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CLO resets drive equity returns to highest in five years: JP Morgan
3 years ago
Equity investors in US CLOs are earning, on average, the biggest returns of the past five years, finds JP Morgan – with deals reset this year having done most to raise the numbers -
Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
3 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait -
There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
3 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
Lingering covid vies with inflation as top credit threat, finds BofA
3 years ago
Covid-19 lingering is catching up with inflation as credit investors' number one worry, Bank of America's August survey has found. The picture for central bank purchases is bullish, but strategists see industrial and bank senior bonds as shorts for contrarians over the summer -
CLO demand to drive loan outperformance over bonds: BNP Paribas
4 years ago
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
4 years ago
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report -
CLO investors still hungry for triple As and double Bs, says JP Morgan
4 years ago
Most CLO investors are looking to add risk through deals in the months ahead, with very few inclined to reduce exposure, a JP Morgan survey has found - despite the historic flood of issuance in the first quarter of this year -
Loan market delivers best one-day returns since April due to US election and vaccine
4 years ago
The S&P/LSTA Leveraged Loan Index recorded its best single day returns since April on Monday as investors celebrated in a string of positive developments that sent markets into overdrive -
European CLO portfolio overlap increases by 3%: S&P
4 years ago
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P -
Barclays increases European loan and CLO issuance forecasts
4 years ago
Barclays has increased its European leveraged loans issuance expectations due to “better than expected recovery in issuance from M&A and LBO activity”, while its European CLO 2020 issuance forecast increased to €15 billion-€18 billion, up from a previous estimate of €12-15 billion -
Size matters: exposure to small loan facilities worse than covid industries, says BofA
4 years ago
CLO managers that hold a higher portion of smaller sized facility loans in their portfolios have performed worse through the pandemic, according to a Bank of America research paper -
Governance has greatest impact on short-term changes in company valuation out of ESG factors, finds MSCI
5 years ago
Governance has more impact than environmental and social factors on company financial fundamentals and stock price in the short term, but ‘E’ and ‘S’ play their part over the long term, according to analysis from MSCI -
Leveraged loan spreads to widen to March levels, warn UBS strategists
5 years ago
US leveraged loan spreads could widen back to March levels of 825 basis points as default risk increases, according to strategists at UBS. -
CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
5 years ago
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail -
30% of CLOs will breach their 7.5% triple C buckets, says BofA
5 years ago
The number of CLOs tripping their 7.5% buckets for loans rated triple C is set to soar from 8% to around 30%, according to the latest research from Bank of America -
Fed cut triggers Libor floors on third of US loans
5 years ago
Roughly a third of US loans effectively became fixed rate investments this week as Libor edged below 1% for the first time since January 2017 -
European CLO managers with big bond buckets do best, finds Bank of America
5 years ago
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research -
36% of US loans could be repriced amid rally, finds Nomura
Nomura calculates that about 36% of loans are eligible for a repricing. It bases this on the number of loans that are immediately callable, have near-term call risk or are a potential call risk if the loan market continues to rally
5 years ago -
Investors increasingly see ESG as fiduciary duty, State Street survey reveals
5 years ago
North American investors are most likely to view ESG as a fiduciary duty, while European investors are driven by regulation, performance and reputational risk, according to results from a survey conducted by State Street Global Advisors -
CLO supply set for double-digit drop in 2020, says JP Morgan
5 years ago
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance -
CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
6 years ago
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch -
CLOs dodged recent loan defaults, according to Wells Fargo
8 years ago
CLO exposure to three recent US loan defaults has been minimal, according to Wells Fargo research -
Heading tighter into uncertainty
8 years ago
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 -
Barclays snaps up seasoned credit researcher in London
9 years ago
credit analyst leaves European lender after 10 years for UK rival -
Gimme Credit announces push into emerging market credit research
10 years ago
Credit research provider Gimme Credit has announced the launch of a service to provide recommendations on emerging market bonds.
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