The Last Tranche – Details, episodes & analysis

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The Last Tranche

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Frequency: 1 episode/88d. Total Eps: 30

Podcast from the Creditflux editorial team discussing global credit funds and CLOs.

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🇫🇷 France - investing
11/04/2025
#76
🇫🇷 France - investing
02/12/2024
#63
🇬🇧 Great Britain - investing
20/11/2024
#65
🇫🇷 France - investing
20/10/2024
#94

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Score global : 53%

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The Last Tranche with YMER's Warzynski: we like primary equity again

Episode 29

Thursday, May 9, 2024 • Duration 16:04

In this episode of the Last Tranche, Hubert Warzynski, Partner and Co-founder of Scandinavian CLO investor YMER talks about why like primary European equity again, but only for a handful of managers.

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The Last Tranche with JP Morgan's Ferris: new managers should focus on equity

Episode 28

Tuesday, April 2, 2024 • Duration 25:28

In this episode of the Last Tranche, Christine Ferris, JP Morgan's Global Head of CLO Primary talks about why she loves working with debut managers, despite the extra challenges they face.

#CLO

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The Last Tranche with AlbaCore's Cohen Malka: The UK gilts crisis showed the CLO market is more liquid than people thought

Episode 19

Monday, November 14, 2022 • Duration 20:39

In this episode of The Last Tranche, Deborah Cohen Malka, partner and portfolio manager at AlbaCore Capital Group, discusses the performance and challenges facing the European CLO market.

Cohen Malka says that assets and liabilities in European CLOs are in a delicate balance, where the pricing of a single new issue CLO raises loan prices to the extent that other new CLOs become uneconomic.

She also speaks to the impact of Russia's invasion of Ukraine on credit markets, and how the energy crisis is impacting credit quality. Cohen Malka also explains the sovereign debt crisis in the United Kingdom, and says the episode provided an opportunity for investors to take advantage of pension funds forced selling of CLO triple A notes.

#CLO, #Creditflux, #AlbaCore

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The Last Tranche with Bain's Wright: We're likely to see manager consolidation as the benefits of scale come to bear

Episode 18

Wednesday, November 2, 2022 • Duration 18:52

In this episode of The Last Tranche, Bain Capital Credit managing director John Wright discusses the manager landscape in the CLO market.

Wright talks about the importance of a CLO manager's role in the performance of the asset class. Whether a manager is a small or large firm, whether a manager has a captive equity fund or syndicates, or whether a manager has an aggressive or conservative investment strategy, will impact the outlook of any individual CLO.

Wright also discusses the recent trend of consolidation in the CLO manager base, and argues that we're likely to see more buyouts in the near-term while longer term new managers are likely to continue to emerge.

CLO, Creditflux, The Last Tranche

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The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell

Episode 17

Monday, August 22, 2022 • Duration 19:11

In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks.

He says that there has been a fair amount of dispersion in US loans. Although the US loan index was down 400 basis points at the end of June, smaller borrowers (loans of less than $500 million) outperformed, dropping about 300bp compared to roughly 540bp for the largest loan issuers.

CLO managers seeking to print and sprint were able to pick up some of these larger loans (which had dropped only because they were the most liquid) at attractive levels. Print and sprint, says Nechamkin, is no longer a niche strategy as it was several years ago. A few managers employed this tactic in 2020 and its use has been more widespread this year.

Nechamkin says the market is still pricing in risk and managers are still defensive in their investing, but both the technical and fundamental picture has improved over the last month.

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The Last Tranche with Sycamore Tree's Parker: It's a question of when, not if, a recession hits the US economy

Episode 16

Thursday, June 30, 2022 • Duration 21:47

In this episode of the Last Tranche, Trey Parker, co-founder and chief investment officer at Sycamore Tree Capital Partners, discusses the optimal way for a CLO manager to invest through an economic downturn

#CLO, #Creditflux

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The Last Tranche with CVC's Bergstresser: the CLO market will continue to function amid Ukraine crisis

Episode 15

Wednesday, March 2, 2022 • Duration 21:28

#TheLastTranche, #Creditflux, #CLO, #LeveragedLoan, #CVCCreditPartners

The Last Tranche with Napier Park's Secmen: Tailwinds fuelling the CLO market are masking manager incompetence

Episode 14

Monday, November 29, 2021 • Duration 38:01

The Last Tranche with New Mountain's Moshiri: New CLO managers may increase risk if they do not have stable equity capital

Episode 13

Wednesday, November 3, 2021 • Duration 23:09

#CLO, #leveragedloan, #newmountaincapital

The Last Tranche with Capital Four's Skødeberg and Wiant: 26% of new European loans have ESG-linked margin ratchet, and the US could follow fast

Episode 12

Wednesday, October 13, 2021 • Duration 35:23

Torben Skødeberg, CFA, Jim Wiant, #CLOs #ESG, #structuredcredit #leveragedloans

The Last Tranche – Details, episodes & analysis

Podcast details

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The Last Tranche – Details, episodes & analysis

Podcast details

Recent rankings

Apple Podcasts

Spotify

Shared links between episodes and podcasts

RSS feed quality and score

Publication history

Latest published episodes

Similar podcasts and content

Related Shows Based on Content Similarities

Related Shows Based on Content Similarities

Apple Podcasts

Spotify