Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

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

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Investors caught out by vanishing spread adjustments
Lenders are being warned to stay on top of loan amendments or risk US loans switching benchmark from Libor to Sofr without an accompanying credit spread adjustment (CSA).

Franklin Templeton and Benefit Street launch credit interval fund
The pair have launched a multi-strategy credit interval fund named Franklin BSP Private Credit Fund, which will invest across US private credit

51% of investors plan to increase loan allocation in next 12 months: State Street survey
State Street surveyed 700 global institutional investors  on how they view the fixed income market and how they are allocating amid ongoing market volatility.

Credit managers form partnerships as they eye growth
Two credit managers have struck new relationships

LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end

Nomura readies multi-strat credit interval fund launch
Nomura Private Capital is readying the launch of a new, closed-ended interval fund which will invest across the credit spectrum - including bonds, loans, CLOs, distressed debt emerging market debt

Anchorage holds first close on credit opportunities fund
Anchorage Capital has held a first close on its latest credit opportunities fund, Anchorage Credit Opportunities Fund VIII

Allspring hires head of US distribution
Allspring Global Investments has hired John Moninger as head of US distribution in a role encompassing retail and institutional sales, platform development, client service and consultant relations.

Revlon mistaken payment ruling adheres to market norms: LSTA
The Loan Syndications & Trading Association has weighed in on the Revlon court ruling, which stated that Revlon lenders must return a mistaken payment by Citi, noting that this decision “conforms to long-standing norms"

LP round up: Magnetar and Värde among winners as $3 billion flows to credit
Institutional investors allocated at least $3 billion to credit funds in August

CIFC boosts legal team with two senior appointments
CIFC Asset Management has announced two senior appointments on its legal and compliance team

Carlyle names co-founder as interim CEO as Lee steps down
Carlyle Group’s chief executive officer Kewsong Lee has stepped down from this role and the board of directors, effective immediately

UBS says modelling suggests upcoming recession won’t bite
Likely global recession scenarios look mild according to strategists at UBS, who have run four models.

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

Ucits at a glance: Ucits see red in a tough June for returns
June marked an exceptionally tough month for Ucits funds, as none of those listed in the Creditflux database made it into the black

Credit hedge funds (August 2022)
Credit hedge fund returns  

Fund performance: Select funds shine in dreary June for credit hedge funds
Credit funds suffered through June, as only 8% of listed funds reached the black. This made June the fourth month in a row in which negative returns increased

CFOs stage comeback as fundraising tool for managers
Collateralised fund obligations are coming back into fashion, with Churchill Asset Management the latest firm to launch such an offering after announcing a $700 million deal last month.

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Euro loans with FX hedging offer better value than US: Barclays
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

SocGen promotes credit head in New York
Societe Generale has appointed a 20-year veteran of the bank to head of fixed income for the Americas

HSBC AM's responsible investing head resigns with view to creating "new asset class"
HSBC Asset Management’s global head of responsible investing has resigned after been suspended by the firm. This followed him delivering a conference speech in May in which he downplayed the impact of climate change on financial markets