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

Napier Park resets debut European CLO
Napier Park Global Capital has reset its inaugural European CLO, Henley CLO I via Deutsche Bank

Fund performance: CLO funds outperform as two hit over 100% 12-months return
CLO funds swatted away the competition in April on their way to dominating our top 10 credit hedge fund return table after an upbeat month

Napier Park resets post-reinvestment CLO via Nomura
Napier Park Global has reset its 2016 CLO named Regatta Funding VII, five months after the deal left its original reinvestment period

Napier Park slashes Euro CLO costs on post-covid deal reset
Napier Park has cut over 90 basis points off the cost of CLO financing on a post-covid deal, Henley CLO II

Woah, we’re halfway there
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

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  

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

Goldman refis 2013 and 2017 CLOs for Axa IM and Napier Park
Goldman Sachs flexed its CLO refinancing muscles on Tuesday, arranging very different cost-cutting deals for Axa Investment Managers and Napier Park Global

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

Fund performance: CLO funds pick up where they left off
New year, same funds leading the way with CLO strategies the top performers in January

Napier Park looks to gain from re-tiering after strong US CLO execution
Napier Park Global Capital appears to be benefiting from its performance over the last year with the firm achieving a strong print on a new US CLO, Regatta XVIII Funding

CLO pipeline: snow business like the CLO business
CLO issuers are putting aside the cold snap and are warming up with a flurry of deals.

Early 2021 moves open up CLO and credit curve dislocations
Fund managers are keeping a close watch on credit curves as sharp moves since the start of December have forced relative value to shift between corporate bonds, CDS, CLOs and loans. This has put CDS curve steepeners in focus but, conversely, CLO flattening appears likely.

Fund performance: CLO funds keep up momentum as Napier Park finishes top
2020 ended with funds in our CLOs category taking the top few spots

Napier Park fund ends 2020 on top with massive 29.5% gain
Napier Park Global Capital stormed to the top of our credit hedge fund rankings for 2020, registering a gain of 29.49% through Napier Park Eton Fund.

European CLO mezz tightens as Napier Park prices
Napier Park priced its fourth European CLO today, Henley CLO IV, which has notched up the second-tightest cost of debt since March - and tightest for a deal with single B debt

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

2020 wrap: CLO funds bloom despite rocky ground
2020 was a busy year for CLO fundraising, with Creditflux recording at least 30 funds that launched over the 12 months to invest across the CLO capital structure

Napier Park flexible credit fund powers to 17.8% gains in 2020
A European credit fund run by Napier Park Global Capital is up 17.8% in 2020 through to the end of October to sit atop of the list of funds by that metric

Points up front: Brushing up on CLOs
It’s that time of year when CLO analysts forecast 2021 CLO volumes. It’s a thankless task, but for Serhan Secmen, head of CLOs at Napier Park Global Capital, losing a wager with a US CLO structurer on CLO volumes in 2015 meant he had to create a work of art on a triathlon theme

Napier Park prices five-year reinvestment CLO via BNP Paribas
Napier Park Global has teamed up with BNP Paribas to issue a new five-year reinvestment CLO

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

Napier Park completes second euro CLO post-covid
Napier Park Global has priced its second European CLO post-covid, teaming up with BNP Paribas to issue the €353 million Henley CLO III on Wednesday

Fund performance: A third of funds reach positive territory in 2020
August has been another successful month for the CLO category as seven of the top 10 funds invest primarily in CLOs