CFOs stage comeback as fundraising tool for managers
Collateralised fund obligations are coming back into fashion, with Churchill Asset Management the latest firm to launch such an offering after announcing a $700 million deal last month.

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

SocGen promotes credit head in New York
Societe Generale has appointed a 20-year veteran of the bank to head of fixed income for the Americas

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

"The shutdown of economies in the pandemic showed it’s better to suffer up front"
Rather than prolong the agony, central banks would be better off bunching their planned rate hikes into one    

Points up front: Making a meal of the arb
Credit market participants are always looking at the best arbitrage opportunity and right now that seems to be at McDonald’s

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

CLO managers in the mix for first US credit event auction since 2020
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently

"It’ll take something special to drag my attention away from Depp/Heard, but Jerome Powell could just do it"
It’s not easy letting go of the past, but May heralds the start of something new in credit

Muzinich targets high income with new flexible credit fund
Muzinich & Co has launched Muzinich Dynamic Credit Income Fund, which it says is “designed for investors seeking outperformance in rising credit markets without taking excessive risks”

Credit hedge funds (May 2022)
Credit hedge fund returns  

Ucits at a glance: Robus stands tall among Ucits funds
27% of Ucits funds had positive returns in March, a slight improvement from 10% in February

Dispersion begets dispersion in mixed bag of fund returns
Idiosyncratic risks are set to rise in credit, with fund managers becoming occupied with tail risks, and that has been seen in a scattered set of March hedge fund returns

Points up front: "It’s all me, me, me"
A study last month by the University of Marburg found that narcissistic fund managers are up to 34% more likely to deviate from their advertised investment style, and they tend to underperform non-narcissists.

SEC's CDS proposals could impede market rather than help it: Barclays
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday

Credit hedge funds (April 2022)
Credit hedge fund returns

Ucits at a glance: Long-short funds provide resistance in tough month
In February, Ucits funds followed market sentiment as 90% made negative returns

"The loan market is the septic tank for sub-single B LBO financing"
Portfolios of single name IG CDS are less complex and more liquid than CLOs

GoldenTree sprouts up in North Carolina
GoldenTree Asset Management has opened a new office in Charlotte

Ucits at a glance: 2022 opens shakily but with a familiar lead
Ucits funds moved slowly into 2022 as 59% made negative returns in January

Credit hedge funds (March 2022)
Credit hedge fund returns

Infrastructure manager targets €1 billion for eclectic mix of project finance debt and SRTs
A Copenhagen-based firm is launching its first credit fund and has partnered with an SRT specialist in London for a component of its potential €1 billion offering