Creditflux

Loan managers can start to be selective
The portfolio overlap in European CLOs - at roughly 45% - is 10% higher than in the US. But newcomers and smaller managers stand a good chance of differentiating themselves

Xtract: CLOs may be further squeezed by one-week Libor Election
There are 30 loans which could, at the drop of a hat, switch to one-week Libor benchmarks, according to a report by Xtract Research

Experienced CLO specialist joins Pretium
Pretium Partners moved into CLO management a year ago and now has $2 billion in AUM in this space thanks to a couple of acquisitions. It has now hired a portfolio manager to deal with the additional AUM

European CLO PM rumoured to be joining CIFC from large asset manager
CIFC Asset Management looks to have made a major breakthrough in its bid to establish a European credit business with the $17 billion asset manager rumoured to be hiring the head of European performing credit at a large global credit firm

Investors debate merits of bond buckets as regulators revisit Volcker rule
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule

Growth in UK loan issuance sparks sterling CLO revival
Strong sterling denominated leveraged loan issuance relative to euro issuance in western Europe has inspired securitisers to launch CLOs in the British currency

The expanding middle
Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5%

European CLO manager diversification is increasing, conference hears
European CLO managers have begun to pursue an active management strategy, says IMN panel

Portfolio manager central to European CLO expansion to leave Neuberger
One of the key figures behind the launch of Neuberger Berman’s European CLO business is set to leave the firm

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure

CLO debt investors resist equity investor push for Libor toggle
“If spreads weren’t collapsing we wouldn’t be hearing about this," says PGIM's Edwin Wilches

2018 US CLOs are highly ramped at closing, but this could decline, says Fitch
New US CLO portfolios at closing have been ramped by over 83% on average every month this year, according to research from Fitch Ratings

European loans specialist joins Fair Oaks and reunites with former colleague
Fair Oaks Capital’s expansion into CLO management has taken another step forward

King Street loses out as European loan specialist has change of heart
Market sources say that King Street Capital Management came tantalisingly close to bringing in a senior official to help establish its European CLO business

US firms to continue CLO charge in Europe despite risk retention still applying
Europe is expected to welcome an influx of new CLO managers this year, despite the continent being subjected to CLO risk retention

Blockchain experts eye CLOs in bid to overhaul archaic practices
The CLO industry, in many ways, can still be accused of living in the dark ages – but all that could be about to change with Creditflux learning that at least two firms are looking to modernise CLO infrastructure by implementing blockchain technology.

PGIM's Juliano set for promotion to head US loan business
Brian Juliano is set to become the head of PGIM’s US loan management team upon the retirement of Joe Lemanowicz later this year

CLO investor TICC rebrands as Oxford Square
TICC Capital has changed its name to align its branding more closely with its affiliates

Former American Capital CLO team resurfaces at Ryan Labs
A group of loan and CLO specialists that previously worked together at American Capital have reunited at Ryan Labs Asset Management.

Fight for US loans commences following risk retention U-turn
US CLOs are set to be free from risk retention in the next few weeks. Headache over for US CLO managers? Not really – now it becomes a fight to source the assets that will populate CLOs

Fair Oaks expands into European loans with major hire
Fair Oaks Capital – one of the largest CLO equity investors in the market – has hired a well-known figure in the CLO industry to build a European corporate loan business

US loan veteran parts company with GoldenTree
US loan market veteran Fred Haddad is understood to have left GoldenTree Asset Management, the company where he served as a partner and senior portfolio manager

Partners Group hires senior portfolio manager Hanslin as it eyes debut US CLO
Switzerland-headquartered Partners Group has hired a senior vice president and portfolio manager of its US bank loan and CLO origination business