Jean-Marc Poilpré

Dec 5, 2024 | pitchbook.com | Jean-Marc Poilpré

CLO exchange-traded funds are unlikely to exacerbate volatility when the CLO market goes through periods of stress, according to S&P Global Ratings — which is seeking to dispel some misconceptions over these financial products, while acknowledging that CLO ETFs are a force to be reckoned with. The comment came as new CLO ETFs look set to emerge in Europe, with Invesco being the latest asset manager to file documents with regulators.

Nov 8, 2024 | pitchbook.com | Jean-Marc Poilpré |Michael Rae |Michael has worked

Corporate downgrades are coming thick and fast, quickly filling the triple-C buckets of European CLOs. This situation reflects some stress among leveraged finance issuers and can cause headaches for CLO managers, but it is more of a nuisance than a real shock to the system, according to sources consulted by LCD News. “CLOs are designed to invest mainly in single-B rated issuers,” says David Nochimowski, global head of CLO & ABS strategy at BNP Paribas.

Oct 18, 2024 | pitchbook.com | Jean-Marc Poilpré

European automotive credits veered off track in September. While August was bumpy, returns remained positive — but in September the autos and auto parts sector was by far the European high-yield market’s worst performer, with returns moving firmly into negative territory.

Oct 4, 2024 | pitchbook.com | Jean-Marc Poilpré

Debt exchanges have become a popular tool among low-rated European corporates to address their upcoming maturities. These low-key transactions sometimes manage to get stressed corporates back on their feet — at times little is achieved, but price movements are sufficient to create opportunities for savvy investors. “Debt exchanges are some of the best trades that can be made,” says Akram Gharbi, head of global high yield and convertible bonds at Crédit Mutuel Asset Management.

Sep 12, 2024 | pitchbook.com | Jean-Marc Poilpré

Norwegian debt collector B2 Impact has shone a positive light on the battered European debt collection sector. On Sept. 4, the company successfully priced €200 million of notes that it will use to redeem debt maturing in 2026. B2 Impact, with a double-B rating and leverage of 1.7x at the end of the second quarter, according to the firm, is not the name that first comes to mind when talking about debt collectors.