Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

Ex-NatWest Markets CLO structuring head lands on buy side
A European credit manager has hired Luca Giancola for the "repositioning of its private structured credit business"

Euro refi CLO triple As hit 78bp - 1bp wider than 5yr deal in March
Cairn Capital partially refinanced its 2018 European CLO Cairn CLO X, highlighting the widening trend in triple As but tightening in mezz refi notes

Cairn cruises into CLO market with convertible triple A tranche
The sun emerged (briefly) this week in London and Cairn Capital was out driving a convertible - a convertible CLO tranche that is

Cairn fills CLO gap by assigning bigger role to loan portfolio manager
Cairn Capital has given CLO portfolio manager responsibilities to a loan portfolio manager, following the departure of CLO portfolio manager Marcus Knight earlier this year

Cairn becomes first manager to refi European CLO double Bs since 2019
Cairn Capital has partially refinanced the five most senior tranches of its 2014 vintage deal, Cairn IV

European CLO portfolio manager jumps ship to HPS
A London-based European CLO portfolio manager has moved to HPS Investment Management

Cairn buys $2.5 billion European distressed debt manager
Cairn Capital has bought a $2.5 billion European distressed debt hedge fund manager, boosting the firm's assets under management to $8 billion

Jefferies picks up three big mandates to get European CLO plans rolling
Jefferies has taken huge strides towards building out its European CLO arranging business with sources indicating the bank has won mandates from three managers

Six European CLO managers switch to Ireland after Dutch tax hike
European CLO managers have been rapidly shifting their Netherlands-domiciled SPVs to Irish DAC vehicles, according to sources, including PGIM, Barings and Cairn

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

Cairn prices first European CLO of 2020 via Credit Suisse
Cairn Loan Investments has priced its first European CLO transaction of 2020, via Credit Suisse

Pandemic underlines importance of the S in ESG as compliant companies outperform
For years, assessing environmental risks has been at the forefront of ESG (environmental, social, governance) investing, but there’s been a greater appreciation of the ‘S’ in ESG since the market sell-off in March

Cairn wins €115 million for European loan fund
Cairn Capital's open-ended European Loan Fund has reached €380 million assets under management, following €115 million in commitments from two institutional investors

Global CLO b-wic round-up: junior mezz rebounds with busiest week since June
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week

Cairn prices €419 million CLO with triple-As tight of market
Recent spread dispersion in the European CLO market is evidenced by Cairn Loan Investments’ pricing of a €418.73 million CLO in which the triple-A tranche came tight of the 10-day rolling average but the single-B piece was deeply discounted

Cairn teams up with NatWest and GreensLedge for first-time CLO partnership
Cairn Capital is working with NatWest Markets and GreensLedge to refinance its 2016 vintage CLO named Cairn CLO VII

How green was my rating

Oceanwood carves out responsibilities after CEO sets sail to Cairn
Oceanwood Capital Management has decided to split the responsibilities of its former chief executive officer Nicholas Chalmers among two employees, according to market sources

Cairn appoints CEO from Oceanwood as Campbell steps down
Cairn Capital has hired a new chief executive officer, who will take over from co-founder Paul Campbell

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

EQT hires portfolio manager to pave the way for European CLO launch
EQT has taken a big step towards launching a CLO management platform with market sources indicating that the firm has hired a head of senior debt

Cairn prices 15bp inside longer-dated deals as it prices two-year European CLO reset
Cairn Capital has priced its first transaction of the year, resetting its 2014-vintage deal 

Mizuho appoints Cairn co-CIO as global markets head in London
The announcement follows the departure of the bank's incumbent head of global markets