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Primary pumped as Trump gazumped and vaccine hopes jump
3 years ago
A 'yuge' rally is underway in credit markets today, with optimism over Joe Biden's apparent victory in the US presidential election turning to elation following a big covid-19 vaccine breakthrough -
York suggests replacement key person on CLOs after partner leaves
3 years ago
York Capital Management has proposed a replacement for a key person in its CLO documents, following the departure of a partner -
LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
3 years ago
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein -
Skews flip in Europe after IG credit indices lead rally
3 years ago
Credit spreads are budging wider this morning after a relentless rally this week which culminated in iTraxx Main tightening 4.2bp (7.2%) and iTraxx Crossover tightening 18.8bp (5.54%) at the close yesterday -
I foresee various spooky spectacles hitting our screens - and your long portfolios
3 years ago
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads -
Voya adds to double A and single B CLO exposure in Q3
3 years ago
Voya Financial added to its total CLO investments in the third quarter, with a sharp increase in the volume of double A and single B notes on its books, according to the firm's earnings call presentation which was released today -
The cost — a few basis points — is modest compared to the potency of bond buckets
3 years ago
If CLOs had bond buckets when Delta Air Lines issued debt, a manager could have bought the bond then rotated into the loan -
Chin up – it’s been a pretty good effort
3 years ago
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 -
Elements work against CLO managers in Q3
3 years ago
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 -
US CLO PM leaves asset manager after 20 years
3 years ago
A managing director and CLO portfolio manager has departed the firm following a 20-year tenure -
Robots rise for credit ratings
3 years ago
A fintech platform is launching this month that aims to use artificial intelligence to democratise credit ratings. -
Less credit volatility expected in Q4 despite US election fallout
3 years ago
CLO issuance was expectedly low in the final week of October in the run-up to the US election, as issuers brace for what has historically been a volatility-inducing macro-event. But prominent market participants say the unprecedented economic backdrop resulting from the pandemic means the outcome of the 2020 election is less likely to move the dial as much as in cycles past -
Wriedt’s boutique vehicle eyes rent-to-own strategy
3 years ago
Long-time CLO specialist Oliver Wriedt is pursuing opportunities across a range of sectors as part of his new business, which seeks to make minority equity investments in boutique asset managers -
Wells Fargo opens search for head of ABS/CLO strategy
3 years ago
Wells Fargo is on the hunt for a strategist to lead its ABS and CLO strategy team, according to a job advertisement seen by Creditflux -
WTW to tackle lack of diversity across investment industry
3 years ago
Progress on diversity across the investment industry is “disappointingly slow”, according to research from Willis Towers Watson -
B-wic appearances boost CLO equity valuations
3 years ago
CLO investors who use third party valuations say that CLO equity may be undervalued -
Low rates drive US pension towards private credit
3 years ago
The Iowa Public Employees’ Retirement System is one of several pensions to have increased private credit allocation recently, from 3% to 8% (around $1.7 billion) -
Managers brave covid-hit sectors to drum up returns
3 years ago
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance -
Credit rally slows but structured finance funds gain
3 years ago
Corporate credit spreads levelled off in September, which means that 63% of funds in the Creditflux database have just a single quarter left to make it to positive returns for the calendar year. -
Past returns: Fees on the line
3 years ago
In Creditflux five years ago, we reported that CLO equity investors were insisting on “management fee adjustment clauses” in the event that collateral managers did not consent to a refinancing -
They said it: "It’s been a tale of the haves and the have nots"
3 years ago
At Creditflux’s US Private Credit event, binary outcomes in direct lending were discussed -
Start-up CLO manager plugs into hi-tech solutions
3 years ago
Newly-formed US CLO manager Pacific & Plains Capital says it plans to put technology at the heart of its business for a range of purposes including timing of refis and resets -
Points up front: (Direct) lending a helping hand in an emergency
3 years ago
Global lockdowns this year may have forced us to confine ourselves to our homes, but for BlackRock’s co-head of US direct lending they opened a window of opportunity -
Points up front: Pup talk from our team
3 years ago
At Creditflux’s US Private Credit event last month, Creditflux teamsters Dan Alderson and Michelle D’souza were analysing the panel discussions and noted that, on an upcoming mid-market CLO discussion, moderated by our own Hugh Minch, they were looking forward to an appearance from Minch’s pet dog -
Fund performance: Structured finance finds its footing with credit rally
3 years ago
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings
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