Posts tagged 'cov-lite'

Buckets of cov-lite

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Feb 14 19:53 | Comment |

The CLO kind of got off lightly in Fed governor Jeremy Stein’s “Overheating in credit markets” speech.

Makes sense, given what Stein was mostly talking about — places in the market where the yield chase could be relying on assets that in turn rely on short-term funding. In other words, leverage that turns “overheating” into a supernova. Read more

And the high-yield boom continues…

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Jun 22 2011 11:28 | Comment |

It’s the clash of the high-yield press releases this Wednesday.

Here’s Standard & Poor’s, with a new high-yield report published at 9.55am London time: Read more

The reemergence of cov-lite loans

| Mar 03 2011 17:40 | Comment |

FT Alphaville noted last week that Citi analysts were predicting a return to the heady pre-crisis levels of leveraged buy-outs.

But, they argued, this time is kind of different: there will be fewer “mega-deals” (>$7bn) and the CLO business will be “a shadow of its former self.” Read more