PAG raises USD 1.25bn for significant risk transfers
The Hong Kong-based alternative asset manager is expecting the SRT market to grow at a 30% to 40% rate annually over the next few years

Fund performance
Entering the final three months of the year, CLO funds took a clean sweep of the top 10 spots in the Creditflux tables. October was strong overall, as over 85% of funds listed made positive returns

Credit hedge funds
Credit hedge fund perfomance

Credit funds at a glance
Fund performance, recent hires, recent fundraising

BNP Paribas sees credit upside in 2025, even amidst Trump-led unpredictability
The bank also sees CLO equity outperforming in 2025 benefiting from resilient loan fundamentals, strong cash flows, and the upside potential from reset activity

Credit hedge funds
Credit hedge fund performance data for September YTD 

Private credit lenders don’t have to put up with exotic assets and complex structures — they can choose SRTs
If rapid growth and diversification into exotic asset classes, complex structures, opaque valuations, PIK-ing, etc, all sound a bit 2008, there are alternatives. Private credit is not a monolith nor, in some parts, is it a crowded trade.

Europe still leads US in SRT as banks diversify types of risk transferred
Despite copious headlines about the arrival of US banks to the significant risk transfer (SRT) market, Europe continues to lead the charge

CLO strategies outperform again
In 2023, our index of funds investing in CLO tranches and equity returned 22.9%. In the first six months of this year, the index reached 9.9%, as these funds again delivered outstanding results

Fund performance
Prytania grabs gold; Spire and Sound Point take silver and bronze after June fund returns come in

Credit hedge funds
Our credit hedge fund performance tables for June

Credit Outlook survey signals rising defaults among small borrowers
Respondents to the latest Credit Outlook survey from the International Association of Credit Portfolio Managers are forecasting rising defaults over coming months

Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2

Credit hedge funds
Credit hedge fund performance tables

Credit funds at a glance
Top indices; recent hires; recent fundraising

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

Credit hedge funds
Credit hedge funds

Credit funds at a glance
Credit funds at a glance

SRT market grows to EUR 18.5bn of junior tranches in 2023
Banks executed 89 synthetic securitizations for SRT globally in 2023, according to the IACPM’s latest synthetic securitization survey

Funds round up: May 2024
The demand for SRT strategies and special situations funds are on the uptick, as is the demand for managers and funds outside of North America. 

Secret structured credit product becomes talk of the town as US opens up
What was once an opaque corner of structured credit has been in the spotlight, as the booming SRT market draws attention from growing numbers of banks and investors.

CLO funds maintain strong start to 2024 to stay top year to date
The first quarter of 2024 has been a memorable one for CLO funds, as the category continues its dominant spell, claiming 7 of the top 10 spots in March

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

In September, the Fed said financial institutions could transfer risk to SPVs
The Fed’s reading of Basel 3.1 could double capital requirements — so it’s just as well it is softening on risk transfers.