Insights

Demystifying the World of Corporate Credit

CLOs delivered positive returns across the capital stack in August, although select mezzanine tranche gains were minimal.

CLOs delivered positive returns across the capital stack in June, despite senior tranche spreads widening from their recently tighter levels.

Market confidence has dimmed for three Fed rate cuts this year, after strong inflation numbers in the first quarter.

CLOs delivered strong returns, with spreads across the capital stack continuing their tightening trend.

A stronger economy and more future rate cuts seemed to meet market expectations for a patient Fed.

How will the Suez and Panama Canal crises affect the global economy and inflation?

Pausing interest-rate hikes for the fourth time, the central bank signaled that with the economy now growing at a ‘solid pace,’ the sustainability of the recent dip in inflation is still in question.

Insights into essential aspects of collateralized loan obligations (CLOs), including their makeup, history, evolution, structure, return profiles, and utilization.

The market’s anticipation of a soft-landing scenario in 2024 intensified through December, igniting a rally that supported a strong finish to an already remarkable year both loans and CLOs.

2023 was a year filled with shifting expectations and unexpected outcomes. Oddsmakers missed their bets this year. Here are 12 charts to help explain what happened.

Facing high mortgage rates, soaring prices, and sagging sales, what should we expect from the housing market?

CLO tranches had strong total returns in November.

After pausing interest-rate hikes for the third time, the Fed signaled three rate cuts are expected in 2024.

The Fed pauses, labor strikes back, and we believe opportunities abound in fixed income.

The Federal Reserve once again has held interest rates steady but underscored that the rate-hiking cycle may not be over.

While September was in-line with the year-to-date average CLO origination of $9.6 billion, issuance for the third quarter finished higher at $28 billion compared to $22 billion in the second quarter.

The Federal Reserve held interest rates steady in September but still expects another raise by year end.

CLOs and leveraged loans had another strong month of returns in July, as a resilient economy and disinflation momentum reinforced the potential soft-landing narrative.

The Federal Reserve raised interest rates to a 22-year high — and left the door open for additional hikes.

With a U.S. economy that continued to surprise to the upside, despite numerous looming headwinds, CLO debt across the capital stack has exhibited strong returns year-to-date.

After 10 increases, the Fed hit pause in June on raising rates. Now what?

With the Fed skipping a rate hike for the first time in 15 months, does that mean the economy is heading for a softer landing than many thought?

CLO tranches had positive total returns in May. Both loans and CLOs outperformed fixed-rate investment grade and high-yield corporate bonds, driven by interest rates that steadily climbed higher throughout the month.

After 10 consecutive rate hikes, the central bank decided to leave rates unchanged in June; ‘We judged it prudent to hold the target range steady,’ Fed chair says.

Does the central bank have the force to bring down inflation but not the economy?

A look at recent market action; the banking crisis; the softening economy and the Fed; and opportunities in fixed income.

Despite an ongoing banking crisis, the central bank continued its interest-rate hikes to fight rising prices.