CIFC's new HY team takes all-weather approach as it launches Ucits fund
CIFC has launched a long-short high yield Ucits fund, underlining a trend for all-weather strategies that Creditflux highlighted in the August issue of the monthly newsletter

Cut! Cineworld’s cancelled merger boosts CLO OCs
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources

Three years after launch, Rockford Tower joins the elite
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year

Fieldwood slips into second bankruptcy as CLOs hold $314 million
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years 

Investors spy opportunities in CLOs subject to negative rating action
Rating agency downgrades come into play in Thursday's secondary market for CLOs, with a $15 million b-wic at 10am New York time highlighting how double and single B spreads have moved in opposite directions through July

CIFC prices new CLO tight of market with $50 million upsize
CIFC Asset Management on Monday priced its second new CLO following the coronavirus outbreak - and upsized the deal by $50 million before pricing

CLO managers push for deeper triple C buckets
CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

Double B CLOs on downgrade watch up for grabs as market eyes tightening
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further

CIFC and RBC plan first new CLO partnership for over five and a half years
CIFC is marketing CIFC Funding 2020-II, the firm's second new CLO since the coronavirus pandemic began, and is working with RBC to arrange the deal

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

CIFC prepares CLO opportunity fund
CIFC Asset Management is preparing to launch its fourth CLO oppportunity Fund, CIFC CLO Opportunity Fund IV

CLO double A-single A basis falls to just 10bp in 2.0 record
The basis between US CLO double As and single As has fallen to just 10 basis points – which is the lowest it has been since the financial crisis in 2008, according to Creditflux data

Voya prices first new issue US CLO of 2020
Voya Alternative Asset Management priced its first US new issue CLO of the year on Friday

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

CIFC CLO funds outperform after using tech to identify tail risks
CIFC Asset Management has been using technology to its advantage as two of its CLO funds were in the top 10 of our credit hedge fund return tables in April

US CLO spreads set to tighten across the stack as CIFC targets 170bp triple A print
CIFC Asset Management is marketing its first new issue CLO of 2020 with price talk for the triple A notes pointing to a print of around 170 basis points - a new market tight since the coronavirus pandemic began

CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

Akorn falls into bankruptcy with $321 million planted in CLOs
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday

Credit pickers need luck to avoid OC trap

Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion

US CLO issuers get pricing signals as triple As trade in secondary at 375bp
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market

Credit funds at a glance

A round-up of fundraising and people moves in credit