Are we ready for another crisis?
Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions 

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

Structured credit pair among 61 to earn promotion at Carlyle
Carlyle has promoted two members of its US CLO team among 61 new partners and managing directors 

Sculptor and Och reconcile as sale process kicks off
Sculptor Capital Management is looking for a buyer after forming a special committee and building bridges with its founder Daniel Och

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
CLOs are well positioned, even if there are mass downgrades to triple C  

LP round up: two managers terminated as 20 win $2.5 billion
US institutional investors allocated over $2.5 billion to 20 credit managers in October, according to documents seen by Creditflux. Two credit fund managers however were terminated in the month

Cairn begins "new chapter" as it rebrands to Polus
Cairn Capital has been renamed Polus Capital Management, which brings it together with Bybrook Capital, the credit asset manager it acquired in 2021.  

Fund performance: Wake us up when September ends
After a resurgent August, credit markets hit a rough patch in September, with every Creditflux index posting negative returns, and only 12.9% of funds in our listings showing a positive return.

Credit hedge fund returns (November 2022)
Credit hedge fund returns

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

Sculptor CEO Levin refutes "personal issue" accusation by ex-chief Och
Sculptor Capital Management’s independent board and the company’s chief executive officer and chief investment officer Jimmy Levin have fired back at former CEO and founder Daniel Och after he cited a “personal issue” in reference to Levin’s past

Pimco targets up to $5 billion for flexible credit fund
The fund will invest across capital solutions, distressed and stressed opportunities, and idiosyncratic positions

Fidelity Investments eyes CLOs as part of multi-strategy credit fund
Fidelity Investments is preparing to launch a new multi-strategy credit fund, which will “opportunistically rotate across the entire credit spectrum”

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

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

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Franklin Templeton and Benefit Street launch credit interval fund
The pair have launched a multi-strategy credit interval fund named Franklin BSP Private Credit Fund, which will invest across US private credit

LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end

Nerves of steel needed for CLOs as Phoenix Services files for chapter 11
CLOs hold $341.54 million of steel service provider Phoenix Services Topco which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware yesterday

Nomura readies multi-strat credit interval fund launch
Nomura Private Capital is readying the launch of a new, closed-ended interval fund which will invest across the credit spectrum - including bonds, loans, CLOs, distressed debt emerging market debt