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CLO Hysteria: Fact versus Fiction

Ten years have passed since the financial crisis and many pundits are using this arbitrary anniversary to prognosticate the next great financial calamity. This week, CLOs take their turn in the spotlight.

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Widening Senior Loan Spreads Offer Value

Despite increasing credit risk, we believe loans will dampen portfolio volatility this year, much as the asset class did in 2018.

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The BBB-Rated Expanse: A Mass of Fallen-Angels or a Gentle Giant?

Headlines only focus on leverage—but there’s more to the story.

LIBOR in Limbo?

August 10, 2017

Recent announcements from the U.K.’s Financial Conduct Authority (FCA) have quickly turned into reports declaring the death of LIBOR. As speculation continues to mount, our latest analysis provides investors with a framework to help understand the implications for senior loan and CLO markets.

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Will the Retail Industry be the Next Commodity Crisis for the U.S. Credit Markets?

May 24, 2017

In April, we provided support for allocations to high yield by rebutting three common arguments against the asset class. “Retail is the new energy” was an argument against high yield in April and one that continues today. Given the headlines surrounding the “demise” of retail, we believe it is appropriate to offer investors a deeper analysis of the topic and provide a broader perspective across credit markets.

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VAR, What is it Good For?

May 2, 2017

While no one measure is capable of capturing the full breadth of risk within a fixed income portfolio, VAR (Value at Risk) is an important measure within an investor’s tool kit. However, like any tool, VAR must be used with a full understanding of its benefits and drawbacks. With this in mind, we set out to answer: VAR, what is it good for?

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