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Fund performance: European CLO funds lead the way
1 year ago
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January -
Pimco promotes global lev fin and CLO head to managing director
1 year ago
Pimco's leveraged finance head is one of five senior officials promoted to managing director -
Carlyle appoint former Goldman executive as CEO
1 year ago
Carlyle Group have appointed former Goldman Sachs Co-President and CO-Chief Operating Officer Harvey Schwartz as Chief Executive Officer and a member of the board, the firm has announced. -
Credit Suisse to streamline European CLO manager client list
1 year ago
Credit Suisse is unlikely to be among the heavyweights in European CLO origination with market sources indicating that the bank is reducing its CLO manager client list -
Sculptor CEO Levin refutes "personal issue" accusation by ex-chief Och
1 year ago
Sculptor Capital Management’s independent board and the company’s chief executive officer and chief investment officer Jimmy Levin have fired back at former CEO and founder Daniel Och after he cited a “personal issue” in reference to Levin’s past -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
We can cope with downgrades again
Having overcome one loan downgrade wave in 2020, the CLO market is now facing another. But this time CLOs are defensively positioned, and managers have a chance to adjust portfolios1 year ago -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
1 year ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
CSAM does the CLO awards double
1 year ago
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
2 years ago
We need to accept the pain and cut dependence on Russian oil today -
"The loan market is the septic tank for sub-single B LBO financing"
2 years ago
Portfolios of single name IG CDS are less complex and more liquid than CLOs -
Axa IM launches multi-strat fund for pensions
2 years ago
Axa Investment Managers’ ‘alternatives’ business has launched an open-ended strategy for pension funds -
"The CLO industry can be a little clubby… it feels like there are few advocates"
2 years ago
Pension Danmark's David Altenhofen taks our credit quiz -
Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
2 years ago
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit -
Fund performance: Déjà vu as April leaders dominate
2 years ago
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 -
CLO PM set to leave PGIM ahead of move to London-based manager
3 years ago
A London-based mid-sized CLO manager has hired an official from PGIM -
DWS and Tikehau target UK pensions with multi-strategy credit fund
3 years ago
The new fund will invest in CLOs, ABS, private debt, leveraged loans, infrastructure debt and real estate debt -
Woah, we’re halfway there
3 years ago
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
LP round-up: $2.6 billion flows into 26 credit managers
3 years ago
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers -
Sterling-heavy loan b-wic points to PGIM CLO
3 years ago
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018 -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
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 -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
3 years 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. -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April
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