Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

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

Three years after launch, Rockford Tower joins the elite
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year

New funds move in as tranche trades take off
Synthetic structured credit funds are proving popular with investors amid a spike in index tranche trading

Carlyle defers $4 million CLO management fees in the second quarter
Carlyle Group deferred $4 million subordinate fees on its CLOs in the second quarter, representatives for the firm announced on the company's earnings call on Thursday

Covid could trigger 'mega trend' into private debt, says Blackstone's Gray
The coronavirus pandemic could spark a 'mega trend' of investors into alternatives in private credit, Blackstone's president and chief operating officer said on the firm's second quarter earnings call on Thursday

Swedish fund nears public listing after big gains on CLO and tranche trades
Stockholm-based Ymer SC is moving forward with plans to list its structured credit fund on the Nordic Growth Market exchange in Sweden

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

Fair Oaks resumes dividends on listed CLO fund
Fair Oaks Capital will resume paying dividends on its listed fund Fair Oaks Income Fund

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

Creditflux announces finalists for Manager of the Year award
Ahead of the virtual awards ceremony on 15 July Creditflux is thrilled to announce the four finalists for the prestigious Manager of the Year category.

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

US and Europe diverge as loan trading bands emerge on the continent
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy"

Algebris leads monthly returns in new world matrix
Algebris Macro Credit's return submission for May was among the best non-CLO/ABS fund performers out of those Creditflux tracks, adding to a strong turnaround for the strategy

Rockford Tower CLO fails to meet effective date requirements
A 2019 CLO managed by Rockford Tower Capital Management has failed to meet requirements relating to its effective date on 22 June due to breaching its Moody's weighted average rating factor test

HPS CLO warehouse hit by downgrade as it reaches 8.34% triple C assets
CLO warehouses have been hit with an increasing number of triple C assets in their portfolio. And those in one CLO warehouse managed by HPS increased from 0.5% in March to 8.34% by May

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

Moody's downgrades three tranches of 2017 vintage European CLO
Moody's has downgraded three tranches of a 2017 vintage CLO managed by Bardin Hill

Fair Oaks tops up on double B CLO tranches in May
Fair Oaks topped up on double B-rated CLO tranches in its listed CLO fund in May, adding $79 million par value of BB-rated paper

Moody's downgrades one tranche of 2018 European CLO
Moody’s downgraded the class D tranche of a 2018 vintage CLO managed by Man GLG 

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios