European direct lenders strike €25 million sweet spot
Many new entrants to the European direct lending market are finding that they can put assets to work by making loans in the €20 million to €30 million range

Toys R Us: Trouble in toy town
One of the world's biggest retailers may be just one bad quarter away from a debt restructuring – or bankruptcy

An end to bump and reval
Adjoint algorithmic differentiation can slash the computational time for valuation by three orders of magnitude. Luca Capriotti and Jacky Lee show how it can be applied to credit

Residential mortgages: Servicers feel regulatory chill
Intervention by regulators and a lack of new assets is freezing growth among US distressed mortgage servicers

CLOs empty their bond buckets
Growing numbers of older CLOs are being tweaked to make them Volcker-compliant, while Volckerisation is becoming the norm when deals refinance

Putting low rates under a microscope
Cho-Hoi Hui suggests using a double square-root process with a non-linear drift term to capture recent near-zero interest rates more accurately when pricing corporate bonds

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

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

Unstirring cocos
Separating credit risk from the probability of conversion is the key to pricing cocos, argue Damiano Brigo, João Garcia and Nicola Pede

Tackling counterparty risk with CDS
A chain of credit default swaps may be an effective way to hedge out counterparty risk in a securitisation or covered bond

2013 sees CLOs go global again
The top arrangers, the biggest managers and the leading law firms and trustees in the CLO universe – they're all in our expanded survey

Toll road operators: Caution: no traffic ahead
With a monopoly that everyone uses, toll road companies would be perfect borrowers – if only their roads weren't so empty

The seatbelt sign has been turned off
Investors are learning to love airline bonds with aircraft collateral – but they may yet encounter turbulence. Euan Hagger reports

JP Morgan takes CLO arranger crown
It has been a bumper quarter for top arranger JP Morgan, but overall CLO outstandings held steady and have yet to match their 2008 high

Gone but not forgotten
ACA Capital’s spectacular collapse heralded the demise of the monoline business and scattered its employees into jobs right across the credit space

The growing Swiss network
Defunct investment banks such as Lehman Brothers are not the only ones with a healthy diaspora of credit traders. UBS has a wide network of ex-colleagues.

Biggest managers deal their way to bigger share of CLO market
Mergers have helped the largest managers to increase dramatically their share of the CLO market. But as Arrowpoint shows, there is still room for new entrants

Loan re-pricing hits US CLO returns
Creditflux indices show falling equity returns from pre- and post-crisis CLOs for the first time since 2012, with market participants calling the move ‘a return to normality’

Adding an Asian presence
Taking the plaudits as the first euro CLO 2.0 arranger and turning heads by distributing CLOs to Asia, Credit Suisse has set itself up as a global CLO player.

Bursting into life
Creditflux Manager Awards data shows that European CLOs have emerged from the darkness of 2011 and now have value for equity invest

CLOs win out in the crisis
Analysis shows that, as an alpha-generating asset class, CLO equity has an edge over hedge funds and private equity since the onset of the global financial crisis

Oaktree tops first ranking of credit hedge funds
A new ranking of credit hedge funds by assets under management reveals that high yield veterans continue to dominate the business

GSO Capital stretches CLO lead
GSO may be cementing its position at the top of our ranking of CLO managers by total assets under management, but beneath it the list is in constant flux

First three months of 2013 see record breaking CLO total
With spreads at record tights, the first quarter of 2013 shattered the post-crisis high for volumes and brought a $100 billion-plus total for the year within reach

Her Majesty’s secret CLO desk
They don’t know it, but through their ownership of nationalised RBS, UK taxpayers may hold the world’s biggest portfolio of CLO paper. Sayed Kadiri analyses RBS’s Stamford-based CLO business