They said it: "A lot of value was lost due to CLO window dressing"
"A lot of value was lost due to CLO window dressing"

Points up front: CLO veteran earns OBE
We spotted a household name in the CLO business among those being feted in last month’s Queen’s birthday honours list — former Alcentra chief executive David Forbes-Nixon was awarded an OBE

Point's up front: To have and to hold
The bankruptcy of Highland Capital Management rumbles on. As the case turns messy, a judge has poetically suggested it is like a divorce between the company and its former chief executive officer James Dondero

"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
Welshcake reminds us that mid-cycle portfolio management is a funny old game  

"Technology won’t replace human judgement. In ESG a qualitative review is necessary"
The social aspect of ESG must be given sufficient weight in investment decisions  

They said it: "The board announces the discovery of a website purporting to represent Volta"
They said it 

Points up front: Waterway to name and brand your CLO
When taking over a CLO launched by another firm, CLO managers face a dilemma: how do you re-brand it so it’s clear it’s one of your CLOs, but not so much that it fudges your personal track record? Well, HPS Investment Partners has found a neat balance

Points up front: CLO Initiative For Change
Well done CIFC Asset Management and other counterparties to a new US CLO, which donated $145,000 to Black Girls Code

"How CLO managers optimise the value of reorg equity is one of the most important unasked questions"
Getting the most out of reorg equity could be the difference between a good CLO and a great one  

CLOs seem like Premier League members in the world of finance
The CLO industry is in a privileged position and can wield its power to do good  

They said it: "The CLO business continues to move forward... it is still going strong"
A spokesperson for Deutsche Bank says it is committed to US CLO new issues

"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option

"Three CLOs issued in 2021 have included triple C baskets of 20%"
Big triple C buckets helped mid market CLO issuers in 2020 and the trend is for even bigger allowances this year

We say it: Creditflux salutes women in credit
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns

They said it: "State Street is pleased to offer financing of CLOs in loan form"
"State Street is pleased to offer financing of CLOs in loan form" A spokesperson for State Street confirms the US bank is buying European CLOs as loans, and adds that this will be a growing business line.

Points up front: Navigating lockdown easel-y with brush in hand
The various periods of lockdown over the past 12 months have provided time for credit professionals to tap into their creative side, and Schroders’ head of securitised credit Michelle Russell-Dowe has taken full advantage

Points up front: Brahms for the brain
We often use this column to highlight charitable initiatives undertaken by members of the CLO community, but charity starts at home and we’d like to point you towards an initiative conducted by Richard Burrell, partner of our own Tanvi Gupta

"CLO managers who struck the right balance in 2020 are more easily able to reset their deals"
CLO managers were re-evaluated during the pandemic, and outperformers can expect to see benefits this year

A transformational framework means fund managers have to drive real-world change
There are managers who make transformational investments, those who incorporate ESG and those who do nothing

CLO naysayers have made arb and cov-lite into dirty words — that should now change
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs 

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