Talk turns towards five-year deals as bespokes flourish
There is growing appetite for longer-dated synthetic CDOs as credit curves steepen and competition among dealers steps up, but short mezz positions have also been working

There are no perfect hedges for CLOs
As the CLO market gets hotter and hotter, investors are seeking hedges against the inevitable downturn. But although there are a wide range of options, there is no consensus on which is best
 

Points up front: Catholic taste does not include credit derivatives
Is the pope a credit picker? It appears as though he is 

Experienced CSAM holds off boutiques to win biggest prize
Credit Suisse Asset Management became a two-time winner of the Creditflux Manager of the Year award last month after picking up the 2018 trophy in front of a packed house at London’s Landmark Hotel on 9 May

Hermes launches £185 million unconstrained credit fund
London-based Hermes Investment Management has launched a new Ucits-compliant unconstrained credit fund - which will include pricing ESG risks

Credit Agricole hires head of US credit trading and head of ABS syndicate
Credit Agricole has strengthened its US credit platform by hiring Anatoly Nakum as head of credit trading for the Americas, and Beth Starr as head of ABS syndicate for the same region

Destra and BlueBay team up to launch credit interval fund
Destra has become the latest manager to launch an interval fund - Destra International & Event-Driven Credit Fund - which will focus on two strategies: multi-strategy international credit  and event driven credit. 

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

JP Morgan keeps up synthetic CDO momentum
Sources say that JP Morgan priced a $500 million synthetic CDO last month, underlining its position as one of the key deal arrangers in this market

Points up front: traders are dedicated, no matter how hot it gets
When a fire alarm goes off, you should make your way to the nearest exit: unless you’re a trader

Tracking down the credit industry’s original winners
All winning managers at the first Creditflux awards survived the crisis, under their own names – like BlackRock – or under new owners. But what happened to the people who collected the trophies?
 

Former GSO distressed specialist to launch European credit fund - report
Bloomberg reports that Akshay Shah, a former senior managing director at GSO Capital Partners, has launched his own fund management business known as Kyma Capital in London

79% of credit managers expect US high yield to widen, survey reveals
The International Association of Credit Portfolio Managers (IACPM) has revealed the results for its latest IACPM Credit Outlook Survey – and the outlook appears to be bleak

Join the debate: most memorable moment in credit
At Creditflux we’ve now produced 200 monthly magazines since Fishknife first came up with the idea of tracking the global credit markets in 2001). We asked several key credit industry officials about their most memorable moment in credit

Dedication pays off in risk sharing
Fund managers are pitching dedicated CRT funds to institutional investors as market hits €75 billion in 2017 and US banks start to take notice. By Sayed Kadiri

Staying afloat in credit takes care and character
In his final article, our columnist sheds light on his identity and has some 'nice' advice for those navigating credit’s changeable oceans

Anchorage wins $75 million ticket for global credit fund
A US pension fund has approved an investment in the upcoming Anchorage credit fund

Strengthen CDS definitions to stop engineered defaults, say lawyers
The likelihood of stamping out manipulation in the credit default swaps market – namely the practice of staging credit events – is remote, say market sources

Past returns: Europe's own risk retention rewrite
Five years ago we reported that European CLO managers were hunting for partners to retain risk retention on their behalf. Shortly after, regulators performed a U-turn (nothing new here) and decided to prohibit third parties from acting as risk retainers

Cheyne generates double-digit returns for hedge funds
Cheyne Capital has delivered with two credit hedge funds that have reached their maturity

Capital Four fund soft closes at €350 million
Copenhagen-based Capital Four Invest has recommended a soft close for its Luxembourg-domiciled Credit Opportunities Fund following its growth to €350 million

Synthetic CDOs seek to follow CLOs
Growing issuance, interest in longer maturities and the emergence of a secondary market are encouraging dealers to believe that bespokes are on the road to acceptance. By Sayed Kadiri

Blackstone's GSO launches second credit alpha fund
GSO Capital Partners has launched its second Credit Alpha Fund, US SEC filings indicate

CLO equity and mezzanine fund liquidates two years before reinvestment period
BK Opportunities Fund-2 has liquidated two years before the end of its reinvestment period with annualised net return since inception at 12.4%, Creditflux has learned

HSBC announces $550 million second close for diversified loan fund
HSBC Alternative Investments has announced the second close of its diversified loan fund, which will combine both loan investing and direct lending