Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Capital Four launches two CLO funds
Capital Four Management has plans to launch two structured credit funds focused on CLOs  that aim to capitalise on dislocation at both ends of the CLO capital stack, sources say

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Dispersion tests hedge fund managers

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

Capital Four makes CLO market entry with debut transaction
Capital Four Management priced its inaugural CLO this morning, becoming Europe’s eighth debut manager of 2019

Capital Four upsizes debut CLO, but capital stack diverges
Triple-A pricing and that of more junior tranches is on a path of divergence, as evidenced by the marketing of debut CLO manager Capital Four Management

CLO pipeline: Sculptor begins to mould its first CBO
Silence! Artist at work: Sculptor has got its apron on and is shaping up to launch its first CBO

CLO pipeline: Capital time to debut in Europe as liability spreads drop
CLO managers are showing no signs of slowing down, as a further 16 US and five European new issue CLOs, including Capital Four's CLO management debut, appear in the pipeline

New manager premiums collapse as Capital Four markets first CLO
Capital Four Management has launched its first CLO and is marketing the deal via Goldman Sachs, according to market sources

Credit funds at a glance
A round-up of fundraising and people moves in credit

Nordea AM portfolio manager joins Capital Four
Capital Four Management has appointed Nordea Asset Management portfolio manager Stine Milling Pilegaard as a director in its Copenhagen office

Capital Four holds final close on nordic direct lending fund
The Copenhagen-based manager has held an €343 million final close for its latest private debt fund, according to market sources

Europe's CLO manager field set to get bigger as managers from all corners aim to break through
Regulation does not always impair activity

Fund performance
Long-short and high yield keep up the momentum

Stamford Associates' head of fixed income joins European credit manager
The head of fixed income at Stamford Associates, Timothy Smith, has moved to the buy side

Eiffel proves you don’t need to guess oil prices to pick good oil bonds
Paris-based manager benefits from tertiary link to oil bounce with helicopter pick 

Venator fund posts strong 2016 returns, but shorts fail to deliver
New York-based hedge fund manager Venator Capital Management exemplified the outperformance in credit markets in 2016, as well as the pain which can be felt from shorting

Points up front: room with a view
New visitors to credit hedge fund manager Capital Four Management often think they have come to the wrong place

Capital Four makes big gains in October after bank debt exchange
Austrian bank swaps debt for government bonds, boosting returns for a Copenhagen-based credit manager which has hedged interest rate risk