A model of corporate behaviour
Haejun Jeon and Michi Nishihara propose a credit risk model based on a borrower's option to invest. It helps explain the small gap between high yield and investment grade spreads

Manager ticks skin-in-the-game box as it prices its first CLO 2.0
Natixis priced a new CLO last week for a manager with one deal already under its belt, it has emerged

Tracking Europe’s high yield funds
High-yield bonds and loans are proving to be resilient in Europe as Creditflux starts to track funds dedicated to investing in these markets

Mid market credit specialist raises $344 million for new fund
A mid-market lending fund launched just last year has pulled in $344 million of  capital

Dealer snaps up a $148.6 million loan portfolio as a CLO is called
A dealer has won the auction of a $148.6 million loan b-wic as a 2004 CLO liquidates

CLO investor's b-wic falls short of trades
A New York-based CLO manager is understood to have attempted to sell a second batch of mezzanine notes within the space of a week

US manager unleashes CLO equity into a thriving secondary market
The secondary CLO market has suddenly found itself at the epicentre of a ferocious storm as sellers inundate the calender with CLOs

West coast manager puts large CLO equity portfolio up for sale
A huge $344 million CLO b-wic, containing controlling stakes of the equity in a number of deals is being circulated

Loan b-wic spurs speculation
A bwic of loans amounting to $462.5 million is being circulated.

Laminate producer files for prepack chapter 11
US laminate manufacturer Panolam Industries International announced yesterday that it and its US affiliates filed for a prepackaged chapter 11 bankruptcy at the US bankruptcy court for the district of Delaware.

Managers on the breadline
New business has dried up, deals are in trouble and fees are being slashed. In these hard times, CLO managers face tough choices. Should they quit, expand or stick it out for the long run? Our analysis of industry fee income may help them weigh their options

Brokers: Welcome to the new Street
Wall Street and Canary Wharf are dead. Full-service investment banks are broken. And credit sales people are flocking to a new tier of firms. Laura Jones meets the key players. Rarely has a great industry declined so fast. It was not just the demise of Bear Stearns and Lehman Brothers last year that marked the end of a particular age for the financial markets. It was also the dramatic fall in risk appetite at the remaining "bulge-bracket" firms and the wholesale exodus of staff.

Manager prices its third CLO this year
GSO Capital Partners last week priced one of the few new CLOs seen recently, confirming its emergence as one of the most active managers in the market currently

Singapore manager markets Asian deal
Singapore manager markets Asian deal

Citi prices CLO number 11 for New York-based manager
Citi prices CLO number 11 for New York-based manager