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

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

MUFG hires UBS pair to growing leveraged finance team
Mitsubishi UFJ Financial Group’s expansion in credit has resulted in two senior hires to its leveraged finance team in New York

Onex points to "variety of personal and market" reasons as it addresses CLO exodus
Onex Credit Partners has responded to questions about the stream of professionals that have left in the last few months

Silver Point hires experienced credit trader
Silver Point Capital has hired an official well-versed in CLOs 

MidOcean seeks "off-the-run" loans and bonds for third tactical credit fund
MidOcean Partners is seeking to raise capital for its third tactical credit fund, MidOcean Tactical Credit Fund III

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

Points up front: Making a meal of the arb
Credit market participants are always looking at the best arbitrage opportunity and right now that seems to be at McDonald’s

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

Credit hedge funds (June 2022)
Credit hedge fund returns

   

Ucits at a glance: Diamond shines after dull start to year
Ucits funds have continued to arrest the slide that followed the dip in February, as 37% of funds in April saw positive returns

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

CLO managers in the mix for first US credit event auction since 2020
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently

Defaults should keep low despite looming recession, says TwentyFour
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management

"It’ll take something special to drag my attention away from Depp/Heard, but Jerome Powell could just do it"
It’s not easy letting go of the past, but May heralds the start of something new in credit

Muzinich targets high income with new flexible credit fund
Muzinich & Co has launched Muzinich Dynamic Credit Income Fund, which it says is “designed for investors seeking outperformance in rising credit markets without taking excessive risks”

Fund performance: Credit bounces back from February blues
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month

Credit hedge funds (May 2022)
Credit hedge fund returns  

Ucits at a glance: Robus stands tall among Ucits funds
27% of Ucits funds had positive returns in March, a slight improvement from 10% in February

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

Loan fintech drills into private data to free up analysts’ time
The role of credit analysts could be redefined if a new product launched by a tech company takes off

Dispersion begets dispersion in mixed bag of fund returns
Idiosyncratic risks are set to rise in credit, with fund managers becoming occupied with tail risks, and that has been seen in a scattered set of March hedge fund returns

Points up front: "It’s all me, me, me"
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists.