They said it: There will be a re-tiering of managers after this
"There will be a re-tiering of managers after this"

Points up front: Senior tranches pay down despite junior OC passes
192 US CLOs have breached at least one over-collateralisation test, according to CLO-i, but at least two deals have not followed the conventional path

I take strength from the composure investors have shown when told their payments are being deferred
It’s tempting to head to the beach or grab a CLO distribution, but investing is all about playing the long game

A lot of CLO portfolios look similar and I’ve never been one to follow the herd
Zais's Vinnie Ingato takes our credit quiz

Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs

The CMBS talf proposal is simple and effective. A similar approach for CLOs would be welcomed
It’s great that government is trying to boost securitisations, but they’re missing the mark for CLOs

Past returns: Death by triple Cs? A step too far
15 months ago in Creditflux we reported that corporate credit downgrades, rather than defaults, were the biggest problem facing CLO portfolio managers

They said it: "The CLO rally had nothing to do with talf"
"The CLO rally had nothing to do with talf"

Points up front: Liquidating CLO can’t escape Standard & Poor’s
With over 1,000 CLO tranches on watch across the big three rating agencies, it’s good to see rigorous standards are being maintained and little things like CLO liquidation are not excusing deals from detailed scrutiny

CLO investors should be able to see live secondary trading levels
Olga Chernova of Sancus Capital takes our credit quiz

Miscast as the villains of the 2008 crisis, CDS may prove to be the heroes of 2020
Credit default swaps provide investors with valuable signals on the depth of the coronavirus crisis

The opportunities to build par and spread within a CLO haven’t been this plentiful since 2009
Last year’s CLOs could become the benchmark for manager performance

Points up front: Despite the fees, European SME CLOs are the future
Producing the first post-crisis securitisation of small and mid-sized European loans was a monumental effort for Be-Spoke Capital.

They said it: "Start writing the story about banks making margin calls to buyers of CLOs using repo!"
A reader comments on our 25 March report “US fund managers put on leveraged CLO triple A trade with a view to 13% returns”, pointing out that banks were pulling loan TRS lines, but still had the appetite to support leveraged CLO trades.

Past returns: A new secondary market for CLOs
Ten years ago we reported on the recovery of CLO triple As in the secondary market.

Distressed exchanges offer pathways to recapture value that others are trying to take from CLOs
Volcker rule amendments could protect CLOs from losing out to distressed funds in a restructuring

"We can have a positive impact by bringing diverse thinking to our business"
Edwin Wilches of PGIM takes our credit quiz

Past returns: Seven-year wait for equity payment
Five years ago we reported that equity investors in three legacy PGIM CLOs received a total of €1.1 million in distributions — seven years late. 

Points up front: Betting on ESG CLOs
Investing ethically is becoming a big part of credit, with CLO managers among the first to adopt environmental, social and governance (ESG) investment guidelines. So it’s no surprise that ESG criteria were high on the list of talking points at the Structured Finance Association’s SFVegas gathering last month.

2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs

Don’t be tempted by low debt costs — the key driver of performance in static CLOs is market timing

Past returns: Would-be CLO buyers turn sellers
Five years ago in Creditflux, we reported that the new generation of US 2.0 CLO managers were striving to grow their CLO AUM through manager acquisitions; namely, Benefit Street Partners and Triumph Capital Advisors, the pair having issued their debut CLOs in 2012 and 2014, respectively.

Points up front: Swiss CLO manager is regular as clockwork
The Swiss are known for their meticulous timekeeping and punctuality, so it’s perhaps no surprise that an asset manager based in Zug is crafting a reputation as the most efficient in the CLO market.

If you’re worried, you should be investing in higher rated companies
Gretchen Bergstresser of CVC takes our credit quiz

Not all old tier one CLO managers lived up to their premier billing