Regional banks drive growth of SRT market as EU continues to dominate issuance
Regional banks that used the standardised approach are playing a bigger role in SRT market, while the number of insurers writing credit protection through SRT almost doubled from 2023 to 2024

Bilateral SRT deals fall out of fashion as banks broaden investor base
EXCLUSIVE: Fewer synthetic SRT deals executed bilaterally as banks diversify investor base, secure tighter pricing

PAG raises USD 1.25bn for significant risk transfers
The Hong Kong-based alternative asset manager is expecting the SRT market to grow at a 30% to 40% rate annually over the next few years

Fund performance
Entering the final three months of the year, CLO funds took a clean sweep of the top 10 spots in the Creditflux tables. October was strong overall, as over 85% of funds listed made positive returns

Davis Polk hires three fund formation lawyers from Debevoise
Law firm Davis Polk is growing its investment management practice with the addition of three new partners joining in New York

CLO strategies outperform again
In 2023, our index of funds investing in CLO tranches and equity returned 22.9%. In the first six months of this year, the index reached 9.9%, as these funds again delivered outstanding results

Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

French asset manager raises more than EUR 2.3bn for SRT fund
Alternative asset manager AXA IM Alts revealed the final close of its latest SRT fund, Partner Capital Solutions 9 Fund

SRT market grows to EUR 18.5bn of junior tranches in 2023
Banks executed 89 synthetic securitizations for SRT globally in 2023, according to the IACPM’s latest synthetic securitization survey

Funds round up: May 2024
The demand for SRT strategies and special situations funds are on the uptick, as is the demand for managers and funds outside of North America. 

Chorus Capital raises funds for SRT strategy
Chorus Capital has raised approximately USD 481.8m for the Chorus Capital Credit Fund V, according to a 3 May SEC filing

Canadian hedge fund Polar closes SRT fund with USD 300m
Polar Asset Management Partners attracted USD 300m from investors as the Toronto-based hedge fund ramps up a dedicated fund for significant risk transfer, or SRT

CLO funds maintain strong start to 2024 to stay top year to date
The first quarter of 2024 has been a memorable one for CLO funds, as the category continues its dominant spell, claiming 7 of the top 10 spots in March

Funds round up: April 2024
Allocations to private credit and new fund launches continued to roll out in April, as our monthly round-up confirms

AXA wins USD 400m for SRT strategy from US pension fund
The growing global demand for SRT transactions was confirmed yesterday with an announcement from AXA IM Alts that it had been awarded a USD 400m investment mandate from a US pension fund

MGG raises more than USD 400m in first close of lower middle market fund
MGG Investment Group has filed the first close on its MGG Structured Solutions Fund II, offering capital solutions to non-sponsor backed companies

Cheyne returns to SRT market with eye-catching hire
Cheyne Capital has re-entered the significant/synthetic risk transfer (SRT) market, bringing on an industry veteran to act as portfolio manager

A strong year for CLO strategies
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did.

AB Carval joins 2024 pipeline
AB CarVal has foreshadowed its first deal of 2024 with the announcement of marketing materials for CarVal CLO IX-C, a USD 508.3m BSL CLO arranged by Deutsche Bank

Credit PMs remain gloomy in latest IACPM survey
Survey participants in the latest IACPM Credit Outlook Survey believe the euphoria seen in global financial markets during the last few months of 2023 was overdone

Credit PMs predict global recession
Respondents to the latest IACPM credit outlook survey were feeling particularly gloomy, with a strong majority predicting recessions in both the US and Europe next year

New IACPM survey points to a global recession
Respondents to the latest IACPM Credit Outlook Survey overwhelmingly expect global economies to fall into recession either later this year or sometime in 2024.

Credit Suisse slumps in bleak Monday, but high yield name sharply bucks trend
Financial markets are beginning the week on an uncertain footing, with anti-covid lockdown protests in China hitting commodity prices hard. But one European high yield company has bucked credit’s widening push with a massive rally

Telco bucks market trend with relief rally
United Group, the Balkan-focused, Netherlands-registered telecom group, rallied sharply in credit markets on Wednesday after the company addressed how it would meet approaching debt maturities