We need to talk about high triple C/bond-heavy CLOs
It’s tranched, has exposure to corporate credit and looks and behaves a lot like a CLO – only it’s slightly different. There is so much variety in the CLO market that the industry is faced with a dicey problem: how do we differentiate between the different flavours of CLOs?

If you're marketing a structured credit fund then for goodness sake don't go through the motions [podcast]
Credit allocators gave some sage advice to structured credit managers on how to go about marketing their funds at the Creditflux CLO Summit in New York last month. As part of a key note panel geared towards institutional investors fund managers were told: stop going through the motions, avoid being generalistic and tailor your pitches

CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press

Not all old tier one CLO managers lived up to their premier billing

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Issuers fashion new outfits for junior mezz

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Pitching your structured credit fund: the three golden rules
Structured credit fund managers were given a lesson in how to market their strategies by a group of asset allocators at the Creditflux CLO Summit in New York.

Farewell Mike
After two decades, Mike Peterson, the founder and long-time editor of Creditflux, is moving on.

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

Heavyweight investors poised to step up US CLO allocations
CLO issuance in 2020 could be boosted by the return of two of the asset class’s largest historic investors, sources say.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

CLOs at a glance: innovations arrive as year draws to close

Big firms better prepped for Libor change and less operationally exposed, survey finds
The largest financial organisations are further ahead with their Libor transition efforts, and are likelier to move into 2020 with 'greater confidence' than small and mid-size firms, according to a market survey

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

CLO pipeline: DFG keeps its finger on the pulse
It will be a busy year-end for new issue CLOs in the US. DFG is returning with Pulsar II, using collateral sourced entirely from the secondary market

CLO pipeline: high triple C bucket opens a Gateway to pricing
In less than ideal market conditions, even experienced CLO managers are learning new tricks to keep the pipeline full. Of the 11 US new CLOs that appear in the pipeline this week, two are high triple C bucket transactions

CSAM launches first commingled fund geared towards CLOs
Credit Suisse Asset Management has launched its inaugural CLO equity fund, according to market sources, collecting nearly $150 million on a first close for the strategy

Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market 

Norinchukin's CLO portfolio decreases for first time in years
Japanese CLO heavyweight Norinchukin posted its financial statements yesterday, where it reported a 1.42% drop from its statements at the end of the second quarter

CLO tranche investor leaves Carlyle after 12 years
The New York-based co-head of global structured credit has parted ways with Carlyle, sources say. The firm is understood to have appointed a replacement in London

LibreMax wins $200 million for structured credit managed account
The managed account will target 10 to 40 investments across a range of different strategies including CLOs, consumer, residential, commercial and regulatory capital.

CLO pipeline: ESG, risk retention and secondary loans come to the fore
Managers new and old are trying different strategies and structures to price their latest deals    

Global CLO league tables at a glance - October 2019 YTD
Global CLO league tables at a glance - October 2019 YTD