Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

Western makes swift return following June comeback with second new CLO of 2020
Western Asset Management has priced its second CLO of 2020, teaming up with Citi to issue the $355.5 million deal named Crown City CLO II

Two managers beat 80 others for £660 million multi-asset credit mandate
The UK's Local Government Pension Scheme Central has selected two managers for its £660 million Multi-Asset Credit Fund

Legg Mason teams with affiliate Western for credit fund
Legg Mason has teamed up with its affiliate Western Asset Management to launch a closed-ended fund to invest in a diversified portfolio of fixed income securities, according to fund registration filed by the pair yesterday

Western issues first new money CLO since 2014
Western Asset Management made a grand return to the CLO primary market after issuing its first new deal since 2014, according to market sources

Western set to make CLO comeback after six-year absence
Western Asset Management is marketing its first new issue CLO in over six years, according to market sources

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence

Western adds 5% CLO bucket to listed US loan fund
Western Asset Management has added CLO debt and equity tranches to the investment mandate on a loan fund that is listed on the New York Stock Exchange

Western to launch European loan business after hiring portfolio manager
Western Asset Management is launching a European corporate loan business after hiring an experienced credit portfolio manager with a background rooted in the CLO industry

Liquidity and disclosure issues threaten potential CRE CLO market
Most investors that participate in the commercial real estate CLO market want to increase their exposure. But the lack of liquidity and standardised disclosure is holding them back.

Boutique CLO manager becomes first to refi post reinvestment CLO this year
A California-based CLO manager has become first firm this year to refinance a CLO that has left its reinvestment period

Western Asset Management puts emphasis on IG credit for listed fund
Western Asset Management Company has renamed its Western Asset Income Fund to Western Asset Investment Grade Income Fund

Fixed income inflows boost Legg Mason
Baltimore-headquartered Legg Mason has reported inflows of $7.9 billion for its fixed income business in the quarter ended 30 September, according to a recent earnings call

Insurer announces 51bp operating expense hike for debt securities fund
Pacific Life Insurance Company has announced a subadvisor swap and sharply increased expenses on its Inflation Strategy portfolio

Citi refinances two 2014 vintage CLOs in quick succession
The CLO refinancing wave continued today as Citi priced two deals in quick succession, according to market sources

Control of 2013 US CLO changes hands amid talk of low 20s valuation
A $50 million b-wic featuring control of Mountain Hawk CLO II traded yesterday, according to market sources. The CLO has recovered somewhat after a rocky 2016, but price talk on the equity tranche suggested future distributions will be low

Rare controlling equity b-wic casts light on CLO fee-sharing deals
CLO investors get a rare chance later today to buy a controlling equity stake in a US CLO complete with a share of the deal's management fees

Verso default triggers CLO 2.0 market's first OC breach
A 2013 CLO US CLO has become the first post-crisis deal to trip an overcollateralisation test, according to CLO-i

US pension fund looks to rejig Western Asset's bond mandate
In anticipation of a rise in interest rates, one pension fund is looking to scrap a benchmarked-bond mandate run by Western Asset in favour of an unconstrained approach to bond management