Credit hedge funds (October 2021)
Credit hedge fund returns

Ucits at a glance: Angsana recovers from July slump
Just under 75% of Ucits funds made positive returns in August, holding steady from June and July

"Purchasing IG CLO debt was a key driver of success for 1.0 CLOs"
Longer reinvestment periods, the ability to buy IG tranches and improved loan settlements would improve CLOs

Alcentra makes leadership changes as European CLO head Rainbow goes part-time
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm

"The CLO industry can be a little clubby… it feels like there are few advocates"
Pension Danmark's David Altenhofen taks our credit quiz 

CLOs face uncertainty as Libor rate deadline looms
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes

Euro CLO managers fume as settlement slowdown worsens
European loan investors are growing frustrated at the time it takes to settle primary market transactions, with recent hold-ups leaving CLO portfolio managers particularly disappointed.

An alternative way of looking at CLO overlap
Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

"Do not rush to set up a check-box approach with negative screening and start de-investing"
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach

Credit hedge funds (September 2021)
Credit hedge fund returns

Ucits at a glance: Loomis Sayles makes gains in sleepy July
Ucits fund returns

"Alongside larger private equity funds, loan volumes will continue to grow"
Spire's Phil Bennett-Britton takes our credit quiz

"In some ways, CLOs resemble a quirky, cottage industry more than a trillion-dollar market"
CLO volumes outstanding have passed $1 trillion, but index omission and private placements are holding us back

Two analysts poised to join Onex as it expands in European credit
Onex Credit Partners is adding research analysts in London

Liquidations emerge as speed bump to $1 trillion CLO market
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot.

Credit hedge funds (August 2021)
Credit hedge fund returns

Ucits at a glance: mid market fund leaps into top four
The majority of Ucits funds end Q2 on a high note as 76% of those in our database recorded positive performance in June

Mizuho says CLO sales hire is imminent as it adds to European loans team
Mizuho says that it will announce a CLO sales hire in the next few weeks

It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Mediobanca loses another from its loan and CLO team
A structured credit trader is leaving Mediobanca to take on a sell-side CLO role

Elfa taps Hermes to chair CLO investor committee
Trade body the European Leveraged Finance Association has formed a CLO investor committee it hopes will be a forum for various industry initiatives, including environmental, social and governance standards

Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit

Fund performance: Déjà vu as April leaders dominate
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns