Former Sculptor CLO head joins King Street
Michael Lin has joined King Street Capital Management as head of CLO capital formation

News in brief
Top stories on creditflux.com: possible Palmer Square sale and Serone hires

King Street defeats Octagon in heated public dispute over CLO fund
More than two-thirds of shareholders in XA Investments' XFLT fund backed the board's recommendation to replace existing sub-adviser Octagon Credit Investors with King Street subsidiary Rockford Tower

XAI CLO fund shareholder meeting pushed back a week as Octagon denounces delay
A special shareholder meeting that was set to determine the future of Octagon Credit Investors as the sub-adviser to a CLO fund managed by XA Investments (XAI) has been deferred for a week, marking the latest bout in a highly public dispute

Octagon criticises ‘coercive’ use of sweeteners offered to CLO fund shareholders
Shareholders in the XFLT fund have been offered access to a series of tender offers if they vote to oust sub-adviser Octagon, a move described by Octagon as “coercive”

Glass Lewis backs board proposal to remove Octagon on disputed CLO fund
The proxy voting services company is recommending shareholders vote with the board of CLO fund XAI Floating Rate & Alternative Income Trust in replacing sub-advisor Octagon with King Street

Egan-Jones Ratings backs Octagon in CLO fund dispute
Independent proxy advisory firm Egan-Jones Ratings has recommended that XFLT shareholders vote against a proposal to replace Octagon as the CLO fund’s sub-adviser

Octagon accuses XFLT's board of misleading shareholders as row with CLO fund deepens
Octagon Credit Investors has accused the board of a CLO fund for which it is acting as a sub-adviser of misleading shareholders, as a highly public dispute between the credit investing firm and the fund's board continues to escalate

Octagon urges shareholders to vote against approval of new sub-advisor for disputed CLO fund
Octagon has further raised the stakes in its clash with XA Investments over its role as sub-adviser on a disputed CLO fund, having last week described various claims from the fund’s board as “increasingly desperate”

Octagon calls for board to be replaced in ongoing battle for CLO fund
Octagon Credit Investors has called for the board of a disputed CLO fund to be replaced, after the asset manager was blamed for the fund’s underperformance, an allegation Octagon rejects

New US CLOs emerge from Silver Point, Rockford Tower
Wells Fargo and Jefferies were the respective arrangers for Silver Point CLO 14 and Rockford Tower 2025-3

Three managers print new US BSL CLOs near market tights
New-issue US BSL CLOs deals from Rockford Tower, Golub and Octagon priced triple-A paper between four and eight basis points wide of the year-to-date tight

Rockford Tower refinances 2020-vintage BSL CLO less than a year after reset
Rockford Tower Capital Management has printed a USD 367.81m full refi of  a US BSL deal that the manager reset last February

Rockford Tower prices Euro and US resets on same day
King Street Capital Management affiliate Rockford Tower echoed KKR and Permira in pricing dual European and US CLOs at the end of last week

Rockford Tower and New York Life print new US CLOs
Rockford Tower and New York Life have both priced similar new BSL CLOs, with one arranged by Deutsche Bank, and the other by Morgan Stanley

Rockford Tower resets 2022 US CLO
Rockford Tower Capital Management has reset a US BSL CLO from 2022, knocking 91bps off the triple-A spread in the process

Rockford Tower prices its first new US issue of 2024
Rockford Tower 2024-1, the first new US BSL deal of 2024 from Rockford Tower Capital Management (King Street), was priced on Thursday

Rockford Tower resets 2020 vintage CLO
Rockford Tower Capital Management has become the latest manager to join the rapid ramp-up in primary market CLO activity over the last couple of weeks, with a reset of Rockford Tower CLO 2020-1

Citi prints new US CLO for Rockford Tower
Rockford Tower Capital Management priced its first new US CLO for 2023 on Thursday in a USD 397.55m deal arranged by Citi

BofA prices US CLO reset for Rockford Tower
Rockford Tower Capital Management joined the 2023 reset club this week in a USD 365m transaction arranged by Bank of America

Rockford Tower opts for unusual non-call duration in latest new CLO
Rockford Tower Capital Management priced a new CLO on Thursday, opting for an unconventional 1.5-year non-call period

CLO spreads widen as Rockford Tower's latest deal runs up 262.5bp funding costs
CLO spreads have continued to trend wider as Rockford Tower Capital Management priced a new deal with funding costs of 262.54 basis points in what appears to be the widest CLO liability spreads of the year to date

US CLO triple As end week at 154bp as Napier Park and Rockford Tower print deals
Napier Park Global and Rockford Tower Capital Management priced new CLOs on Friday, with each manager printing their triple A notes at 154 basis points over Sofr

Rockford Tower turns to CBOs in first deal of year
Rockford Tower Capital Management made the transition from regular-way CLOs into bond-heavy deals by pricing its debut transaction on Thursday

CLO pipeline: US manager base poised to hit 119 and Europe 57
The CLO market is open to newcomers as both the US and European are set to welcome first time CLO issuers – BlueBay Asset Management in the US and Acer Tree Investment Management in Europe