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

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

CLOs prove resistant to omicron in boost for new issue market
The CLO market has withstood the impact of the omicron coronavirus variant with barely a dent on CLO liability pricing

Infra CLO becomes first to opt for solely Sofr benchmark
The first CLO to dine completely on Sofr tranches wasn’t a run-of-the-mill deal. Instead it was an infrastructure-loan securitisation issued by Starwood Capital at $500 million, named STWD 2021-SIF2, according to market sources

CLO funds shine amid the gloom with unmatched returns
Credit funds stumbled in October, with European high yield, emerging markets and long-short strategies the weakest performers, according to Creditflux data, as several funds in these categories suffered losses

They said it: "The tone may have been too positive"
CLO market participants have been guilty of being overly bullish

Points up front: Diverse? More like reverse
Diverse leadership structures at asset management firms are known to attract institutional investors. But we hear that one CLO manager has taken advantage of this by presenting itself as a diverse organisation

Record US CLO volumes predicted as warehouses boom
CLO market forecasts for 2022 suggest another strong year for US primary market volumes

Market ponders Sofr spread adjustment amid investor lag
The CLO market is waving goodbye to Libor as a benchmark rate and transitioning to alternatives for the first time in the history of the asset class. But there is no consensus as to what the Sofr spread adjustment should be, and some of the largest buyers are said to be slow to consider the impact of a benchmark transition

Brace yourselves for increasing ESG basis in credit
One of the safest bets in credit for 2022 is that ESG focus will intensify, with market participants anticipating a surge of green bond issuance as well as widening spread dispersion between climate leaders and underperformers

"In 2022, being slow will not be such a bad thing"
St David losing its place as the UK’s smallest city would be a travesty. Replacing Libor might be worse

CVC shakes up structure with Apidos CLO reset
CVC has reworked the capital stack of a US CLO it signed last year, with a reset that shaves pricing but also shifts the size of tranches

Voya cuts CLO costs across stack with 2019 reset
Voya has reset a US CLO it printed in 2019, slightly increasing the size of the deal and shaving the price of every debt tranche in the capital structure

BlueBay adds CLO specialist and structured credit PM
BlueBay Asset Management has made two senior hires to its structured credit team in New York

CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

Job opportunity with Clarion: structured credit associate
Clarion Capital Partners has released details of the following vacancy: Structured credit associate, New York

Sculptor chisels fixed rate tranches into CLO with reset
Sculptor has reset a US CLO it signed in 2017, cutting the size of the overall debt stack but adding fixed rate tranches

MidCap returns to mid market CLO primary with first new deal in year
MidCap Financial has returned to the CLO primary market with its first new middle market deal in over a year

AMMC and Assured refinance CLOs to the tune of $715 million
American Money Management Corporation and Assured Investment Management together refinanced $714.8 million worth of CLO liabilities on Friday

Nassau resets post-reinvestment CLO from 2020
Nassau Corporate Credit has reset a 2020 CLO that has exited its reinvestment period

BlackRock and Irradiant refinance legacy CLOs
BlackRock and Irradiant Partners each refinanced a legacy CLO on Thursday

LP round up: CLO fund included in whopping $13 billion of credit allocations in November
Credit took centre stage in November as investors allocated over $13 billion to credit funds in the month, with one pension allocating $50 million for a European CLO risk retention fund 

Panagram takes on 'structure advisor' role for mid market CLO as two deals price
Panagram Structured Asset Management has taken an advisor role for a BlackRock mid market CLO - one of two mid market deals Natixis arranged this week, with another for Nuveen Asset Management

Unique Onex CLO draws in ABS crowd with replenishment structure
Onex Credit Partners struck a compromise between debt and equity investors last week when it created the first CLO to feature a replenishment period, according to market sources. Creditflux analysis of the CLO's execution suggests it was well recieved. 

Barings prices short-dated reset of 2016 CLO
Barings priced a reset of Barings 2016-II last night, according to market sources, and opted for a short-dated 2.1 year reinvestment period