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Why CLO managers are agreeing to extend and amend
“There is no downside” to extending maturities, say CLO manager and investors
Loan-heavy borrowers may spell trouble for investors
US high-yield borrowers that relied wholly on loans are now vulnerable to rising rates
Hedge funds push yen options bets to next BoJ meeting
Target shifts as vol punts on change to rates policy fall flat
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How does a creature with a few hundred thousand neurons compared to the 87 billion neurons that humans have, make decisions so differently?
Charlie Drew, Swarm Technology, on what investors can learn from ants
There’s a lot of stuff that can happen in the marketplace that just can’t happen at a poker table
Todd Simkin, Susquehanna, on using game theory in trading
[Pensions] advisers were quite quick to push private assets. [Some schemes] are probably ruing those decisions.
Pavan Bhardwaj, Ross Trustees
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When markets offer lemons, Lynx makes lemonade
Swedish asset manager has had bumper year with trend-following platform tailored for troubled times
Big Figure
Libor mismatch stings CLO investors
The basis between one-month and three-month US dollar Libor widened from 11 basis points to an average of 71bp during November. Distributions for CLO equity tranches, whose holders only receive payment once more senior debt holders are paid, reached their lowest since the onset of the Covid-19 pandemic.
Read the full articleDerivatives
Risk Awards 2023: The winners
BNP Paribas takes top derivatives prize, lifetime award for Stephen Kealhofer, Nomura wins rates
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