CLO managers at odds on cov-lite loans
CLO managers are deeply divided on the topic of covenant-lite loans, it emerged at the Creditflux CLO Symposium last week

Structure changes have boosted CLOs, says leading investor
CLOs have performed significantly better during the crisis than an early generation of high yield debt securitisations did during the 2002 default spike

Life expectancy becomes the big issue for CLO valuations
As CLO debt prices have risen to the 70s and higher, buying mezzanine and senior CLOs in the secondary market has increasingly become a bet on how long the bond will be outstanding

Interest rate mismatch has cost European CLOs up to 40bp a year
A mismatch in interest rates has contributed greatly to the underperformance of European CLOs, the Creditflux CLO Symposium heard last week

Strongly performing distressed fund makes debut
Phoenix Investment Adviser-managed JLP Credit Opportunity Fund has been one of the best performing distressed funds in recent months

Newest CLO set for tightest spreads this year, says S&P
Bank of America is set to price a $480.4 million CLO to be managed by PineBridge Investments in the next few days with the tightest spreads this year

Three new CLO offers include all equity investors
New CLOs hit the market as investors wait for news of Citi’s benchmark deal

Citi prices “benchmark” CLO
Citi has priced a new deal which the CLO market expects to set a benchmark for CLO pricing this year.

CDS participants question Lehman's capital raising ability
Washington Mutual on uneasy default territory.

Dublin manager prices new European CLO
Dublin manager prices new European CLO

SIV and subprime investments trigger Mitsubishi UFJ losses
Japan’s largest bank, Mitsubishi UFJ Financial Group has reported a 28% fall in its annual profit to ¥636.6 billion ($6.1 billion), hurt in part by investments backed by US subprime mortgages

Monoline sees record volume growth
Guaranty reported a trading loss in the first quarter after writing down the market value of its corporate credit derivatives portfolio by $526 million

Managers race to launch no-leverage loan funds
Managers race to launch no-leverage loan funds

Alcatel CDS widens on cut while NTL performs well
Amid a backdrop of more subprime woes weighing on the European credit markets, telecom continues to be an area that is a bit more isolated.

Long covering pushes monolines wider
After the whirlwind of Citi's added writedowns and management shuffle, participants are reversing long positions in the monolines.

Merrill and Countrywide CDS rally on prospect for change
Merrill and Countrywide CDS rally on prospect for change

Managers bring total return swap CLOs
Managers bring total return swap CLOs

Rabobank prepares record CDO squared
Rabobank prepares record CDO squared

Rabobank prepares record CDO-squared
Rabobank prepares record CDO-squared

Niche skills secure generous packages
Niche skills secure generous packages