Ellington finds Ucits success with mix of structured and synthetic
Fund managers are finding ample liquidity in the structured and synthetic credit market and this is helping them outperform in the Ucits fund universe.

Sound Point swaps evergreen fund for drawdown
Sound Point Capital Management is dropping its evergreen distressed debt fund in favour of a vehicle that will employ a drawdown structure, as is customary for distressed strategies.

Considering the variables over the life of a CLO, a drop in Libor is a relatively modest risk
Changes in Libor do not have a major impact on CLO equity cash flows or equity yields

Fund performance: Mercury rises as does credit fund performance

Ucits at a glance: Amundi and Loomis Sayles funds register big gains in H1

Credit funds at a glance

CLOs at a glance
A round-up of CLO performance

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August

Credit plays a big part as KKR increases AUM by $6.5 billion
KKR grew its assets under management by 8% over the second quarter, according to the firm’s earnings call, which took place on Thursday.

NEPC flags caution on leveraged loans and private credit
Private credit does not provide enough returns for the risk, according to the advisor to institutional investors

GSO adds $10 billion to inflows with direct lending, structured credit and energy
Blackstone grew its credit assets under management to $139.3 billion, up 13% on a year ago, according to the firm's second quarter earnings release

Clover Tech cov-lite loan blots CLOs after spilling a third of its value
The past week’s biggest declining loan by some way, for printing cartridge maker Clover Technologies (aka 4L Technology), is a worry for CLO portfolios as some 21 managers hold the name, according to CLO-i

CLO investor looks to offload US and European anchor equity positions
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer

Another 2008 would leave IG CLOs without losses but default rates will climb, says BofE
CLOs will see greater losses in a downturn than they did in the last financial crisis, according to the Bank of England’s Financial Stability Report

Calpers misses returns target despite fixed income outperformance
California Public Employees' Retirement System (Calpers) has missed its annual investment target despite strong performance from its fixed income portfolio, which was its top performer  

Raven asset-based fund gets nod from San Joaquin pension for an extension
The San Joaquin County Employees’ Retirement Association approved an extension of its $50 million investment with Raven Asset Management to June 2020

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

CLO investors should be looking at CSOs

Upper mid-market yields value on price and leverage
Direct lenders are getting access to greater deal flow in the upper middle-market with private equity sponsors leaning towards private credit after a torrid end to last year in the broadly syndicated loan market.

Investments in CSOs can be more fruitful than in CLOs

CLOs at a glance

Credit funds at a glance

Fund performance

CLO managers lick their wounds with Joerns bankruptcy
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday 

Anchor equity in 2018 CLO reissue fails to trade in secondary market
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux