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

They said it: "I am extraordinarily proud of the firm I have helped build"
Apollo chief executive officer Leon Black announces he is stepping down.

Search firm highlights lack of diversity across Euro credit
A report on diversity within the corporate credit industry has shed light on the imbalances that persist

The imperfect incorporation of ESG is no excuse not to act
Managers’ legal ESG responsibilities may be vague, but they must still set up a credible strategy

We need to remove CLO misinformation from the market
Vibrant's Kashyap Arora takes our credit quiz

Credit fundraising: January proves anything but dry for manager inflows
After a tough and unpredictable year, January may have been seen by many as an opportunity for a fresh start. But for seven managers it meant holding final closes on funds, while three undertook first closes and one a fund launch

It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally

Cairn buys $2.5 billion European distressed debt manager
Cairn Capital has bought a $2.5 billion European distressed debt hedge fund manager, boosting the firm's assets under management to $8 billion

CIFC makes senior hire to business development team
CIFC Asset Management is scaling up its business development team after hiring a managing director in its investor solutions group

Blackstone raises $1.1 billion for mezz and $1.7 billion for direct lending
The New York-based manager had a strong final quarter of 2020, adding $13.1 billion in credit assets under management in the quarter

Marathon secures $900 million for asset-based lending fund
The New York-based manager will invest in asset-based loans across the healthcare, real estate, equipment and transportation and corporate sectors 

Apollo names successor CEO as Black steps down
The announcement that Leon Black will step down from leading the firm comes on the heels of law firm Dechert’s independent review of his working relationship with convicted sex offender Jeffrey Epstein

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

MeDirect names replacement corporate credit head following Curtis departure
MeDirect has hired a former NatWest Markets official as head of corporate credit

Alcentra co-CIO for liquid credit set to leave this month
A high profile figure in the US CLO business is leaving Alcentra

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

Onex hires former BlackRock official as European CLO head following departure
The appointment comes after the departure of Onex's senior-most European CLO portfolio manager Steve Baker late last year

LP round-up: investors gift private debt and leveraged loan RFPs over holiday season
2020 ended on a strong note with four institutional investors increasing asset allocation to private debt or initiating private debt and leveraged loan searches. ArrowMark, Banner Ridge, BBAM, HIG Whitehorse, Monroe and Rialto were also awarded mandates

Guggenheim expands credit trading with senior hire in New York
Guggenheim Securities has hired a managing director to expand its fixed income credit trading capabilities

All types of financing will have to incorporate ESG risks and use their real economy influence
Fund managers can no longer ignore, postpone or hide from measures to tackle climate change

Perhaps 2021 will be the first year of the next expansion
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves

CLO issuers flex their bond muscles
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

New valuation rules to 'severely limit' fixed income cross trades
Law firm Practus believes that new SEC rules will limit a fund’s ability to cross-trade fixed income investments after the regulator adopted fund valuation rules in December

Fund performance: CLOs look to continue recovery with end of the year in sight
CLO funds claim the majority of positions in our top 10