European CLO managers aim for bigger bond bucket fix
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches

Investable universe for Euro CLOs shrinks amid inflation
The number of loans suitable for European CLOs is getting smaller at a time when new CLO issuers are looking to enter the market

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
   

We’re drifting apart
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

Tech firm eyes data-driven approach to CLO management
As New York-based tech firm Exos prepares to launch what it calls “the first truly tech-enabled CLO”, the specialist leading its efforts says technology could soon play a central role in CLO portfolio optimisation

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

High yield / loan slowdown affects year-end projections and pricing: Barclays
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value

CLO market and congress plead with SEC to extend rule comment period to 90 days
SEC rule proposals are no page-turners: members of the US congress are looking to extend comment periods from 30 days to 90 days. Recent SEC rule proposals require commentors to read and analyse roughly 3,570 pages and respond to 2,260 individually identified questions   

Managers debate ethics of investments in arms makers

Fund performance: Credit slumps widely as CLOs lag furthest behind
February’s market turn brought a variety of fund categories into the Creditflux top ten as six different categories were represented -- US high yield standing tallest among them

Credit hedge funds (April 2022)
Credit hedge fund returns

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

Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

Attack-minded CLO managers capitalise on bearish outlook
Some of the most aggressive CLO managers have benefited from loan market volatility in March after having tweaked their portfolios in the months beforehand

US loans recover but CLOs lag and issuance stutters
The US leveraged loan market spent the latter half of March recovering losses from Russia’s invasion of Ukraine, with prices now above where they were when the war started

European CLO pipeline thins as investors wait for stability
The European leveraged loan and CLO market has yet to regain momentum following the start of the Ukraine-Russia conflict, with investors pointing to a thin immediate CLO pipeline

"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
We need to accept the pain and cut dependence on Russian oil today

Flexible approach is designed to deliver competitive performance
Nuveen’s Symphony CLOs benefit from teams who are active across a range of credit and bond funds

"Having tighter CLO debt costs will not be enough for brand names to outperform more agile competitors"
The drop in loan and CLO prices today is unlike any previous downturn — but again it will pay to be agile

"The loan market is the septic tank for sub-single B LBO financing"
Portfolios of single name IG CDS are less complex and more liquid than CLOs

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte