Credit hedge funds (September 2021)
Credit hedge fund returns

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

"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

Credit investors seek alpha as delta variant creates volatility
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead

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.

They said it: "The mantra is doing good and doing well without sacrificing returns"
CarVal on its ESG line of CLOs

Loan investors reap windfall from meme stock craze
The so called “meme stock” craze is having a tangible positive impact on certain companies’ loan prices

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

Middle east firm hires high profile loan official to build on control CLO equity business
Middle east asset manager Lakemore Partner is doubling down on CLOs with the control CLO equity investor hiring one of the biggest names in the loan and CLO management business

Key CLO official earns promotion to managing director at Z Capital
Z Capital Group has promoted two members of its investment team in New York, including a central figure on its CLO management platform

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

Senior research analyst joins Onex from another US CLO issuer
Onex Credit Partners has hired senior research analyst with 11 years' industry experience 

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.  

US CLO portfolio manager set to join fast-growing Redding Ridge
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three

"I’ve been doing ESG for 27 years; I just didn’t know it"
Apollo's Joe Mornoey takes our credit quiz

"Spacs… what better buyer than someone with a short fuse who needs to get their capital working"
Since the beginning of 2020, more than $191 billion has been raised in spac (special purpose acquisition company) IPOs. This money has such a short fuse — get a deal done in 24 months or management loses the IPO costs it covered — and there has been so much of it, that it has had an impact on the markets

US loan managers capture secondary opportunities as new issues struggle
US loan managers switched gears by sourcing loans in the secondary market in the second quarter. This came as pricing in the primary market became less attractive in the early part of Q2 and with new loan issuance slowing in May and June

Investors proclaim ‘CLO arb is good’
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors

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

Credit hedge funds (July 2021)
Credit hedge fund returns

Ucits at a glance: Ucits stay positive for second month in a row
Ultra-tight credit spreads are not taking away from Ucits funds – 80% of funds in our database have again recorded positive returns.

Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

"Pain is on the way: spreads are too tight, while compression and carry are done. But what if it's not?"
Welshcake reminds us that mid-cycle portfolio management is a funny old game  

Credit fundraising: managers take care of infrastructure with new partnerships
Credit managers were busy launching new partnerships to support growth in infrastructure and CLOs. There were 13 announcements in the month paving the way for upcoming funds, platforms, and joint ventures