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"Spacs… what better buyer than someone with a short fuse who needs to get their capital working"
2 years ago
Since the beginning of 2020, more than $191 billion has been raised in spac (special purpose acquisition company) IPOs. This money has such a short fuse — get a deal done in 24 months or management loses the IPO costs it covered — and there has been so much of it, that it has had an impact on the markets -
Euro CLO managers price €1bn as triple As surpass 100bp and capped tranches gain popularity
2 years ago
CBAM, Hayfin Capital Management and GoldenTree Asset Management have all taken to the European CLO primary market, adding €1 billion to 2021 volume -
CLO debt investors add risk by dipping into equity tranches
2 years ago
Investors that have traditionally bought CLO debt are piling into equity tranches, sources say. This comes as the arbitrage between CLO assets and liabilities has reached its most attractive level in years -
US loan managers capture secondary opportunities as new issues struggle
2 years ago
US loan managers switched gears by sourcing loans in the secondary market in the second quarter. This came as pricing in the primary market became less attractive in the early part of Q2 and with new loan issuance slowing in May and June -
Investors proclaim ‘CLO arb is good’
2 years ago
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors -
Flat Rock completes hat-trick of CLO funds taking top spot
2 years ago
Hedge funds that invest in CLO tranches are the top performers in our database for a third month in a row. -
Past returns: Mid market CLOs move into light
2 years ago
Ten years ago in Creditflux, we reported that S&P was reducing shadow ratings after it notified CLO managers it would not assign such ratings to companies with more than $499 million of outstanding debt -
They said it: "A lot of value was lost due to CLO window dressing"
2 years ago
"A lot of value was lost due to CLO window dressing" -
Points up front: CLO veteran earns OBE
2 years ago
We spotted a household name in the CLO business among those being feted in last month’s Queen’s birthday honours list — former Alcentra chief executive David Forbes-Nixon was awarded an OBE -
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 -
Point's up front: To have and to hold
2 years ago
The bankruptcy of Highland Capital Management rumbles on. As the case turns messy, a judge has poetically suggested it is like a divorce between the company and its former chief executive officer James Dondero -
Credit hedge funds (July 2021)
2 years ago
Credit hedge fund returns -
Ucits at a glance: Ucits stay positive for second month in a row
2 years ago
Ultra-tight credit spreads are not taking away from Ucits funds – 80% of funds in our database have again recorded positive returns. -
Credit funds at a glance (July 2021)
2 years ago
A round up of fundraising and people moves in credit -
CLOs at a glance (July 2021)
2 years ago
A listing of CLOs that have priced in the last month -
"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
2 years ago
Welshcake reminds us that mid-cycle portfolio management is a funny old game -
CLO investors don Euribor caps to hedge rising rates
2 years ago
Euribor-capped tranches have made a comeback in European CLOs, with AIG and PGIM understood to be behind them. Sources say PGIM has been investing in triple A-rated tranches, while AIG has taken on double-A rated tranches -
CLO arrangers roll out carpet for ESG CLO warehouses
2 years ago
US arranging banks are offering looser warehouse terms to CLO managers if they can confirm that the resulting CLO will be compliant with environmental, social and governance (ESG) criteria, sources have told Creditflux. -
CLO market explores move out of Cayman amid EU clampdown
2 years ago
CLO market participants are exploring moving their special purpose vehicles out of the Cayman Islands following amended European Union rules that could designate the territory as a blacklisted tax haven -
Blackstone opts for another four-year reinvestment Euro CLO in upcoming reset
2 years ago
Blackstone has followed a four-year new issue with plans for a four-year European CLO reset -
Deutsche Bank European CLO researcher joins Orchard as portfolio manager
2 years ago
Orchard Global Asset Management has hired from Deutsche Bank’s European ABS research team in a bid to grow its CLO investment business. -
Pretium opts to downsize equity in post-covid CLO reset
2 years ago
Pretium Partners reset its 2020 CLO Crown Point 9 on Wednesday, opting to downsize the deal's equity tranche in the process -
Coronavirus tiers up old ranking script
2 years ago
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 -
Credit fundraising: managers take care of infrastructure with new partnerships
2 years ago
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures -
Ex-CVC official to make CLO comeback at new firm after mandating Barclays
2 years ago
A recently launched credit manager is moving into European CLO management after hiring Barclays to arrange its debut, which could price in the fourth quarter.
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