A fresh approach to loss distribution
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions?  

Banks and loans to benefit in 2022 as safe havens dwindle
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes

SME CLO supremo leaves Be-Spoke for expanding Spanish firm
One of the pioneers behind SME CLOs has left Be-Spoke Capital to join another Spanish lender. He leaves behind the only SME CLO in Europe since the 2008 financial crisis  

Fund performance: CLO funds deliver again, but third of all funds post losses
CLO funds took six of the top 10 spots in October in a continuation of the previous month’s strong performances. However, a consistent showing from Wasserstein in the US high yield category has claimed the top spot for the last two months

Credit hedge funds (January 2022)
Credit hedge fund returns

Ucits at a glance: Robus and Altana dip but stay at the top
In October, Ucits funds continued a slide that had begun the previous month with 60% of them in the red

CLO funds shine amid the gloom with unmatched returns
Credit funds stumbled in October, with European high yield, emerging markets and long-short strategies the weakest performers, according to Creditflux data, as several funds in these categories suffered losses

Past returns: KKR’s unusual CLO liquidation
Five years ago in Creditflux, we reported that junior debt investors in a KKR-managed European CLO voted to alter the deal’s documentation so they could drive a liquidation of the legacy deal, such that they would receive roughly 92% of par

The Last Tranche with Napier Park's Secmen: tailwinds fuelling CLO market mask manager incompetence
In this episode of the Last Tranche, Serhan Secmen, head of US CLO investments at Napier Park Global Capital, joins to discuss how equity investors choose which managers to allocate to for the best long-term performance

Supply chain crisis hits credit amid shift to physical products
Credit investors are bracing for choppy waters as the supply chain crisis makes itself felt on company balance sheets heading into the year end

Fund performance: Dominant CLO funds look to end the year with 20%-plus gains
Once again the Creditflux hedge fund top 10 is dominated by CLO funds, with seven funds among the best performers in September.

Credit hedge funds (November 2021)
Credit hedge fund returns

Ucits at a glance: Robus and Altana enter the final sprint neck and neck
A downward turn hit Ucits funds as 65% of them made positive returns in September,

Niche credit funds make mid-market flexibility count
Funds that have the flexibility to invest in mid-cap debt issuers prospered in September, amid the usual swarm of outperforming CLO funds

Global CLO trading lab: bank sells $834 million triple As in quarterly reallocation as hedge fund trades CLO equity
Thursday’s secondary CLO market was the busiest of 2021, with over $1 billion of US CLOs on offer. This featured an enormous b-wic worth $834.3 million, where sources have told Creditflux of the bank behind the aucton. While a large credit hedge fund is said to have sold out of control CLO equity 

CLO Census latest: banks in tight race, 51% optimistic on Sofr and large managers viewed as outperformers
More than 100 CLO market participants have already cast their vote in the most tightly-contested Creditflux CLO Census ever with a single vote separating the top three banks at US and European CLO execution. Meanwhile, most voters are unworried by the Sofr migration and BlackRock, CSAM, CIFC and PGIM are among the CLO managers viewed as having outperformed following the covid crash. Click here to vote: CreditfluxCLOCensus2021

Everyone’s ramping

Fund performance: CLOs lead but variety is the spice of life
.An assortment of funds have made their mark in August as five different strategies make it into our top 10 for the month

Credit hedge funds (October 2021)
Credit hedge fund returns

Ucits at a glance: Angsana recovers from July slump
Just under 75% of Ucits funds made positive returns in August, holding steady from June and July

CSAM regains best manager throne
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around

Over 1,000 Euro CLO tranches under observation with Fitch's new rating methodology
Fitch says it has placed 1,246 tranches rated B- to AA+ from 212 European CLO tranches under criteria observation, following an update to its CLO ratings methodology

Déjà vu as CLO strategies again top hedge fund tables
Seven out of the top 10 funds in our hedge fund tables belong to the CLO category as the asset class outperformed again in July

Fund performance: CLOs dominate again as CIFC and Hildene score hat-tricks
CLO funds once again take over the top 10 as seven of those listed with Creditflux invest predominantly in the asset class. So far in 2021, CLO funds have held a majority of the spots in the top 10 on four occasions

Credit hedge funds (September 2021)
Credit hedge fund returns