Post-COVID, companies are adroit at managing supply-chain disruptions
With plenty of capital seeking a home and high grade credits well positioned, IG spreads will stay tight, reckons Duncan Sankey

Success in a larger market requires increased discipline and innovation
As the US CLO market grows, lower quality loans and increased volatility create new challenges, writes Tetragon's Dagmara Michalczuk

Churchill’s survey of private equity firms suggests M&A is returning to normal levels
Senior PE executives are confident in both deal activity and returns

Differences in scale and sector exposure mean US and European CLOs offer different risks and rewards
European CLOs offer more sustainable arbitrage opportunities than US CLOs

As direct lenders seek efficient, scalable financing tools, private credit CLOs are growing fast
PCLOs have reached USD 135bn, or 13% of the overall CLO market

The market will not look kindly on managers that don’t reset their deals
In today’s CLO market, the choice is stark: reset or slowly perish

CLOs that refinanced in 2024 are set to take advantage of market turbulence
There are opportunities for CLOs to build par through discounted purchases

Long-term CLO investments require strong distributions, healthy equity NAVs, and an extended life

Large managers have many advantages. But they don’t hold all the cards

Despite superficial similarities, CLOs and SRTs don’t have much in common

Past returns; Points up front
Past returns - PIMCO back and growing; Points up front - Avoiding catching the CLO bug & The bells ring out for public listings

A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size

Atlas SP joins new CLO arrangers vying for growth as sector booms
Apollo Global Management affiliate Atlas SP has joined the ranks of CLO arrangers, adding to the burgeoning number of new entrants eager to get into the lucrative business

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.

Despite CLO gloom in Europe and greater take up of private credit in the US, markets on both sides of the Atlantic are similar
I’ve just returned from a trip to London, my first since taking on the mantle of editing Creditflux, and was struck as always by how stubbornly far apart the European and the US markets remain.

Basel III looks likely to further increase banks investment in CLO triple As
Demand for CLO triple As has grown substantially over the past few years as more banking institutions, pension funds, asset managers and insurance companies discover this attractive asset class, which historically has never taken a loss.

Borrowers are finding creative ways to address loan maturities
Amend and extends have been the loan market’s flavour of the year. At the same time, many CLO reinvestment periods are reaching their end because the reset market is virtually closed. 

Past returns: Truly transatlantic
10 years ago we reported on Axa Investment Managers’ plans to enter the US CLO market.

Letter from the editor
It’s a curious thing to come back to your beginning, but that’s where I find myself, writing this letter as the new editor of Creditflux. I first joined 17 years ago, fresh out of university. 

Past returns: Tracing Fair Oaks’ roots
10 years ago in Creditflux, we reported on Miguel Ramos Fuentenebro’s nascent firm GMB Partners securing its first mandate

Points up front: CLOs: safer than money in the bank
We’ve long extolled the virtues of CLO investments... 

Points up front: Whatever the size, CLO performance dwarfs others
A graphic depicting the investment fund universe was doing the rounds on social media late in 2022...

They said it: "I don’t know and I don’t care about ESG"
One of our CLO Census responders has a strong view (or not) on ESG

Points up front: Shhh, don’t tell! Secret CLO pricing is in progress
The CLO industry has come a long way in the last decade — so much so that managers can now boast of their track records and CLOs are no longer (wrongly) touted as the acronym that caused the 2008 financial crisis. But in recent weeks some CLO market participants seem to have gone back to a time when pricing a CLO was taboo

Points up front: CLO managers didn’t take advantage of volatility, say CLO managers
Creditflux’s CLO Census shows CLO managers can be hard on themselves