Bridgepoint becomes control equity investor in 2021 CLO after secondary trade
Bridgepoint says it bought an additional 30% equity stake in its third European CLO, Bridgepoint CLO 3, meaning the firm has a majority equity interest in the deal at 61%. The price suggests the CLO is performing well 

History suggests best CLO equity returns come after periods like today's, say Oxford
Research published by Oxford Funds argues that stressed periods in the loan market are typically followed by the best CLO equity returns, suggesting today's vintage of CLO equity could be among the best performing

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

CLO counterparties hunt for signs of optimism: SFIG conference
Leveraged loan and CLO investors are hunting for signs of optimism as they face the prospect of a US recession

European junior CLO debt can withstand downturn without taking principal loss: TwentyFour
European CLO single Bs are able to weather a “moderately pessimistic forecast” in which loan defaults spike to 6.5% for two years, without coming close to taking a principal loss, according to a blog written by TwentyFour Asset Management’s Elena Rinaldi.

Fund performance: Rocky May piles on the misery for credit hedge funds
Negative fund performance soared in May

Credit hedge funds (July 2022)
Credit hedge fund returns

Ucits at a glance: LBBW shines as Ucits take a turn for the worse
Ucits fund returns

Arcmont says liquid loan opportunities depend on timing as it advocates direct lending instead
Arcmont Asset Management has made the case for direct lending over syndicated loans in a white paper, despite having being an admirer of CLO management platforms 

Oaktree identifies CLOs among top picks in credit
Oaktree Capital Management’s head of performing credit Armen Panossian has outlined CLO tranches among his three favoured investments in this market

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Investors turn to secondary market amid recession fear
CLOs and loans weathered a sudden sell-off in May as investors began to factor in a higher likeli-hood of recession

Hopes of full recovery quashed as credit funds struggle
Optimism about a prolonged recovery after credit hedge funds bounced back in March was dashed as 60% of funds in our database recorded negative returns in April.

Past returns: Silvermine CLOs splash the cash
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

"Wholesale moves into risk areas after internal changes should sound an alarm"
The composition of CLO managers is changing, so management styles may drift  

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

Credit hedge funds (June 2022)
Credit hedge fund returns

   

Ucits at a glance: Diamond shines after dull start to year
Ucits funds have continued to arrest the slide that followed the dip in February, as 37% of funds in April saw positive returns

Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday

Loan dip brings longest CLO primary pause since January
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week 

Defaults should keep low despite looming recession, says TwentyFour
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management

Fund performance: Credit bounces back from February blues
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month