Citi leads charge as CLO volumes surge past last year’s tally
As the CLO market gets back into full swing, the number of arrangers is growing, with three launching their first deals since the crisis. But Citi again tops our league table
View ArticleCredit funds take direct action
Direct lending funds are springing up around Europe. But what do managers mean by direct lending? And what returns can their investors expect?
View ArticleVoting rights: Bondholders make their point
Bond investors are protesting that their votes should be just as significant as those of bank lenders and CLOs. But, so far, the pace of change is slow
View ArticleTaking the CVA route to valuing CLNs
Credit-linked notes can’t be said to have risk-free collateral any more. Dmitry Pugachevsky suggests pricing them using techniques developed for bank counterparty risk
View ArticleVolatility returns for credit funds
Half-year return data compiled by Creditflux shows that for credit hedge funds 2012 has so far been a year of modest recovery after the travails of 2011
View ArticleCLOs that delivered
Sayed Kadiri hunts among the growing number of called CLOs to find the deals that have delivered the highest final returns for equity investors – and finds one with a 150% return
View ArticleCredit ETFs: a quiet explosion
Credit ETFs have grown to become a $100 billion business. From this month we track the size and performance of the biggest funds
View ArticleCall protection: investors lock up their loans
As bond investors have moved into the loan market, borrowers have had to offer them more bond-like features. But will call protection be eroded as demand for loans increases?
View ArticleTweaking Archimedes to find tail risk
Natalia Puzanova describes a new way of constructing hierarchical Archimedean copulas which ensures that sampling is straightforward and that tail risk is not underestimated
View ArticleBooming CLO double-B demand squeezes spreads to year-long tights
The strong demand for new issue CLO double-Bs has caused spreads to fall to 725bp. Despite strong supply, traders expect the market to move tighter still in 2013
View ArticleTracking 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
View ArticleEuropean tier two: waiting for Basel
Regulatory uncertainty has deterred some investors from buying European tier two bank debt. But soaring demand from new investors has pushed down spreads dramatically
View ArticleLooking to the horizon
Banks need to relate their point of time credit default probabilities to the longer horizons demanded by regulators. Norbert Jobst and Dirk Tashe describe a solution to the problem
View ArticleMined in Paris. Forged in London
In Paris, an exclusive university has built a web of well educated and well connected credit traders, sales people and structurers who now circle the financial world
View ArticleHigh yield bond covenants: losing the shackles
“Lousy and getting worse,” is the assessment by investment managers and analysts of covenant quality in the super-heated US high yield bond market
View ArticleAll your CDS models are wrong
It is a common belief that it is simple to extract implied default probabilities from CDS spreads. But, argues Robert Jarrow, the conventional methods are drastically flawed
View ArticleCiti comes out top again in most active quarter for CLOs in five years
CLO arrangers overcame the stickiness of triple-A spreads to register a post-crisis record quarter with $14 billion of deals inked as Citi once again topped the tables
View ArticleChinese property credits: in from the cold
Increasingly prudent financial management by Chinese developers is turning their bonds into hot property among yield hungry US investors
View ArticleEuropean CLOs take on the wall
Many European CLOs will exit their reinvestment periods within a year and will be vulnerable to rising default rates. Peter Melichar looks at the likelihood of this leading to tranche losses
View ArticleCredit Suisse takes crown as largest manager of post-crisis CLOs
Buoyed by the issue of Madison Park Funding X, Credit Suisse has taken top spot as the largest issuer of post crisis CLOs, but Apollo and Carlyle are close behind
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