CSAM names new CEO and splits from wealth management arm
Credit Suisse has moved to overhaul its asset management business and replaced its chief executive officer amid fallout from the collapse of supply chain funds group Greensill Capital

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

Creditflux and Debtwire unveil CLO stressed and distressed market analysis
The first edition of the CLO Distressed Roundup, a joint-report by Creditflux and Debtwire, takes a deep dive into the distressed and stressed loans held by CLOs as of December. Our report shows CLO portfolios are 10.2% stressed and 4.17% distressed, lower than not only the nadir of the pandemic in May, but also before the pandemic

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

State Street confirms European CLO loan purchases and appetite for US CLOs
State Street Corporation confirms it is a buyer of European CLO loan paper, following Creditflux breaking the news on Wednesday

Beneath the triple C: resurfacing credits surpass divers as tide turns for CLOs
Upgrades above triple C overtook downgrades to that rating or below in February. Moody's or Standard & Poor's cut six corporate debt issuers to triple C or below in February, out of which just four can be found in CLO portfolios

Global CLO league tables - February 2021 YTD
Global CLO league tables - February 2021 YTD

US bank emerges as big buyer of CLO loan tranches
A US bank has taken an unusual approach to investing in CLO tranches on its way to becoming one of the big buyers of US triple A-rated CLOs this year

CLO equity ‘top trade’ could reach mid-teens returns, says JP Morgan
CLOs’ strong start to the year, in which the asset class has asset class has made gains against a sell off in government and corporate bonds, has put equity tranches on course for double digit returns in 2021, according to JP Morgan strategists

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

Moving fast pays off for hedge funds
2020 was an up and down year in credit, and credit hedge fund managers had to move quickly to capture opportunities from the dislocations that inevitably opened up

Credit funds at a glance (March 2021)
A round-up of fundraising and people moves

CLOs at a glance (March 2021)
A listing of CLOs that have priced in the last month

Fund performance: CLO funds pick up where they left off
New year, same funds leading the way with CLO strategies the top performers in January

Ucits at a glance: CIFC nears positive 12-month returns
Ucits funds have started 2021 on a quiet note as 72% of funds achieved a positive return

Credit hedge funds (March 2021)
Monthly credit hedge fund tables

CLO guys shouldn't feel quite as self-important as us Welsh... But you are in a pretty amazing spot
CLO portfolio managers should be emboldened by recent events to push for ESG strategies 

High yield fund sets pace with 22% return in January
Wasserstein Debt Opportunities Fund has set the early pace for credit hedge funds in 2021 after registering a 21.7% gain in January. This builds on the high yield fund’s success last year and takes 12-month returns to 40.44%. 

Past returns: Highland sells European CLOs at second attempt
In Creditflux 10 years ago, we reported that Highland Capital Management was offloading its European CLOs, with Alcentra and Barings among the frontrunner

Answering the “what if?” question
CLOs can be complex, and efficiently calculating trading scenarios even more complex. But new tools are available to help managers quickly model hypothetical scenarios

CLO pipeline: US adds deals at frenetic pace as Europe catches breath after record start
US CLO investors have numerous deals to consider with 13 new issues and 15 repricings being prepared to flood the market in the coming days

It's all relative: CLOs march tighter as macro traders open positive CDS skews
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter  

Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

Waiting for afters
Day one arb remains important, but last year there were opportunities aplenty in the secondary market, which put the onus on printing CLOs and waiting for the day after non-call periods expired

UN PRI's upcoming report on ESG in CLOs finds bar is very low
In a preview of the upcoming report, Carmen Nuzzo, head of fixed income at UN Principles for Responsible Investment, reveals to Creditflux key highlights from its ESG in securitisation report