"Alongside larger private equity funds, loan volumes will continue to grow"
Spire's Phil Bennett-Britton takes our credit quiz

"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

Two analysts poised to join Onex as it expands in European credit
Onex Credit Partners is adding research analysts in London

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.

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

Former DWS official claims company over-stated ESG progress: WSJ
DWS Group’s environmental, social and governance investment claims are in the spotlight after its former sustainability officer claimed the firm over-stated its ESG efforts, according to the Wall Street Journal

UK pension allocates £2.1 billion to CQS, Neuberger and Oaktree
Three global credit managers have won a total of £2.1 billion in credit mandates from Brunel Pension Partnership, as part of its newly launched Multi Asset Credit Fund.

Mizuho says CLO sales hire is imminent as it adds to European loans team
Mizuho says that it will announce a CLO sales hire in the next few weeks

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

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.  

The View from ION Analytics: paradise blues
The reopening of economies from Covid-19 lockdowns has created distortions in financial markets that are harder to navigate than those of the original sell-off in early 2020. Even big-name economists and central bankers are confused, changing their views in recent weeks. 

Jefferies and SMBC form $2.25 billion partnership
Jefferies and SMBC Group have announced an alliance which will see SMBC provide a $1.9 billion credit facility to Jefferies Finance, the leveraged finance affiliate of Jefferies, and $350 million to Jefferies Group.

Mediobanca loses another from its loan and CLO team
A structured credit trader is leaving Mediobanca to take on a sell-side CLO role

Elfa taps Hermes to chair CLO investor committee
Trade body the European Leveraged Finance Association has formed a CLO investor committee it hopes will be a forum for various industry initiatives, including environmental, social and governance standards

Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit

Alcentra hires London-based executive director in liquid loans and high yield team
Alcentra has hired a senior analyst in the firm's liquid loans and high yield team 

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  

CLO demand drives loan outperformance versus bonds
Leveraged loans could be set for their strongest run of outperformance over high yield bonds since 2017, say investors and strategists ­— if the CLO engine and an influx of money to funds continues to drive flows

CLO investors don Euribor caps to hedge rising rates
Euribor-capped tranches have made a comeback in European CLOs, with AIG and PGIM understood to be behind them. Sources say PGIM has been investing in triple A-rated tranches, while AIG has taken on double-A rated tranches

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