CIFC's Vaccaro highlights importance of company culture [video]
CIFC Asset Management’s Steve Vaccaro gave an insight into his company’s approach to diversity and inclusion at Creditflux’s CLO Symposium earlier this month. He said that these values have been a focus for CIFC for a long time, culminating in the firm producing a CLO linked to a charitable initiative in May

Over 1,000 Euro CLO tranches under observation with Fitch's new rating methodology
Fitch says it has placed 1,246 tranches rated B- to AA+ from 212 European CLO tranches under criteria observation, following an update to its CLO ratings methodology

Fitch places 102 US CLO tranches under 'observation' following methodology changes
Fitch Ratings says it has placed 102 tranches issued by 43 US CLOs and 13 tranches by seven Trups CDOs under criteria observation, following the update to its CLO and corporate CDO rating criteria earlier this month

Variety of US CLO-eligible loans makes ramping up a joy [CLO Symposium video]
A buoyant US CLO market is basking in a golden summer with record issuanc. Speakers at Creditflux’s CLO Symposium earlier this month pointed out a vibrant loan market means CLO issuers are spoiled for choice

Déjà vu as CLO strategies again top hedge fund tables
Seven out of the top 10 funds in our hedge fund tables belong to the CLO category as the asset class outperformed again in July

Fund performance: CLOs dominate again as CIFC and Hildene score hat-tricks
CLO funds once again take over the top 10 as seven of those listed with Creditflux invest predominantly in the asset class. So far in 2021, CLO funds have held a majority of the spots in the top 10 on four occasions

Credit hedge funds (September 2021)
Credit hedge fund returns

Ucits at a glance: Loomis Sayles makes gains in sleepy July
Ucits fund returns

2020 CLOs find redemption is sweet
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions.

CLO head departs as Morgan Stanley IM integrates with Eaton Vance
Morgan Stanley Investment Management’s CLO management business has a new figurehead, five months after the firm's merger with Eaton Vance.

The Last Tranche with Tetragon's Michalczuk and Pang: Every missed quarterly payment can reduce CLO equity IRRs by up to 100bp
In this episode of the Last Tranche, Tetragon Credit Partners' Dagmara Michalczuk and Michael Pang tell Creditflux that CLOs that missed an equity payment during the covid-19 crisis in 2020 impacted returns by between 20 and 100 basis points

Credit investors seek alpha as delta variant creates volatility
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead

CLO funds defy soft market to deliver yet again
Corporate credit rallied in the second quarter, while CLO spreads dripped wider — but that hasn’t stopped CLO funds outperforming yet again

Loan investors reap windfall from meme stock craze
The so called “meme stock” craze is having a tangible positive impact on certain companies’ loan prices

CLOs are ‘most bubbly of bubbles’, warns Arena CEO
Arena Investors chief executive officer Dan Zwirn is sounding the alarm that economic policy following the covid-19 outbreak has fuelled a bubble within leveraged finance asset classes

Fund performance: long-short funds challenge CLO strategies
CLO funds are maintaining their stranglehold on our top 10, but long-short credit funds are giving them a run for their money

Credit hedge funds (August 2021)
Credit hedge fund returns

Ucits at a glance: mid market fund leaps into top four
The majority of Ucits funds end Q2 on a high note as 76% of those in our database recorded positive performance in June

It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Flat Rock completes hat-trick of CLO funds taking top spot
Hedge funds that invest in CLO tranches are the top performers in our database for a third month in a row.

Fund performance: Déjà vu as April leaders dominate
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns

Credit hedge funds (July 2021)
Credit hedge fund returns

Ucits at a glance: Ucits stay positive for second month in a row
Ultra-tight credit spreads are not taking away from Ucits funds – 80% of funds in our database have again recorded positive returns.

Coronavirus tiers up old ranking script
Forget everything you thought you knew about CLO manager tiers. Apollo and Blackstone are mainstays, but smaller, more nimble issuers are finding new ways to stand out from the crowd