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

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

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 

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

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

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. 

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves

Fund performance: CLO funds pick up where they left off
New year, same funds leading the way with CLO strategies the top performers in January

Ucits at a glance: CIFC nears positive 12-month returns
Ucits funds have started 2021 on a quiet note as 72% of funds achieved a positive return

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

Answering the “what if?” question
CLOs can be complex, and efficiently calculating trading scenarios even more complex. But new tools are available to help managers quickly model hypothetical scenarios

Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

Barings sells €377m portfolio via b-wic to wind down European CLO
Barings was the seller of a mammoth €377 million loan b-wic on Thursday (12 February), Debtwire has reported

It's all relative: CLO spreads explore record tights as credit indices hit impasse
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged

UK fund manager launches £125 million global sustainable credit fund
The manager says it aims to allow investors to gain exposure to global fixed income markets in a more sustainable way