KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

Former JP Morgan credit prop trader relaunches credit hedge fund
Palm Lane Partners is relaunching – two years after the credit hedge fund manager looked to spin out of JP Morgan Asset Management

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

PRI unveils ESG workstream for CLOs, loans and ABS
Principles for Responsible Investment has established a workstream on environmental social and governance standards in structured products

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

Dispersion tests hedge fund managers

Dealers zero in on pair of managed CSO formats
The eagerly awaited introduction of ‘managed’ CSOs is getting closer, with hopes still alive for an inaugural deal before the end of March and consensus forming around two alternative approaches.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

2020 will be about relative value, watching for idiosyncratic risk and a good deal of running away
Investors must embrace change — it’s time for structured credit investors to look beyond vanilla CLOs

CSO arrangers take notes from success of CLOs
CSO arrangers are looking to follow the CLO template in more ways than one, with sources indicating that some dealers are looking to structure their deals in note format (as opposed to swaps).

Fund performance: Presents under the tree as CLO funds perform

Credit funds at a glance

Apollo CLO and CSO specialists earn promotion to partner
Apollo Global Management has promoted two members of its global structured credit team, according to market sources

Stockholm-based firm targets CLOs, CSOs and SRTs for new fund after stellar 2019
A fund manager, established in 2018, is said to be launching its second corporate structured credit fund, sources say, after generating 20% returns last year via its debut strategy. The new fund will invest across CLOs, CSOs, SRTs and index tranches 

If you're marketing a structured credit fund then for goodness sake don't go through the motions [podcast]
Credit allocators gave some sage advice to structured credit managers on how to go about marketing their funds at the Creditflux CLO Summit in New York last month. As part of a key note panel geared towards institutional investors fund managers were told: stop going through the motions, avoid being generalistic and tailor your pitches

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.