte

Join the debate: flippin' heck, you're distorting the CLO market
After our report on a CLO investor flipping 2018 bonds before the deals had even closed, one reader pointed out that this "masks true demand"

Cheyne generates double-digit returns for hedge funds
Cheyne Capital has delivered with two credit hedge funds that have reached their maturity

Synthetic CDOs seek to follow CLOs
Growing issuance, interest in longer maturities and the emergence of a secondary market are encouraging dealers to believe that bespokes are on the road to acceptance. By Sayed Kadiri

Natixis AM reports $1 trillion AUM in 2017 results
Paris-headquartered Natixis has reported solid growth, and an end-of-2017 AUM of $1 trillion, for its asset and wealth management unit

ICG increases fundraising goal as direct lending funds near full deployment
London-based Intermediate Capital Group has increased its fundraising target to €6 billion per year on a rolling three-year basis

So much capital, so few deals: specialists fear for direct lending
No covenants, increasing leverage ratios and an outlook for rising rates means that direct lending is not all it's cracked up to be, according to several credit market participants

Hurdle rates topple as direct lenders look to boost fees
Some direct lending managers are lowering their hurdle rates in a bid to increase their fees

Direct lending head says market is overheating
A 2018 outlook report by KKR suggests now’s the time to reduce exposure to direct lending. This comes as another part of KKR goes on a direct lending fundraising spree

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

Who predicted $145 billion of issuance?
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson

Morgan Stanley's fixed income sales dramatically dip in Q4 earnings report
Morgan Stanley's sales and trading net revenues took a dip in 2017, with fixed income net revenues in particular down 31% compared to 2016 figures

Credit markets ignore geopolitical exposures, suggests Guggenheim
Global credit spreads have spent 2017 tightening, but markets may be ignoring certain risks, according to Anne Walsh, chief investment officer for Guggenheim’s fixed income unit

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

Private debt performance shines in institutional investing study
A quarter of institutional investors say private debt outperformed their expectations over 12 months to 28 August 2017

Hedge fund with US and UK offices to shutter following poor performance
The New York-based firm, which invested in a range of strategies including long/short liquid credit, is shutting down and returning all capital to investors

CLO managers return to new issues
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets

Marathon fund doubles assets in six months
Marathon's Emerging Markets Bond Fund substantially increased its assets between March and September – more than doubling its AUM, according to estimated figures