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

They said it: "CLOs are the financial cockroach. They will survive"
Someone has faith in the CLO market

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

Points up front: "Speak up – you’re among friends"
At a National Association of Insurance Commissioners engagement meeting with the CLO community last month, the first question on the conference call was not: how did you arrive at your modelling scenarios?

"Investors no longer rely on simplistic tiering models to price CLOs"
CLO investors are taking a nuanced approach to applying manager tiers that goes way beyond using AUM as a proxy   

Past returns: UBS gives up on CLOs
10 years ago, officials at UBS told Creditflux they were not closing their CLO origination business, despite mounting evidence to the contrary

They said it: You’re going to rub someone up the wrong way doing that
Calling CLOs prematurely is no way to make friends 

Points up front: AI finds vital new purpose: drafting CLO poems
Artificial intelligence may one day give us answers to really big questions. But for now, we’ll have to make do with ChatGPT’s CLO-based poetry, as highlighted by aficionado Poh-Heng Tan.

" CLOs do not introduce more credit risk, nor do they offer less liquidity, than comparable products"
The pressure facing some banks is self-inflicted. Their portfolios lack exposure to CLOs

Past returns: Persistence pays off for Western
In Creditflux five years ago, we reported Western Alliance Capital Advisors was planning on moving into CLO management

They said it: "He is one of the best – at CLOs and poker"
A structured credit investor absorbs the news that Debdeep Maji has left Oxford Fund

Points up front: CLO PM to cheese-maker? You cheddar believe it
Hear the phrase “it’s close to maturity” and CLO investors might be put off by a bond that’s seen better days...

"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments  

Past returns: Making CLO triple As more secure
10 years ago in Creditflux, we reported on super-senior tranches being inserted into US CLOs

They said it: "You have to question whether the vast array of CLO managers should... "
A credit investor questions the sheer number of CLO managers 

Points up front: Dealscribe scores eyeballs
The unfamiliar advent of a winter football World Cup has forced many people to choose between seasonal festivities and watching sport

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...

"With tools and data available, why do fake sellers need to abuse the b-wic process for price discovery?"
Penalties for CLO b-wic sellers who routinely do not trade would improve the secondary CLO market

"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
CLOs are well positioned, even if there are mass downgrades to triple C  

Past returns: Alhambra CLO paves the way
Five years ago in Creditflux, we reported that Be-Spoke Capital was launching the first SME European CLO since the financial crisis.

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

Past returns: US firms become Euro CLO issuers
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention.