Collateralised loan obligations
Loans – why now?
Sponsored statement: BNY Mellon
CLO market appeals to yield-hungry investors
Post-financial crisis structured credit has been in hiding: but 2013 has seen the re-emergence of the collateralised loan obligation (CLO) market, with yield-hungry Asian players demonstrating a strong appetite for the paper
Insurers 'must understand risk on non-traditional assets'
Modelling and regulatory impact of new asset classes must be considered in search for higher yield
CPM functions go back to basics
Old-school value
US CLO issuance bouncing back in 2011, say experts
While CLO activity remains below pre-financial crisis levels, a demand for higher yields is driving US investor appetite
Loan spread tightening squeezes CLO arbitrage for managers
Searching for an equilibrium
Oversubscribed CLO points to returning Asian risk appetite, more CLOs expected
Standard Chartered's most recent Start deal proved oversubscribed, suggesting a returning credit risk appetite in Asia. Meanwhile, more CLOs are expected this year.
StanChart sheds Asia credit risk via $1.25bn securitisation
Standard Chartered has reopened its Start collateralised loan obligation programme for the first time since the global finance crisis spread to Asia. The bank has shed $1.25 billion of credit risk related primarily to loans extended to counterparties in…
A bottom-up model with top-down dynamics
Yadong Li proposes a flexible, tractable and arbitrage-free bottom-up dynamic correlation modelling framework with a consistent stochastic recovery specification for multi-name credit derivatives. In this framework, the model’s spread dynamics can be…
Dealers prepping new CDOs
Despite growing risk aversion in the credit markets, behind the scenes dealers are working on new issues of collateralised debt obligations.
Goldman CDO suit throws focus on collateral manager conflicts
Goldman Sachs fraud allegations show portfolio managers credit selection interests are often not aligned with benefiting CDO note-holders, say lawyers.
Happier times for distressed assets?
The distressed assets sitting on the balance sheets of financial institutions have increased in value in recent months, with a variety of firms reporting paper gains. Has the turning point been reached in distressed structured credit assets? Peter…
Risk reallocation
The originate-and-distribute model offered a means for banks to offload credit risk from their balance sheets and distribute it to investors. But Andrew Haldane and Lewis Webber of the Bank of England argue this risk was often passed on to those least…
Rising from the ashes
Collateralised loan obligations
Credit Portfolio Manager of the Year - Deutsche Bank
Risk Awards 2008
CDO Manager of the Year - The Carlyle Group
Risk Awards 2008
Hedge Fund of the Year - Stark Investments
Risk Awards 2008
Collateral damage
Credit risk
Japan's four major banks post losses of $31bn for 2002
Japan's four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Japanese banks: Turning up the heat
Japan's banks have faced a gruelling few months in the run-up to the fiscal year-end, with a plunge in equity prices putting severe pressure on capital ratios. But a further crisis may be just around the corner, writes Nick Sawyer.