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104 results found Showing page 1 of 5

  • Credit hedge funds
    Credit hedge funds performance data

    8 months ago
  • Credit funds at a glance
    Fund performance, fund raising and LP commitments

    8 months ago
  • Fund performance
    A roundup of fund performance

    9 months ago
  • CLO funds make best of a bad situation
    It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

    11 months ago
  • Rope-a-dope brings knock-out returns
    Post-pandemic US and European CLOs delivered mid-teen equity returns in 2022, despite a barrage of weak macroeconomic news and what could have been a heavyweight Libor mismatch  

    1 year ago
  • Are we ready for another crisis?
    Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions 

    1 year ago
  • Not every CLO can be a winner
    The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

     

    1 year ago
  • What matters is what you do with it
    CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

    1 year ago
  • Arb work pays off
    With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

    1 year ago
  • HY fund is exception to rule of CLOs
    CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021  

    2 years ago
  • I’ll see your 2020 and raise you 2021
    Discounted loans, Libor floors and bond flexibility helped make 2021 an even better year for CLO returns than 2020, as US CLOs distributed 15.54% and European CLOs paid 13.93% annualised

    2 years ago
  • A fresh approach to loss distribution
    Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions?  

    2 years ago
  • Still plenty more fish in the triple C

    US CLO triple C buckets are lighter than a year ago thanks to the wave of loan upgrades from Moody’s and S&P. But 48% of downgraded paper is yet to return to a coveted single B rating

    2 years ago
  • 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.

    2 years ago
  • 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

    2 years ago
  • CLOs come up smelling of roses
    The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020  

    2 years ago
  • Moving fast pays off for hedge funds
    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

    3 years ago
  • At least 2020 wasn’t dreadful for CLOs
    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

    3 years ago
  • CLO issuers flex their bond muscles
    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

    3 years ago
  • 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 rapid 

    3 years ago
  • Chin up – it’s been a pretty good effort
    CLO managers did well to survive the covid-19 crash in loan valuations — but they failed to fully capitalise on the ensuing volatility, say participants in the Creditflux CLO Census 2020

    3 years ago
  • Elements work against CLO managers in Q3
    CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

    3 years ago
  • New firms are rocking all over the world
    Rockford Tower and other small global CLO issuers are showing that you don’t need decades of experience to be successful. It can be better to change the tune rather than repeat the classics

    3 years ago
  • Managers weigh up matters of principal
    CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

    3 years ago
  • Trading places: it can pay to bet on the little guy
    It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

    3 years ago

104 results found Showing page 1 of 5

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