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Hidden loan tail risks and mounting single B exposure could pose problem for CLOs: Barclays
3 years ago
A solid rally for leveraged loans this week - against returning weakness in bonds - has put focus back on the market, which seemingly has little tail risk priced in. But short term support factors and a dwindling triple C bucket mask the quality skew, warn Barclays strategists in a note today - which could spell downgrades for single-B minus rated loans -
CLO equity returns to flatten while Sofr transition gains fresh impetus: BofA
3 years ago
CLO equity returns are forecasted to be relatively low in the first half of the year, and as this plays out there could be greater incentive for equity investors to push for a switch in CLO benchmark to Sofr. -
Volatility has teed up decompression trades: Barclays
3 years ago
Recent credit market turbulence has brought relative value trading opportunities between cash bonds and CDS, credit and equity as well as between investment grade and high yield, particularly in Europe -
CLO equity could get hurt by mismatch in credit spread adjustments: Barclays
3 years ago
The possibility that borrowers and sponsors start to use their clout to scrap credit spread adjustments from leveraged loans poses a risk for new CLO equity, while legacy deals also face transition challenges -
CLO investor cash balances at lowest levels since 2009: JP Morgan research
3 years ago
A survey conducted by JP Morgan has suggested that CLO investors' cash balances are at their lowest levels since 2009 - but most managers want to add risk in the coming months -
Credit awash with volatility in first week but investors load up
3 years ago
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds -
Euro bonds set to outperform US despite big fund outflows: BofA
3 years ago
The November credit crash has left Euro investment grade bonds wider than those in the US, a rare occurrence that sets the scene for a January rally, say Bank of America credit strategists -
CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
3 years ago
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion -
Loans will be winners in bearish year for credit: BNP Paribas
3 years ago
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook -
Slow and sustainable trades will win race in '22: BofA
3 years ago
A year on from the US presidential election and unveiling of covid-19 vaccines, the credit compression looks challenged. But 'laggards' and sectors with strong capex growth still hold promise -
Credit bull run falters as central bank glow abates
3 years ago
Thoughts that the credit market had taken a positive directional shift are turning, after Tuesday’s session has brought a sizeable retracement wider, but credit strategists predict an overall firming of tone into the end of the year off the back of dovish central bank meetings -
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 -
Europe dominates ESG issuance, but US is racing to catch up: BofA
3 years ago
The stark gap between European and other regions in issuing ESG bonds has been thrown into the spotlight by last week’s COP26 summit. Nevertheless, encouraging data suggests the US is accelerating fast in its drive to bridge the gulf, finds Bank of America -
It's a-live! AI platform launch puts US ratings in spotlight
3 years ago
RoboR8, a fintech platform that aims to democratise credit ratings through artificial intelligence, has launched and hopes to rate 50,000 companies by the end of December, before building to several million in 2022. -
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 -
Long duration high yield will overcome short-term rates carnage, says BofA
3 years ago
Bonds with inflation-protected real yield, longer duration, and especially those in the utilities sector are among the most compelling trades amid a phase of ‘policy paranoia’, according to Bank of America credit strategists -
BofA revises global CLO new issuance forecasts upwards but refi/reset forecasts diverge
3 years ago
CLO strategists at Bank of America have boosted forecasts for European and US CLO 2021 new issuance volume for the second time this year. But projections for refi/reset volumes across the continent have been tweaked in two separate directions -
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 -
Rising stars will fuel double B boom, says BofA
3 years ago
A rising star cycle is underway and adds to a bullish outlook for double B credits with company results pointing to an ‘epic V-shaped recovery’ in high yield revenues and earnings, say Bank of America credit strategists -
CLOs stand to win from US capital cost refinement, says BofA
3 years ago
A move by US insurance regulators to refine the capital charge framework for structured products will make CLOs more attractive versus corporate bonds, according to Bank of America strategists -
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 -
JP Morgan raises 2021 US CLO forecast to record $135 billion
4 years ago
JP Morgan's research desk has raised its US CLO new issue forecast for 2021 to $135 billion -
US private credit deals set to increase but flexible terms may not remain, finds Katten
4 years ago
The private credit market is optimistic about deal flow for 2021 but respondents in law firm Katten's survey are mindful that flexible deal terms will not remain forever -
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
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