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

Fund performance: A third of funds reach positive territory in 2020
August has been another successful month for the CLO category as seven of the top 10 funds invest primarily in CLOs

Credit fundraising: managers build homes for real estate credit funds
The “largest ever real estate credit fund” was one of the fundraising highlights last month as Blackstone’s Real Estate Debt Strategies IV fund reached $8 billion on its final close

Voya loan co-head Norman set to retire
Dan Norman is set to leave Voya Investment Management, where he co-heads the senior loan team, at the end of the year

CLO and loan trading head moves to development finance job
Mediobanca's loan and CLO trading head has moved to CDC Group, a development finance business owned by the UK government

CLOs hold €250 million of defaulted French events organiser Comexposium
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Barings and PGIM win loan and structured credit mandates as pension puts £2.7bn in credit
The firms will manage global syndicated loans, securitised credit, emerging market debt and global high yield credit for Border to Coast Pension Partnership's £2.7 billion ($3.43 billion) multi-asset credit fund 

Blackstone reveals CLO originator NAV was understated for four months
Blackstone says the net asset value of class A units in its privately-offered CLO originator were understated between 31 March and 30 June

Head of loan and CLO trading leaves Mediobanca
Mediobanca’s head of loan and CLO trading has parted ways with the bank

Nassau confirms launch of European loan and CLO platform
Nassau Corporate Credit has launched a European loan and CLO platform with the $3.1 billion asset manager establishing a London office

Hayfin hires former Barings official to new head of fund finance role
 The new job reflects the growing number of financings Hayfin handles, sources say

They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
Blockchain might not eradicate all problems in credit, but it should reduce human error

Ticked off: European loan docs turn aggressive
Documentation for European loans tightened in the immediate aftermath of the March sell-off, with lender-friendly terms around additional debt baskets, dividend levels and acquisition thresholds. But aggressive terms are creeping back into the market

Alcentra appoints DeSimone as CEO
Alcentra has appointed Johnathan DeSimone as chief executive officer following David Forbes-Nixon’s decision to step down and take an investment role at the firm

Dislocation and costly payment debacle highlight loan tech lag
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements

Credit hedge funds (September 2020)
Monthly credit hedge fund tables

Ucits at a glance: Five funds lift YTD returns above 5%
Five funds have managed to pull their year to date figures above 5%; Loomis Sayles (7.50%), Algebris (5.82%), Pictet (5.53%), Amundi (5.36%) and Advent (5.11%)

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

Fund performance: Almost a third of credit funds reach positive YTD returns
July has been a successful month for many credit funds, despite the recovery peaking in May and June

CLO funds top rankings, but still have ground to make up
CLOs may have taken a hammering in March but, for the fourth consecutive month, funds that invest in these assets dominate our ranking of the top performing credit funds

Points up front: How much do I owe you?
Payment systems in the credit industry had a bad August

European CLO portfolio overlap increases by 3%: S&P
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P

Credit fundraising: distressed keeps in favour but CLO ETFs emerge
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies

Barclays increases European loan and CLO issuance forecasts
Barclays has increased its European leveraged loans issuance expectations due to “better than expected recovery in issuance from M&A and LBO activity”, while its European CLO 2020 issuance forecast increased to  €15 billion-€18 billion, up from a previous estimate of €12-15 billion