November 2023 European Leveraged Highlights
Debtwire today releases the November 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets

Blackstone to close multi-strategy fund after assets fell nearly 90%
Blackstone plans to shut down its Blackstone Diversified Multi-strategy Fund by the end of the year after assets within the fund declined by nearly 90% in the last four years

Credit hedge funds
Hedge fund performance tables

Credit funds at a glance
Fund performance; people hires; fundraising 

ESG initiatives should avoid unfavourable reactions by pursuing substance over form
By any financial measure, the collaboration of trans activist Dylan Mulvaney with Bud Light hurt the brand. What was formerly America’s best-selling beer saw its market share collapse — from over 35% in May 2023 to around 9% in June — because of a boycott by US conservatives after a 60-second TikTok video aired of Mulvaney drinking it.

DebtDynamics EMEA | Under pressure: likely-to-distress scores highlight struggling industries and regional woes
The European leveraged market has crossed the threshold of 100 companies at the stressed/distressed lifecycle stage, according to Debtwire data

Capital Four named new sub manager of high yield bond fund
Danish boutique asset manager Capital Four revealed on Tuesday that it will take over sub-management of the Nordea 1 - International High Yield Bond Fund, as the firm continues to build out its investment capabilities in the US

Boutique asset management firm partners with Australian credit fund manager
A new global credit fund will focus on long-only credit opportunities with the intent of capitalizing on inefficiencies in the credit cycle

Fund performance
Positive August for credit sees CLO funds on top again

Credit funds at a glance
Ucits see red in a tough June for returns

Testing the water: issuers gauge sterling HY bond demand following 10-year record low
Pure Gym, a UK-based fitness club, has become the second company in a week to test demand for sterling-denominated senior secured notes in the European high-yield market

RiverRock secures €153 million in commitments for new senior loan fund

RiverRock sets €1 billion commitment target for latest fund, nearly double the size of its previous vintage

Fed members need to restore their credibility, which could translate into excessive tightening
Rising wages have boosted spending and GDP — but the party can’t last forever

Credit funds at a glance (September 2023)
A round-up of people moves and fund raising  

Credit hedge fund returns (September 2023)
Credit hedge fund returns  

CLO funds are hot in summer as they take nine spots in top 10 (Fund performance)
CLO funds took the lead through summer as the returns of the category index reached 1.88% and 3.18% in June and July, respectively. Both months saw a CLO fund as the top performer — Sound Point Meridian in June, and Oxford Gate Master Fund in July.

CSAM loses senior credit portfolio manager
Credit Suisse Asset Management rearranges its asset management team after long-time bond fund manager exits

Refinancing continues to dominate headline figures in latest European leveraged highlights
Debtwire has released its July 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets

Neuberger Berman secures £2 billion mandate for credit fund
One of the UK's largest pension funds has awarded Neuberger Berman a £2 billion mandate for credit

Australia's largest super fund beefs up international team
Australia's largest pension fund is is growing its team across other geographies in an effort to increase its international presence

Hayfin Capital Management beefs up high-yield and syndicated loans team

Hayfin Capital Management has hired a new head of high yield and syndicated loans trading from Capital Asset Solutions

Edmond de Rothschild adds new co-manager to credit fund

Edmond de Rothschild adds additional fund manager to credit fund. 

Asset management firm creates new credit platform
Insurance and asset management firm Nassau launches new credit platform with more than $8 billion in assets under management. 

Refinancing and extensions dominate European debt issuance and hit highest share in a decade
With the highest interest rates in the Eurozone since the Global Financial Crisis, the European leveraged finance market has been dominated by companies that need to refinance or extend their deals.

High yield bond index offers opportunities for credit pickers
The global high yield bond market has become a skewed barbell offering benefits to credit pickers, according to a new research note from global asset manager Ninety One.