"Value persists in IG, but higher interest rates are a threat. Opening the synthetic toolbox can help"
Fiscal and monetary policy are pulling in opposite directions, but value in IG can be accessed via CDS and CSOs

What matters is what you do with it
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

CLO rankings: manager AUM, advisory firm and trustees Q3 2022
After a frenzy of acquisitions reshaped the manager assets-under-management tables in the first half of the year, challenging market conditions have slowed the pace of both acquisitions and pricings

Mid market CLO league tables: Golub gains ground on Blackstone with rare euro-tranche deal
Four managers - Blue Owl, Golub, Monroe and PennantPark - priced new issue mid market CLOs in September

US CLO league tables: BofA’s big month opens gap with Citi but Palmer Square closes in on Blackstone
After a quiet August, the US CLO market returned to what is the new normal (or new, new normal depending on the timeframe you're using). Managers priced $11.3 billion of US CLO paper last month, extending a trend

Global CLO league tables - September YTD
Global CLO league tables - September YTD

One-year CSOs come to fore as investors predict widening
With credit spreads entering the fourth quarter at much the same elevated levels they began Q3, investors are increasingly looking to bespoke tranches as a way of taking advantage while mitigating the market’s tail risks.

Investors tipped to take on key role in growth of CFOs
It’s early days in the renaissance of the market for collateralised fund obligations (CFOs), but market participants are looking forward to how the product will evolve.

Warning signs flash as B3 share of loans reaches record level
Credit analysts are sounding the alarm as the portion of the loan and high yield universe rated B3 or B- surged to a record level in the third quarter

Euro credit rallies in disconnect from US, Asia and equities
Credit spreads are heading tighter in Europe on Thursday, despite weakness in other markets, as this week’s volatile oscillation brings another change of direction

Nassau launches CFO backed by fund LP interests
Nassau Alternative Investments has launched its second collateralised fund obligation

Eagle Point and Investcorp are latest CLO firms to target SRTs
CLO investors and asset managers are increasingly warming to significant risk transfers (SRTs), with Eagle Point Credit Management and Investcorp Credit Management two recent examples

Zais CLO management figurehead leaves after nearly a decade
Zais's leveraged finance business head has parted ways with the firm

Investors urged to look at CLO funds amid PE slowdown
Institutional investors are said to be eyeing CLOs and structured credit as they seek to calibrate duration risk and prepare for recession. In addition, year-to-date performance in private equity portfolios isn’t meeting pension funds’ tough returns targets

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

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

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

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

Dispersion picks up as candidates for distress emerge
Dispersion will be a concern for all parts of the global credit market in the fourth quarter, say traders who are focused on relative value

Blackstone scores record with century of US CLOs
Blackstone Credit has become the first manager to price 100 US CLOs, following the printing of Storm King Park CLO in August

Investors caught out by vanishing spread adjustments
Lenders are being warned to stay on top of loan amendments or risk US loans switching benchmark from Libor to Sofr without an accompanying credit spread adjustment (CSA).

CLO managers find safety and return potential in IG
An investment grade bond might not seem the most suitable candidate for a CLO portfolio, but managers are increasingly going up the capital structure as they brace for a recession.

Past returns: US firms become Euro CLO issuers
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention.

They said it: "Can we have a best hair in the CLO market category?"
The CLO Census is nigh