Leveraged loans pose credit risk but not systemic risk, conference told
Regulators and the press need to understand the difference between credit risk and systemic risk, claimed panelists at the IMN European CLOs and Leveraged Loans conference

US CLO managers look to scale flat WALs in search of flexibility
The anticipation of a downturn in the credit cycle has made investors turn their attention toward document provisions that give CLO managers flexibility

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

The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower

Loan sell-off leaves some CLO warehouses out of the money
The December sell-off in the loan market may have been good for CLO equity but it left many warehouses out of the money, according to several sources

Payless bankruptcy steps on toes of CLOs
CLOs hold exposure to the debt of US retailer Payless ShoeSource, which filed for Chapter 11 bankruptcy earlier this week

CLOs are not like CDOs, says Barclays, but warns of loan quality impact
CLOs are far removed from the kinds of structured products that contributed to the 2008/09 global financial crisis, Barclays has argued in a wide-ranging research piece this week

CLO managers exposed as US mortgage lender files for bankruptcy
CLOs hold $164.9 million exposure to the debt of Ditech Holding Corporation, who refiled for Chapter 11 bankruptcy on Monday 

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

European CLO equity in focus for secondary market with 50% trade rate
European CLO equity valuations ranged from the 50s to 70s, but only two our of four positions traded yesterday

CLO equity a "top trade" for 2019, but beware ratings risk, says JP Morgan
CLO equity is one of the top trades of 2019, according to research analysts at JP Morgan in a research paper published on Friday, noting that the asset class offers ‘sticky capital in a volatile cycle'

CLO spread tightening more likely than widening in Q1, says Wells Fargo research
CLO spreads are more likely to move tighter than wider in quarter 1 2019, despite the widening trend accelerating through December, according to Wells Fargo analysts

The financial crisis was the making of ’em
Some of the largest and best performing CLO managers before the crisis were fairly nimble by today’s standards — but these 1.0 outperformers are now among the biggest names in the industry

CLOs can survive defaults, but it could be death by triple Cs
Covenant deterioration in the leveraged loan market has caused sleepless nights for CLO managers who worry that when defaults start to rise, recovery rates will be lower than in past downturns. But market participants are expressing concern that ratings, rather than defaults, pose a greater risk to the market

The financial crisis was the making of 'em
Some of the largest and best performing CLO managers before the crisis were fairly nimble by today's standards - but these 1.0 outperformers are now among the biggest names in the industry. 

Neiman Marcus loan slumps amid debt restructuring talks
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit 

Pro Mach packs biggest punch for CLOs as lev loan index takes a tumble
 The US manufacturer's $819 million Term Loan B, due March 2025, dropped 0.76% on Monday from Friday’s close

24 CLO managers hold J Crew loan as it drops 4.62%
A total of 109 CLOs hold $219.4 million exposure to J Crew, whose Term Loan B traded down 4.62% from yesterday