This time around, BlackRock will be poised to be a shaper of the move
USD 12bn seems a lot to pay for HPS. But BlackRock urgently needed to catch up in private credit

The Last Tranche with Christine Ferris
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market.

Past returns: Insurers weigh CLO barbell trade to fight Solvency II
Five years ago in Creditflux we reported that insurers in Europe were putting on a CLO barbell trade in reaction to Solvency II regulations which came into effect in January 2016

"Never have the choices for issuers been more varied, nor the market dynamics more complex"
Direct lending deal terms are becoming more attractive in Europe

"I’m passionate about broader representation within investment teams"
CIP's Leila Donnachy takes our credit quiz 

"It’s not unusual for investors to toggle between the US and Europe depending on pricing and terms"
The accents may be different, but US and European direct lending markets have a lot in common

"We have to think about the influence of social media like Reddit"
Schroders' Michelle Russell-Dowe takes our credit quiz

Past returns: Nochu lands in Europe
Five years ago in Creditflux, we reported that Norinchukin Bank had made its first investment in a 2.0 European CLO

Past returns: Trying a different route to Balliol
Five years ago in Creditflux we reported on Numen Capital absorbing credit hedge fund manager Balliol Capital

If you’re not finding black talent, you’re not trying hard enough
In the past few weeks, it has been easy to put up our billboards and tweet our condemnation of the treatment of black people. Now we need to change the way companies work

The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
Last year’s CLOs could become the benchmark for manager performance

In private credit, we look to stay in senior structures with control

Investors are very focused on ESG: it’s driving them and us, and rightly so
My career in credit began just over 20 years ago, working in KPMG’s restructuring team and advising banks on their troubled loans. It was a pretty steep learning curve as every company was teetering on the edge of bankruptcy. But I learned that controlling cash flow is vital and how to prioritise what’s most important about a company. I still use those same skills every day.

Past Returns: German direct lending’s overhaul
In Creditflux five years ago we reported on German fund managers campaigning against regulations which dictated that funds require a banking licence to act as direct lenders. In 2016 they got their way as the German Banking Act stipulated that the banking licence requirement would not be imposed if a direct lender was authorised under the Alternative Investment Fund Managers Directive.

Points up front: Cap wearer plays trump card in support of SRT
Such has been the success of Donald Trump’s “make America great again” caps that structured credit folks have started sporting their own versions. Santander’s Jeremy Hermant has been seen in the streets of London proudly wearing a cap with the motto “make SRT great again”. Hermant works in the significant risk transfer team and tells Creditflux that he has been campaigning for SRTs for the past few years.

Past returns: Citi kickstarts CSO market
Five years ago in Creditflux, we reported on the revival of the synthetic CDO market, with Citi leading the push

We are not structured finance investors – we are corporate credit specialists
Fair Oaks' Miguel Ramos-Fuentenebro takes our credit quiz

Rating outlook: It's a matter of life and spread for CLO managers
Stabilisation of loan spreads and recovery rates spells good news for European CLO managers

It’s starting to look like 2007
It’s beginning to look a lot like 2007. Everywhere you go.