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Credit Rendezvous: the upside of inflation
2 years ago
It is clear, inflation is not transitory and central banks are acting with several interest rate hikes likely in store for the US this year. That makes loans and CLO debt tranches attractive, but there could be opportunities beyond these floating rate assets -
Gapstow expects strategic deals as credit manager M&A volume slumps to $120 billion
2 years ago
M&A volume involving credit asset managers dropped last year with total target value assets under management slumping to $120 billion from $149 billion in 2020 (and $254 billion in 2019), according to Gapstow Capital Partners -
LP round up: CLO fund included in whopping $13 billion of credit allocations in November
2 years ago
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 -
Ex-Citi structured products co-head launches crypto investment firm
2 years ago
Citi's former structured products trading co-head has launched a venture investment firm for crypto companies, digital assets and blockchain protocols with an inaugural $1.5 billion multi-strategy venture -
Barrow Hanley makes first move in CLOs
2 years ago
Barrow Hanley Global Investors has unveiled plans to launch its first 'CLO fund' in the coming weeks, with suggestions that CLO issuance will follow -
Highland files lawsuit against former founders and senior executives
2 years ago
Highland Capital Management has filed a lawsuit against several former senior-level executives at the firm, including co-founders James Dondero and Mark Okada -
Past returns: Black Diamond riles investors
2 years ago
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received -
Alcentra makes leadership changes as European CLO head Rainbow goes part-time
2 years ago
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm -
B. Riley hires ex-Jefferies high yield head and plans fixed income expansion
2 years ago
B. Riley Securities has hired Tim Sullivan as head of fixed income with the firm expanding its fixed income division -
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. -
Key CLO official earns promotion to managing director at Z Capital
2 years ago
Z Capital Group has promoted two members of its investment team in New York, including a central figure on its CLO management platform -
US CLO portfolio manager set to join fast-growing Redding Ridge
2 years ago
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three -
Fund performance: Déjà vu as April leaders dominate
2 years ago
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns -
Credit fundraising: managers take care of infrastructure with new partnerships
2 years ago
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures -
Birch Grove merges with American Securities' credit business
2 years ago
US private equity firm American Securities has merged its opportunistic credit business, Ascribe Capital, with boutique alternative credit hedge fund Birch Grove Capital -
Fund performance: CLO funds outperform as two hit over 100% 12-months return
3 years ago
CLO funds swatted away the competition in April on their way to dominating our top 10 credit hedge fund return table after an upbeat month -
Woah, we’re halfway there
3 years ago
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform -
ESG factors show up in leveraged loan pricing in US
3 years ago
Environmental, social, and corporate governance factors are filtering through to the US CLO market and influencing loan prices -
Credit fundraising: three massive European direct lending funds notch up €17.6 bn
3 years ago
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date -
Fitch lowers US loan default rates for 2021 and 2022
3 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
Lord Abbett prepares special situations interval fund
3 years ago
Lord Abbett is preparing to launch a new special situations fund in the form of an interval fund -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
CLOs wheel and deal as overlap increases
3 years ago
2020 CLOs are a different breed to any other vintage. But this cohort features an overlap of almost 40% as CLO issuers have been forced to focus almost entirely on secondary market loans -
CLO naysayers have made arb and cov-lite into dirty words — that should now change
3 years ago
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs -
Moving fast pays off for hedge funds
3 years ago
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up
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