Ontario pension selects new president and CEO

Ontario Teachers’ Pension Plan has appointed Jo Taylor as its new president and chief executive officer, effective 1 January  

Former Apollo co-head of credit lands at MidOcean as credit CIO
MidOcean Credit Partners has hired Dana Carey as chief investment officer

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

CLOs are pricing with an acronym premium rather than an illiquidity premium

John Popp of Credit Suisse Asset Management takes our credit quiz

US CLO managers see positives as docs include negative notation language to ease move to new reference rate
Europe might be making progress, but US CLO managers are less than preoccupied with the looming transition away from US dollar-Libor based pricing. 

Axa IM finds replacement for top fixed income role
Axa Investment Managers has appointed Christophe Herpet as global head of Axa fixed income and its buy and maintain division

CLO managers lick their wounds with Joerns bankruptcy
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday 

JP Morgan AM names CEO with Willcox set to leave
JP Morgan Asset Management’s chief executive officer Chris Willcox will step down from his job at the end of the year, according to an internal memo seen by Creditflux

Sun Life merges asset management business to create $159 billion division
Sun Life will merge its fixed income businesses - including Prime Advisors, Ryan Labs and Sun Life Institutional Investors - under a new umbrella named SLC Management 

US loan trading: CLO managers on cloud nine after Ultimate Software allocations
CLO managers took down about 27% of Ultimate Software's loans in April, when the cloud operator issued its $2.3 billion first lien term loan due 2026, according to CLO-i

GSO generates $4.5 billion capital for energy-focused credit fund
GSO Capital Partners has closed its second energy-focused credit fund with $4.5 billion of capital commitments, the firm has announced. Creditflux understands that the fund originally targeted a $5 billion final close

US pension replaces Cliffwater with Meketa
Connecticut Retirement Plans and Trust Funds has selected Meketa as a consultant to oversee its opportunistic investments, which consists of direct lending and opportunistic credit investments, along with investments in hedge funds and real assets.  

CLO managers process Fusion bankruptcy implications
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy 

Wells Fargo names CEO and head of its asset management arm
Wells Fargo has promoted Nico Marais to chief executive officer and head of Wells Fargo Asset Management, effective immediately.

PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

New kids on the block dominate awards

CLO issuance faces threat amid loan definition dispute
The clash over Millennium Laboratories’ bankruptcy could have ramifications for the CLO market, and it all hinges on the philosophical question: what is a loan?

Cayman Island hopping: EU laws provoke switch in CLO listings
The Cayman Islands Stock Exchange (CSX) is set to become the listing place of choice in 2019 for CLOs put together by US managers — at least, according to a bold prediction by law firm Harneys.

Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance

Doing CLOs is hard work as recovery lags
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more

Baird targets CLO arranging business
A New York brokerage with a CLO trading business is making a pitch to be the first debut arranger of the year. According to market sources, RW Baird has hired CLO origination specialist Mario Verna with a view to building out a CLO primary business. In March, Verna left Guggenheim Securities, where he served on the CLO desk as a managing director.

Credit funds at a glance

Fund performance