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Prophet ends 2020 on high with new-look structured credit platform
1 day ago
Prophet Capital has revamped the liquidity profile of its structured credit platform after restructuring its CLO and structured credit hedge fund, which it gated back in March amid the market sell-off. The fund manager managed to grow assets under management after 2020's rocky start -
Eagle Point makes large investment in rival's CLO fund
3 days ago
Eagle Point Credit Management has made a large investment in the preferred stock in a competitor's publicly traded CLO fund -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
4 days ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
Moody's begins upgrading CLO tranches
10 days ago
Moody's began the gradual process of upgrading CLO tranches in December, ending on a more positive note a year which brought the biggest wave of tranche downgrades -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
29 days ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
All’s well that ends well in 2020 OC tests
29 days ago
Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid -
Fund performance: CLOs look to continue recovery with end of the year in sight
29 days ago
CLO funds claim the majority of positions in our top 10 -
Ucits at a glance: Year-to-date returns head for double figures
29 days ago
Ucits funds generally performed well in October as 75% achieved positive returns -
Credit funds at a glance (January 2021)
29 days ago
A round-up of fundraising and people moves -
Credit hedge funds (January 2021)
29 days ago
Monthly credit hedge fund tables -
Vaccine boosts credit as PE firms open up to bridge loans
29 days ago
The leveraged loan and CLO markets ended 2020 on a long-awaited high after multiple vaccines for covid-19 were rubber-stamped by regulators -
Napier Park flexible credit fund powers to 17.8% gains in 2020
29 days ago
A European credit fund run by Napier Park Global Capital is up 17.8% in 2020 through to the end of October to sit atop of the list of funds by that metric -
Past returns: Barclays gambles and wins on Zohar
29 days ago
Five years ago in Creditflux, we reported how Barclays had made gains from its investment in the debt of Zohar CLO I, a deal which was filed into bankruptcy by manager Patriarch Partners a few months earlier -
Equity investors call time on CSAM bond-flex CLOs
29 days ago
Two of Credit Suisse Asset Management’s three bond-flex CLOs were called by their equity investors in October, according to notices seen by Creditflux, despite both deals being within their reinvestment periods -
Zombies demand brain work from tranche traders
29 days ago
Outperformance of junior tranches and underperformance of senior was the big theme in CDS index tranches going into December. But the picture began to change as Creditflux went to press -
CLO issuers flex their bond muscles
29 days ago
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance -
The right climate doesn’t guarantee a great bottle of wine. The skill of the winemaker is also vital
29 days ago
2020 could still turn out to be the best private credit vintage ever -
Direct Lending Perspectives: deal flow gets back on track
1 month ago
Direct lending deal flow popped back towards pre-pandemic levels by the end of Q3, raising hopes that the European middle market is back on its feet after six months were volumes had slumped -
All’s well that ends well in 2020 OC tests
Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid1 month ago -
AlbaCore generates 55% IRR for new $1 billion dislocation strategy
1 month ago
AlbaCore Capital Group says it generated a 55% internal rate of return on its coronavirus-related European dislocation strategy from March through to November -
Moody's considers upgrading 188 US CLO tranches
1 month ago
Moody's has put 188 CLO tranches from 114 US CLOs on review for possible upgrade, reversing an earlier policy in which the agency put large quantities of CLO notes on downgrade watch -
Europe leads corporate credit rally, but US outperforms in CLOs
1 month ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
European CLOs will perform well in 2021 but expect new deal quality drop, says Moody's
1 month ago
In a report published today, rating agency Moody's said CLOs will continue to perform due to credit enhancement levels and despite rising defaults. But CLO portfolio overlaps look set to increase -
Compression plays out as HY and European CLO double Bs outperform
1 month ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
York axes European hedge funds and prioritises long duration assets as co-CIO leaves
1 month ago
York Capital Management has opted to axe its European hedge fund strategies and refocus on alternatives including CLOs amid a string of executive personnel changes
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