Ucits at a glance: ucits continue to chart a steady course

CSAM launches first commingled fund geared towards CLOs
Credit Suisse Asset Management has launched its inaugural CLO equity fund, according to market sources, collecting nearly $150 million on a first close for the strategy

CIFC beefs up investor relations team in London with two hires
CIFC Asset Management has hired from Muzinich and Murano in a bid to strengthen its European investor relations effort

LibreMax wins $200 million for structured credit managed account
The managed account will target 10 to 40 investments across a range of different strategies including CLOs, consumer, residential, commercial and regulatory capital.

Western to launch European loan business after hiring portfolio manager
Western Asset Management is launching a European corporate loan business after hiring an experienced credit portfolio manager with a background rooted in the CLO industry

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.

BlueBay launches CLO fund with seed capital from parent RBC
Sources say the strategy launched earlier this year via an Irish fund structure with seed capital provided by BlueBay’s parent company, RBC

CLO supply set for double-digit drop in 2020, says JP Morgan
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

ABS investors show increased interest in green securitisations to reach EU climate targets
Securitisation is being touted as a tool to help close the yearly investment gap of €180 billion needed to achieve the EU’s climate and energy targets by 2030, as identified in the European Commission’s sustainable finance action plan, which was published last year.

Ucits at a glance
A round-up of ucits fund performance

Fair Oaks launches new fund targeting senior CLO paper
Fair Oaks Capital has launched a Ucits fund targeting triple and double A CLOs, according to market sources

Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management

Connection backs European CLO fund
Connection Capital has invested €5.2 million in the new CLO fund raised by Permira Debt Managers  

Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York

Permira launches European CLO fund and starts with secondary market investments
Permira Debt Managers has closed its fifth structured credit fund, Sigma V, which will invest in junior tranches of European CLOs

Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS

Zais revamps credit policy to reflect ESG
Zais Group has become the latest credit manager to implement an environmental, social and governance policy across its business

MacKay Shields integrates CVP's loan team while spinning out distressed debt
MacKay Shields has spun out the distressed debt business of Credit Value Partners and focus resources on CVP’s leveraged loan platform

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors

Cairn appoints CEO from Oceanwood as Campbell steps down
Cairn Capital has hired a new chief executive officer, who will take over from co-founder Paul Campbell

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

Mediobanca builds loan and CLO trading team with hire
Mediobanca has made a hire as it looks to grow the loan and CLO trading business in London it established last year