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"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
2 years ago
Strong secondary loan prices are making CLO liquidations a compelling option -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
Past returns: Prophet’s early CLO redemption
2 years ago
In Creditflux five years ago, we reported that Prophet Capital, the control equity investor in Covenant Credit Partners CLO I, had driven liquidation of the deal -
2020 CLOs find redemption is sweet
2 years ago
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions. -
Liquidations emerge as speed bump to $1 trillion CLO market
2 years ago
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. -
Jets overcome turbulence as American Airlines repays debt
2 years ago
Although international travel remains suppressed by the coronavirus, US domestic air travel has rebounded, with the Transportation Security Administration data showing a return to 2019 levels of footfall at US airports. -
First Eagle opts to liquidate listed US loan fund
2 years ago
First Eagle Alternative Credit is in the process of liquidating its publicly listed, closed-ended credit fund, First Eagle Senior Loan Fund -
World's largest CLO set for downsize to $10.5 billion
3 years ago
The largest CLO in the world is being tweaked with a partial redemption and an extension of its reinvestment period -
Sun Life to liquidate publicly-traded IG credit fund
3 years ago
Sun Life Capital Management has decided to liquidate its publicly-traded credit fund, Ryan Labs Long Credit Fund, according to US regulatory filings. -
Equity investors call time on CSAM bond-flex CLOs
3 years ago
Two of Credit Suisse Asset Management’s three bond-flex CLOs were called by their equity investors in October, according to notices seen by Creditflux, despite both deals being within their reinvestment periods -
Black Diamond CLO fails with buy back offer
3 years ago
Black Diamond CLO 2015-1’s offer to buy back senior notes has not gone through after the CLO’s class A1 and A2 investors did not submit any bonds -
Prophet closing hedge fund due to weak CLO liquidity
3 years ago
Prophet Capital is winding down its $500 million-plus CLO and structured credit hedge fund. The firm cites poor liquidity and uncertain valuations as the biggest factors behind its decision -
Points up front: Liquidating CLO can’t escape Standard & Poor’s
3 years ago
With over 1,000 CLO tranches on watch across the big three rating agencies, it’s good to see rigorous standards are being maintained and little things like CLO liquidation are not excusing deals from detailed scrutiny -
ArrowMark liquidates 2014 CLO after selling assets in February
4 years ago
ArrowMark Colorado Holdings has liquidated its CLO named Elevation CLO 2014-3 -
Solus shutters flagship distressed fund, WSJ reports
4 years ago
Solus Alternative Asset Management has shuttered its flagship distressed debt fund, Sola, as the firm faces big redemption requests and coronavirus-related liquidity issues -
Axa terminates $14 billion fixed income mandate with AB as it takes assets in-house
4 years ago
Axa has terminated a $14 billion taxable-fixed income investment mandate with AB -
Not energy efficient: manager to liquidate energy credit ETF as AUM stalls
4 years ago
Purpose Investments is shutting down its exchange-traded energy credit fund due to “low assets under management” and the associated cost-difficulties of managing such a fund -
TCA liquidates credit hedge fund amid SEC accounting investigation
4 years ago
TCA Fund Management Group is liquidating and shutting down its main credit hedge fund TCA Global Credit Master Fund, according to media reports, after an investigation initiated by Securities and Exchange Commission over the group’s accounting practices -
Highbridge refocuses on credit as it liquidates listed multi-strategy fund
4 years ago
Highbridge Capital Management has announced to investors in a multi-strategy fund that it is winding down the vehicle and refocusing its business exclusively towards credit -
JP Morgan AM liquidates fund that made CLO warehouse investments
5 years ago
JP Morgan's Asset Management arm is liquidating the $1 billion Palm Lane Credit Opportunities Fund -
GSO CLO fund looks to wind up with offer to roll into manager's originator strategy
5 years ago
The board responsible for Carador Income Fund, managed by GSO Capital Partners, has given shareholders an opportunity to wind the fund up, alongside a rollover opportunity for shareholders into GSO's CLO originator fund, Blackstone/GSO Loan Financing -
Pension fund set to vote on rescinding York credit commitment and cutting Tricadia
5 years ago
The investment committee at San Bernardino County Employees’ Retirement Association has recommended that the pension fund rescind its commitment to a structured credit fund managed by York Capital Management, and terminate its relationship with multi-strategy credit manager Tricadia Capital Management -
Oaktree nominees appointed to Ranger Direct Lending Fund board
5 years ago
Oaktree Capital Management has announced that its two nominees for the Ranger Direct Lending Fund (RDLF) board - Dominik Dolenec and Greg Share – have been voted to the board at Ranger's annual general meeting yesterday. -
Credit hedge fund to pay $10 million to settle insider trading case
5 years ago
New York-based Visium Asset Management is to pay approximately $10 million to settle a credit fund insider trading case, 8 May US regulatory filings reveal -
CLO manager ‘unable’ to find assets and returns cash
5 years ago
CLO management fees are linked to the size of each deal, so naturally managers will fight tooth and nail to keep their deal structures intact. But PGIM defied this logic last month
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