Credit hedge funds (April 2021)
Monthly credit hedge fund tables

We say it: Creditflux salutes women in credit
The credit industry is blessed with many strong women and for this issue of Creditflux we’re exclusively hearing their voices across our news, analysis and columns

LP round-up: $2.6 billion flows into 26 credit managers
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers

Natixis IM hires CEO with incumbent Raby set to depart
Natixis Investment Managers has hired Generali's chief investment officer to lead the firm from 12 April

MV pairs with Loomis Sayles on open-ended credit fund for UK pensions
Smart Pensions is the cornerstone investor on MV Dual Credit Fund, providing around £100 million to the strategy

Los Angeles pension seeks global credit manager for $880 million mandate
Flush with cash? The Los Angeles Water & Power Employees' Retirement Plan has launched a request for proposal for its ‘active extended global credit’ mandate. But only managers with $50 billion under management need apply

Sofr fix nears launch as CLOs face term rate void
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty

CIFC multi-asset strategy launch underlines diversification beyond CLOs
CIFC Asset Management has launched a multi-strategy credit strategy, underlining its development from a CLO issuance business to a broader credit asset manager

Fund lenders heighten scrutiny after alleged subscription credit facility fraud
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes

Mizuho appoints loan trading head in London
Mizuho says it has hired an experienced loans specialist as head of loan trading for Emea in a newly-created role

Four managers win lucrative $700 million credit mandate
A $39 billion pension has selected four managers for an opportunistic credit mandate and identified a further four ‘bench’ managers 

CLO investors still hungry for triple As and double Bs, says JP Morgan
Most CLO investors are looking to add risk through deals in the months ahead, with very few inclined to reduce exposure, a JP Morgan survey has found - despite the historic flood of issuance in the first quarter of this year

Saba named as replacement manager on lev loan fund
Saba Capital Management expects to transition a 'meaningful portion' of the leveraged loan fund into assets like bonds, special purpose acquisition companies and closed-end funds

Credit Suisse hires senior BofA official to lev fin capital markets team
The former European leveraged finance capital markets head is set to join Credit Suisse in June 

BofA replaces European lev fin capital markets head
Bank of America has named a new head of European leveraged finance capital markets, with Joe Bishay leaving the role

Muzinich adds ex-CIO of boutique amid raft of credit hires
Muzinich has made five hires to its corporate credit business 

Investec offloads Australian corporate loan book
The sale comes as Investec exits the Australian market after 23 years

Vontobel names fixed income trading head amid four senior hires
Vontobel Asset Management has appointed four senior hires to its team including a newly created role of head of fixed income trading

BlackRock shaves top but widens rest of stack with Euro CLO reset
BlackRock has reset a 2016 vintage CLO, pricing the triple A tranche inside the average for new issue European deals but widening lower rated tranches from where they refinanced in 2019

Blackstone opens up new horizons with CIO hire for multi-manager business
Blackstone Alternative Asset Management has launched a new platform named Blackstone Horizon and hired a hedge fund veteran as chief investment officer

Sterling-heavy loan b-wic points to PGIM CLO
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018

A transformational framework means fund managers have to drive real-world change
There are managers who make transformational investments, those who incorporate ESG and those who do nothing

CLO naysayers have made arb and cov-lite into dirty words — that should now change
Recent performance has shown that cov-lite loans and challenging arb don’t spell doom for CLOs 

Moving fast pays off for hedge funds
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

European CLO and loan spreads jostle in tight race
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue.