Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

ABS market holds strong as talf date approaches
The US Federal Reserve announced last week that the term ABS loan facility's first subscription date for loans backed by eligible asset-backed securities (ABS) will be 17 June, but before the Fed has even spent a dollar, talf has already been a success, says Tom Sweeney, co-head of structured credit finance at DWS Asset Management.

Nuveen targets $500 million for 'pure play' talf fund
Nuveen is aiming to raise up to $500 million for a 'pure play' term asset backed loan strategy, Creditflux understands

Listed CLO fund rebounds in April with 5.7% gain
US and European CLO equity tranches brought in gains of 10% in April for the fund, US CLO debt 12.1%, ABS 0.6% and bank balance sheet transactions 0.3%

CLO market welcomes 'favourable and surprising' revisions to talf, but issues remain
CLO participants are welcoming the 'many favourable and even pleasantly surprising' revisions to the term asset backed lending facility announced by the US Federal Reserve today to address previous concerns. This could help reignite the market, but some issues were not addressed

Where are the gloating I-told-you-so columnists who claimed CLOs would bring global destruction?
We have seen a measured response to the coronavirus crisis: fund managers aren’t collapsing and investors are not shunning CLOs

The CMBS talf proposal is simple and effective. A similar approach for CLOs would be welcomed
It’s great that government is trying to boost securitisations, but they’re missing the mark for CLOs

Prophet closing hedge fund due to weak CLO liquidity
Prophet Capital is winding down its $500 million-plus CLO and structured credit hedge fund. The firm cites poor liquidity and uncertain valuations as the biggest factors behind its decision

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

Credit funds at a glance (May 2020)
A round-up of fundraising and people moves

OFS and CIM team up for fund geared towards loans, CLOs and real assets
Credit-related investments in the new interval fund will include floating and fixed rate loans, broadly syndicated senior secured corporate loans, CLO debt and equity tranches and opportunistic credit 

Former Redding Ridge business development head lands at CLO issuer
The former head of business development at Redding Ridge Asset Management has joined a firm which specialises in CLOs and structured credit

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Fed to publish information on borrowers making use of the talf programme
The US Federal Reserve will disclose information about borrowers making use of its emergency facilities

US pension gains 6.5% in three days after putting $350 million into credit
Marathon, Waterfall, ArrowMark and Columbia were allocated $350 million from a US pension for structured credit, Talf and high yield mandates

Global Atlantic appoints head of credit after hiring from hedge fund manager
Global Atlantic has filled the void in its credit investment division

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

Senior CLO investment officials leaves GSO for Kennedy Lewis
CLO tranche investor Dik Blewitt has parted ways with GSO Capital Partners, landing a job as partner and 'head of tactical opportunities' at Kennedy Lewis Investment Management

Former JP Morgan credit prop trader relaunches credit hedge fund
Palm Lane Partners is relaunching – two years after the credit hedge fund manager looked to spin out of JP Morgan Asset Management

Axa IM cancels Volta dividend due to CLO equity cash flow uncertainty
Axa Investment Managers has has cancelled the 28 April dividend payment to investors in its listed credit fund Volta Finance “in light of the ongoing uncertainty caused by the covid-19 pandemic"

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

Credit funds at a glance

A round-up of fundraising and people moves in credit