Records tumble in fantastic February

Bain Capital fundraising for third captive CLO equity vehicle
Bain Capital Credit has become the latest CLO manager to start fundraising for a new captive equity fund

Nuveen Private Capital taps Ares partner for private wealth distribution
The platform encompassing Churchill Asset Management and Arcmont Asset Management, has hired Moshe Bajnon for the newly created position of global head of private wealth

Investcorp's head of European credit funds Philip Yeates leaves firm amid leadership shake-up
Philip Yeates, head of European credit funds at Investcorp, has left the firm as the asset manager undergoes a leadership shift that's seeing co-CEO Hazem Ben-Gacem set to depart later this year and executive chairman Mohammed Alardhi take on CEO duties

CLO round-up: Market braces for a busy September
The US and European CLO markets are bracing for a flood of deal activity from market participants as the fall season kicks off

CLO round-up: CLO market sees slight pressure to widen new issue spreads
CLO market saw robust deal activity with some pressure on liability spreads last week

Global Loan Highlights 1Q24: Don’t call it a comeback
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth

Barclays raises 2024 US BSL CLO new issue forecast
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

Banks predict steady year ahead
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe

Loan Highlights 3Q23: Loan volumes remain significantly lower than historical averages
Capital markets loan activity continued to struggle in the third quarter of 2023, as issuers in the Americas and Europe held off from tapping markets

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

Senior global CLO trader leaves JP Morgan after 20 years
A senior global CLO trader has parted ways with the bank after two decades

Pimco promotes global lev fin and CLO head to managing director
Pimco's leveraged finance head is one of five senior officials promoted to managing director

Carlyle appoint former Goldman executive as CEO
Carlyle Group have appointed former Goldman Sachs Co-President and CO-Chief Operating Officer Harvey Schwartz as Chief Executive Officer and a member of the board, the firm has announced.

Sound Point holding CLO M&A talks which could catapult it to fifth-largest manager
Sound Point Capital Management is locked in talks with a large, global CLO manager over a deal that could take its CLO AUM north of $36 billion

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Bain holds final close on $650 million fund to buy own CLO equity globally
Bain Capital Credit has closed its second captive equity fund with $650 million commitments, thought to be among the largest manager-controlled CLO equity funds raised

Sculptor CEO Levin refutes "personal issue" accusation by ex-chief Och
Sculptor Capital Management’s independent board and the company’s chief executive officer and chief investment officer Jimmy Levin have fired back at former CEO and founder Daniel Och after he cited a “personal issue” in reference to Levin’s past

Deutsche hires credit strategy head from rival bank
Deutsche Bank has hired a new head to oversee European and US credit strategy

Past returns: US firms become Euro CLO issuers
Five years ago in Creditflux we reported on CIFC Asset Management and Voya Investment Management harbouring European CLO ambitions as US issuers became accustomed to risk retention.

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Euro risk retention becomes must-have feature for US CLOs
For the past four years, risk retention-compliant US CLOs have been viewed as a luxury. But today issuers see a clear advantage to putting skin in the game

We can cope with downgrades again