Japanese investors must confirm assets are appropriate... CLO managers can provide assurances
The stipulation that Japanese banks invest in appropriately formed assets is unlikely to hurt the CLO industry

Past Returns: Repacking in land of the rising sun
Five years ago in Creditflux, we reported that Bank of Tokyo Mitsubishi UFJ was embarking on a strategy of buying repackaged CLO triple A notes denominated in Japanese yen

Past returns: short and sweet
Five years ago in Creditflux, we reported on Pimco emerging as a major buyer of triple A-rated US CLO tranches

Points up front: Credit Suisse and Sound Point rekindle the fire
Sound Point CLO XII was refinanced on 14 February and arranger Credit Suisse displayed its passion for CLO structuring by embedding half a dozen hearts in its pricing email

Points up front: Two scoops or none
Norinchukin Bank’s CLO holdings have been the subject of much debate in the mainstream financial media

The extra 250-350bp is excessive compensation for the incremental risks run by long-term CLO investors
Double B-rated CLOs price at a premium over corporate credit and yet default rates are much lower

Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

We are yet to find a mass-media article that devotes attention to the potential merits of CLOs
Far too many recent mass-media articles critical of the CLO market are heavy on the hyperbole and light on the facts, writes our columnist and Eagle Point founder Thomas Majewski

Past returns: Bond buckets are pipedreams, right?
Five years ago in Creditflux we reported that Webster Bank’s CLO tranche investor Francis Mitchell had created a working group in response to the Volcker rule determining that regional banks could no longer invest in CLOs with bond buckets

They said it: Too easy to launch CLOs
"It’s just too easy to issue CLOs — way easier than it should be"

Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch

Selling at the time of the default or downgrade can often be the worst value decision for the CLO
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski

Points up front: Pining for Halcyon days
Last month, one of the biggest managers in the US CLO market, Halcyon Capital Management, rebranded to become
Bardin Hill Investment Partners

Loan managers need an equity-like mindset instead of relying on docs
Octagon's Lauren Basmadjian takes our credit quiz and talks about buying CLO equity in 2009, the impact of technology on the retail sector and Eddie Murphy's 1980s heyday

If the loan was not cov-lite, it is likely that Weight Watchers would have defaulted
Cov-lite loans have negative connotations, but they will enable some companies to trade through a bad patch and return to health  

Past returns: Oh brother, where art thou?
10 years ago in Creditflux, we reported on perhaps the single biggest moment in the history of the credit market as Lehman Brothers filed for bankruptcy and subsequently disappeared

They said it: “I’ve run the numbers and it looks more like a 3% IRR”
A CLO modelling professional tells Creditflux that European CLO model portfolios don’t look realistic

Points up front: structuring is in his blood
Very few people can claim they were born to structure CLOs, but perhaps GreensLedge’s new recruit Peter Melichar is the exception

Points up front: clickbait headlines? Us?
Last month ABS specialist TwentyFour Asset Management wrote a blog titled, “The next crisis will begin with... clickbait headlines”. He's not referring to us, surely?

The perception of liquidity is often not the same as the reality
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix

Past returns: secret CLO market
Five years ago in Creditflux, we reported on the emergence of an inter-dealer market for CLOs

Points up front: Buttermilking it
We were amused to see that GSO Capital Partners has priced its latest park-themed US deal: Buttermilk Park CLO

There is an opportunity for investors able to look beyond the typical fixed income asset classes
Real money investors need to be aware of the merits of investment grade CLO tranches over similarly rated corporate debt, says our columnist Thomas Majewski

Past returns: LMCG and Trump
In Creditflux five years ago we reported on LMCG Investments (then known as Serenitas Capital) generating strong returns after spinning out of Bank America Merrill Lynch.