Credit hedge funds (May 2022)
Credit hedge fund returns  

Ucits at a glance: Robus stands tall among Ucits funds
27% of Ucits funds had positive returns in March, a slight improvement from 10% in February

Credit funds at a glance (May 2022)
A round up of fundraising and people moves in credit
   

CLOs at a glance (May 2022)
A listing of CLOs that have priced in the last month
   

Dispersion begets dispersion in mixed bag of fund returns
Idiosyncratic risks are set to rise in credit, with fund managers becoming occupied with tail risks, and that has been seen in a scattered set of March hedge fund returns

CRE CLO episode shines light on CLO get-out clauses
Market disruption clauses are rare in CLO warehouse agreements, but litigation surrounding a cancelled 2020 CRE CLO underlines how these can give CLO issuers added flexibility in a doomsday scenario

M&G eyes European CLO comeback with new sustainability agenda
Another 1.0 CLO manager - and a giant of the fund management industry - is set to make its grand return to CLO management after 14 years away from the market

Scope updates CLO ratings methodology
As a result of the update, some deals previously only rated based on the general structured finance rating methodology will come into scope of the CLO rating methodology

Ex-Accunia CLO specialist lands at Danish firm to build structured finance platform
An ex-Accunia chief investment officer and CLO specialist has landed at Danish commercial real estate firm CBRE

Minority equity available in Capital Four's forthcoming short-dated Euro CLO
JP Morgan is marketing Capital Four Management’s latest European ESG CLO, anticipated to price at the end of this week or beginning of next week

Euro CLO seniors firm up, but mezz widens as Jefferies prints Spire new issue and CSAM reset
Jefferies has expanded its European CLO arranging lead as senior spreads remain in line with recent deals, mezz appears to have leaked slightly wider and deals continue to feature capped tranches

Credit Suisse replaces two outgoing European CLO structurers
Two European CLO structurers at Credit Suisse have parted ways with the bank, moving to Barclays and BofA 

US CLO manager plots re-expansion into Europe after 16 years
A European 1.0 CLO manager looks set to return to the business 

Bank picks up first co-bookrunner mandate on forthcoming European CLO
Jefferies on Tuesday kicked off marketing Spire Partners' latest new issue European CLO, with the bank sole arranger and co-bookrunner on the deal alongside a new entrant

High yield / loan slowdown affects year-end projections and pricing: Barclays
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value

PGIM opts for two-year reinvestment on Euro CLO with triple As at 110bp
BNP Paribas arranged the €401.3 million deal, which features a shorter than traditional reinvestment and non-call period 

European CLO outlook remains positive despite headwinds, conference hears
The outlook for European CLOs remains positive despite the many headwinds facing the market, according to panellists in the opening session of IMN’s European CLO and leveraged loans conference on Thursday

CSAM launches reset of 2020 European CLO
Credit Suisse Asset Management has launched a rare reset in the CLO market, reworking its 2020 European deal named Madison Park Euro CLO XV

ICG hops into Easter with new CLO as European pipeline builds
The European CLO pipeline is slowly building 

Carlyle closes CBAM transaction to become largest CLO manager in the world
Carlyle Group has closed a deal to buy the assets of CBAM and has become the largest CLO manager in the world

Appetite for CLO warehouse investing increases in Europe
The investor base for European CLO warehouse risk has grown in the past few months, and is supporting the increasing number of CLOs where the equity tranche has come from widely syndicated sources

Prytania CLO and ABS investor lands at pension fund
A CLO and ABS tranche investor has left Prytania Asset Management and landed in the investment arm of a pension fund

Accunia seeks diversification with Euro CLO equity fund
Accunia Credit Management’s first fund geared predominantly to secondary European CLO equity has been launched with a view to ensuring better diversification across managers and vintages, according to portfolio manager Christian Grane

Managers debate ethics of investments in arms makers