Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk

Wriedt buys minority stake in direct lender Scio and joins as strategic advisor
Oliver Wriedt, the former chief executive officer at DFG Investment Advisers, has bought a minority stake in European credit asset manager Scio Capital

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

Blackstone reveals CLO originator NAV was understated for four months
Blackstone says the net asset value of class A units in its privately-offered CLO originator were understated between 31 March and 30 June

Palm Lane launches credit relative value fund with $200 million after PM hires
Palm Lane Capital has raised about $200 million for a global credit relative value hedge fund, which went live on 1 September

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Beneath the triple C: slowest downgrade pace puts market in recovery mode
The CLO market recovery is starting to benefit from borrower downgrades falling to their slowest rate since the coronavirus crisis began in March

Ellington winds down European CLO warehouse as PM joins rival
Ellington Management is winding down its European CLO warehouse with Barclays, while Ellington's European CLO operations lead has left for a rival firm

This doesn’t look like Kansas anymore: Palmer Square opts for unusual road to Europe
Palmer Square Capital Management is taking a novel approach to European CLO management with the head portfolio manager for its deals being stationed at its headquarters in Kansas City

They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
Blockchain might not eradicate all problems in credit, but it should reduce human error

The length of a CLO’s reinvestment period has no substantive effect on its resilience to defaults
Three-year reinvestment CLOs are the norm, but debt investors should be locking in historically wide spreads for longer

It’s been a while — how’s tricks?

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Dislocation and costly payment debacle highlight loan tech lag
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements

Credit hedge funds (September 2020)
Monthly credit hedge fund tables

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

Credit funds at a glance (September 2020)
A round-up of fundraising and people moves

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

CLOs at a glance: CLO managers are quite partial to a refi
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches

CLO funds top rankings, but still have ground to make up
CLOs may have taken a hammering in March but, for the fourth consecutive month, funds that invest in these assets dominate our ranking of the top performing credit funds

Points up front: From drafting CLO docs to writing crime thrillers
Nicola Bashforth, a popular figure in the CLO business, announced last month that she had left the industry to return to Lancashire in England and try her hand at writing novels

Points up front: How much do I owe you?
Payment systems in the credit industry had a bad August

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies