Updates
A practitioner's guide to CLO ETFs: what a collateralized loan obligation ETF holds, how the wrapper changes risk and liquidity, and how these funds are valued.
Learn what leveraged loans are, how the broadly syndicated market works, and why these senior secured, floating rate loans anchor every CLO.
Structured credit explained: how pooling, tranching, and payment waterfalls work across CLOs, CMBS, ABS, and the esoteric corner of the market.
A look at how CLO equity works: where the residual tranche sits, how quarterly distributions are paid, what interrupts them, and why the position is hard to value.
A practitioner's guide to collateralized loan obligations: capital structure, coverage tests, the deal lifecycle, CLO equity, and how tranche pricing is derived.
A term sheet describes a structured note once. Servicing it means processing years of conditional events: coupons paid or missed, autocalls, resets, settlements.
A reverse convertible pays an above-market coupon because the investor has sold the issuer downside protection. The size of the coupon is the size of the risk.
A buffer and a barrier can be printed with the same headline number and the same reassuring word, and behave in opposite ways when the market falls.
Equity-linked notes are the core of the US structured note market. Let's look at what ELNs are, three choices that define them, and why single stocks are surging.
Most multi-index structured notes are worst-of: they pay on the weakest index alone. Adding names adds risk, and dispersion decides how much it costs the holder.
