Sofr, so complicated
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments

Past returns: Highland’s Brazilian ‘CLO’
In Creditflux 10 years ago, we reported that Highland Capital Management was launching a regulated fund backed by Brazilian credit in a tranched structure consisting of senior debt and equity

They said it: "I feel vindicated..."
Dallas-based Patrick Daugherty says “it was worth it”, after his settlement with Highland

Points up front: Same building, different rules at Credit Suisse
If market participants needed confirmation that the banking and asset management arms of Credit Suisse operate independently, then the opening panel at Creditflux’s US CLO Summit last month seemed to provide it.

"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
We need to accept the pain and cut dependence on Russian oil today

Supporting the next generation
Creditflux’s third Women In CLOs event was held in New York in March, giving the industry’s rising stars a chance to network with senior credit professionals from the buy-side and sell-side

Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds

"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile

"The loan market is the septic tank for sub-single B LBO financing"
Portfolios of single name IG CDS are less complex and more liquid than CLOs

Past returns: Ellington invents triple C-flex CLOs
Five years ago, Creditflux reported that Ellington Management was launching a US CLO business

They said it: Whichever CSA number you use, it’s wrong
Whichever CSA number you use, it’s wrong...

Points up front: Price is right on trend with new CLO ticker game
The best ideas often come about when you’re knee-deep in CLO tickers

Points up front: CLO buyers get everywhere
Last month Bank of America research noted how US banks had made huge strides in buying triple A-rated CLO paper last year

"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
Strong secondary loan prices are making CLO liquidations a compelling option  

"Rules require 5% risk retention, but for first loss CRS that is not enough"
PGGM's Mascha Canio takes our credit quiz 

Past returns: Ares constructs private CLO
In Creditflux 10 years ago we reported on Ares Management putting together a quasi-CLO in a bilateral transaction involving senior debt investor Sumitomo Mitsui Banking Corporation

Points up front: CLO valuation buzz - to infinity and beyond
Last month it emerged that Eldridge Industries was exploring the possibility of selling part of its majority stake in global CLO manager CBAM

"This is the CLO market’s time to shine and prove it deserves to be a mainstream asset class"
The CLO market shouldn’t fear inflation — in fact, 2022 could be a very good year indeed

"We again have to flag up information in CLO marketing pitches that can mislead investors"
Cash-on-cash returns, default records and leverage statistics don’t always give CLO investors the full picture  

Past returns: KKR’s unusual CLO liquidation
Five years ago in Creditflux, we reported that junior debt investors in a KKR-managed European CLO voted to alter the deal’s documentation so they could drive a liquidation of the legacy deal, such that they would receive roughly 92% of par

They said it: "The tone may have been too positive"
CLO market participants have been guilty of being overly bullish

Points up front: Diverse? More like reverse
Diverse leadership structures at asset management firms are known to attract institutional investors. But we hear that one CLO manager has taken advantage of this by presenting itself as a diverse organisation

"In 2022, being slow will not be such a bad thing"
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse