A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

CLO guys shouldn't feel quite as self-important as us Welsh... But you are in a pretty amazing spot
CLO portfolio managers should be emboldened by recent events to push for ESG strategies 

Past returns: Highland sells European CLOs at second attempt
In Creditflux 10 years ago, we reported that Highland Capital Management was offloading its European CLOs, with Alcentra and Barings among the frontrunner

They said it:"I incubated what became AGL inside a family office"
On Creditflux’s CLO webinar last month, AGL founder Peter Gleysteen reveals that the fastest-growing CLO manager in the business started life as part of the family office of private equity pioneer Thomas Lee

Points up front: Revlon repayment was Bad Day at the office
Making light of a situation is a good coping mechanism when things don’t go as expected. The Revlon loan repayment saga has underlined this with court filings revealing how CLO portfolio managers reacted to what Citi purported was a ‘mistaken’ $900 million paydown of Revlon loans

Points up front: A gander at Recette’s reset
The paths of a CLO and the restaurant it was named after are entwining after Invesco reset its 2015 CLO, Recette, last month.

I'm a nosy neighbour... get CSO deals public and embrace the age of information
A year of staying under the radar has not helped the CSO market

The tide has turned… the solution for investors is to move into floating rate loans
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up

They said it: "I am extraordinarily proud of the firm I have helped build"
Apollo chief executive officer Leon Black announces he is stepping down.

Points up front: A mover and Shaker
Veteran CLO portfolio manager Matthew Miller has stepped away from the industry after two decades to indulge in his passion for antiques crafted by the Shaker community

Points up front: Acting credit award
CLO types are clearly multi-talented....

We need to remove CLO misinformation from the market
Vibrant's Kashyap Arora takes our credit quiz

All types of financing will have to incorporate ESG risks and use their real economy influence
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change

Perhaps 2021 will be the first year of the next expansion
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves

Past returns: Barclays gambles and wins on Zohar
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier

They said it: Be careful what you do — last warning
In court filings, Highland Capital Management alleges that its founder and former chief executive James Dondero sent this ominous text message to its current CEO James Seery

Points up front: Brushing up on CLOs
It’s that time of year when CLO analysts forecast 2021 CLO volumes. It’s a thankless task, but for Serhan Secmen, head of CLOs at Napier Park Global Capital, losing a wager with a US CLO structurer on CLO volumes in 2015 meant he had to create a work of art on a triathlon theme

Points up front: I couldn’t, I’m stuffed
At Creditflux’s CLO Investor Summit, NEPC’s Kevin Bliss coined the term “equity stuffing” to describe commingled funds that CLO managers raise to invest in their CLO equity

I foresee various spooky spectacles hitting our screens - and your long portfolios
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads

The cost — a few basis points — is modest compared to the potency of bond buckets
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan

Past returns: Fees on the line
In Creditflux five years ago, we reported that CLO equity investors were insisting on “management fee adjustment clauses” in the event that collateral managers did not consent to a refinancing

CLO collateral managers who are able to update their documents could gain warf advantage
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade

Questions will need answering about where a manager's fiduciary responsibility lies
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games

They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
Blockchain might not eradicate all problems in credit, but it should reduce human error

The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer