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Op-Ed: A liquidity crunch in private credit will hit BSL CLOs — but there may be an upside for disciplined managers
Dagmara Michalczuk, Creditflux, April 2026
For years, the relationship between the broadly syndicated loan (BSL) and direct lending markets has been framed as a simple contest for market share among below-investment-grade borrowers and their sponsors. It made for attention grabbing headlines and neat marketing narratives.
Read moreOp-Ed: Sector analysis isn’t deep enough to discover which companies will be boosted by AI — and which will nosedive
Dagmara Michalczuk, Creditflux, March 2026
In the early 1940s, economist Joseph Schumpeter articulated his theory of ‘creative destruction’, a dynamic process through which innovations disrupt and sometimes destroy old industries and economic structures, thereby driving long-term growth and improving living standards. He viewed the costs of destruction — and the recessions necessary to weed out inefficient firms and create room for more productive ones — as a core feature of capitalism.
Read moreOp-Ed: Portfolio manager incentives and MVOC volatility are crucial factors for CLO equity investors
Dagmara Michalczuk, Creditflux, February 2026
CLO manager selection has traditionally relied on a familiar set of heuristics: AUM, years in the market, team size, historical losses, credit and structural soundness metrics and vintage-level performance, to name a few. While this data is readily available and concrete in investment committee discussions, it is noisy and increasingly insufficient for equity and mezzanine debt investors where the stakes of these choices are higher than for more risk-remote, senior debt investors.
Read moreOp-Ed: In 2025, CLO issuance remained strong, despite LMEs, defaults and tariffs. Next year should be similar, if managers don’t become complacent
Dagmara Michalczuk, Creditflux, December 2025
December naturally invites reflection — it’s a chance to look back on the past 12 months and ahead to the coming year. It’s also an opportunity to take stock of what worked, what didn’t, and what the markets taught us. Viewed through this lens, several themes stand out for the loan and CLO markets.
Read moreOp-Ed: As the US courts become more involved, the number of aggressive LMEs should decrease
Dagmara Michalczuk, Creditflux, November 2025
Over the past decade, the US loan market has witnessed a troubling rise in adversarial liability management exercises (LMEs), creating cracks in the traditional foundations of corporate lending.
Read moreOp-Ed: Psychology was a factor in managers’ reluctance to sell out of First Brands
Dagmara Michalczuk, Creditflux, 20 October 2025
As investors we aim to be rational, but these testing times warrant a look at CLO manager decision-making through the lens of behavioural finance, which seeks to explain why investors may sometimes make sub-optimal decisions.
Read moreOp-Ed: As the US CLO market grows, lower quality loans and increased volatility create new challenges
Dagmara Michalczuk, Creditflux, 23 September 2025
As we turn the page on summer, it is natural to pause to consider the road US CLOs have travelled thus far. This being my first column, it also seems apt to reflect on the evolution of the asset class over the past 20 years — not as a sentimental walk down memory lane, but as a prologue for understanding my views of the forces shaping the markets today.
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TCI CAPITAL MANAGEMENT II LLC (TCICM II) CLOSES TCI-FLATIRON CLO 2017-1 LTD.
13 November 2017
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TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-SYMPHONY CLO 2017-1 LTD.
11 August 2017
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TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-CENT CLO 2017-1 LTD.
23 July 2017
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Tetragon Credit Income Partners (TCIP) announces completion of the final close of Tetragon Credit Income II LP
20 June 2017
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Tetragon Credit Income Partners (TCIP) announces completion of the fourth close of Tetragon Credit Income II LP
26 January 2017
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TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-CENT CLO 2016-1 LTD.
21 December 2016
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TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-SYMPHONY CLO 2016-1 LTD.
29 September 2016
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Tetragon Credit Income Partners (TCIP) announces completion of the third close of Tetragon Credit Income II LP
15 August 2016
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TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-FLATIRON CLO 2016-1 LTD.
7 July 2016
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Tetragon Credit Income Partners (TCIP) announces completion of the second close for Tetragon Credit Income II LP
26 March 2016