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...

Manager selection stakes are heightening as CLO pain points intensify: Barclays
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists

Octaura's real-time trading solution paves way for loans and CLOs to drop illiquid tag
The unprecedented cooperation between CLO trading desks that culminated last week in the launch of Octaura could change the way credit investors judge the relative value merits of loans and CLOs versus liquid alternatives such as high yield bonds

CLO investors show more signs of optimism than other ABS: Barclays
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre

Revlon spares no blushes for CLO managers in filing for Chapter 11
Troubled lender Revlon Consumer Products filed for chapter 11 bankruptcy late Wednesday night. The default is likely to have a weighty impact on the CLO market 

US loan market drops to record low for 2022
The loan market reached a new record low for the year on Thursday with the S&P/LSTA Leveraged Loan Index trading at an average bid of just 93.66 cents on the dollar

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

Seven dealers join forces over loan/CLO platform led by Bejile's Octaura
The industry-wide initiative to create an electronic loan and CLO trading platform has taken a big step forward with Citi’s Brian Bejile spearheading newly-formed Octaura Holdings. 

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

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 

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Investors turn to secondary market amid recession fear
CLOs and loans weathered a sudden sell-off in May as investors began to factor in a higher likeli-hood of recession

US managers open new CLO warehouses at rapid rate
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years

Past returns: Silvermine CLOs splash the cash
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again

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
 
   

Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday

Loan dip brings longest CLO primary pause since January
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week 

Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely 

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

Sound Point promotes duo to lead US CLOs as veteran PM steps down
Sound Point has allocated responsibility for the US loan and CLO platforms to the pair as lead portfolio managers

Think of the arb, say US CLO panelists after big loan drop
Far from being a cause for alarm, falling loan prices have brought a welcome opportunity in new CLO issuance for managers and investors, according to speakers at the Creditflux Symposium in London today