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CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
Moving fast pays off for hedge funds
3 years ago
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up -
European CLO and loan spreads jostle in tight race
3 years ago
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue. -
Credit funds at a glance (March 2021)
3 years ago
A round-up of fundraising and people moves -
Fund performance: CLO funds pick up where they left off
3 years ago
New year, same funds leading the way with CLO strategies the top performers in January -
Ucits at a glance: CIFC nears positive 12-month returns
3 years ago
Ucits funds have started 2021 on a quiet note as 72% of funds achieved a positive return -
Credit hedge funds (March 2021)
3 years ago
Monthly credit hedge fund tables -
High yield fund sets pace with 22% return in January
3 years ago
Wasserstein Debt Opportunities Fund has set the early pace for credit hedge funds in 2021 after registering a 21.7% gain in January. This builds on the high yield fund’s success last year and takes 12-month returns to 40.44%. -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
The tide has turned… the solution for investors is to move into floating rate loans
3 years ago
2020 was the year of fixed-rate bonds, but treasury curves are steepening and demand for loans is heating up -
At least 2020 wasn’t dreadful for CLOs
3 years ago
Last year’s downturn was another in which CLOs survived and in many cases thrived as active management and Libor floors helped managers deliver 13%-plus returns to equity -
Early 2021 moves open up CLO and credit curve dislocations
3 years ago
Fund managers are keeping a close watch on credit curves as sharp moves since the start of December have forced relative value to shift between corporate bonds, CDS, CLOs and loans. This has put CDS curve steepeners in focus but, conversely, CLO flattening appears likely. -
US banks embrace CLOs again to drive spread compression
3 years ago
The three big US bank-buyers of senior CLO tranches — Citi, JP Morgan and Wells Fargo — all returned to the mar-ket as investors in January after sitting out for much of 2020 -
Redding Ridge equity covers at 116 for new European CLO record
3 years ago
Redding Ridge Asset Management set a new record on Wednesday as €5.2 million of RRE 4, a 2020 vintage CLO, traded in the secondary CLO market with a cover of 115.8 -
CLO managers face ramping challenges as inflation risk rises
3 years ago
A mix of inflation worries and pandemic uncer-tainty is pushing up loan prices and causing CLO managers to struggle to construct new portfolios -
Credit funds at a glance (February 2021)
3 years ago
A round-up of fundraising and people moves -
Fund performance: CLO funds keep up momentum as Napier Park finishes top
3 years ago
2020 ended with funds in our CLOs category taking the top few spots -
Ucits at a glance: Advent ends calendar year on top
3 years ago
Ucits ended 2020 on the rise as 89% of funds achieved positive returns in December -
Credit hedge funds (February 2021)
3 years ago
Monthly credit hedge fund tables -
Napier Park fund ends 2020 on top with massive 29.5% gain
3 years ago
Napier Park Global Capital stormed to the top of our credit hedge fund rankings for 2020, registering a gain of 29.49% through Napier Park Eton Fund. -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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US and European control CLO positions land in secondary market
3 years ago
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday -
OC health check: CLOs end 2020 with fragile recovery
3 years ago
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December -
Credit Rendezvous: heading for homes
3 years ago
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.
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