Silver Point hires experienced credit trader
Silver Point Capital has hired an official well-versed in CLOs 

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Investors turn to secondary market amid recession fear
CLOs and loans weathered a sudden sell-off in May as investors began to factor in a higher likeli-hood of recession

US managers open new CLO warehouses at rapid rate
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years

Past returns: Silvermine CLOs splash the cash
In Creditflux 10 years ago, we reported that three Silvermine Capital CLOs, which had built up $646.5 million of cash, had started buying loans again

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

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

Credit funds at a glance (June 2022)
A round up of fundraising and people moves in credit
 
   

Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday

Loan dip brings longest CLO primary pause since January
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week 

Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely 

Defaults should keep low despite looming recession, says TwentyFour
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management

Sound Point promotes duo to lead US CLOs as veteran PM steps down
Sound Point has allocated responsibility for the US loan and CLO platforms to the pair as lead portfolio managers

Think of the arb, say US CLO panelists after big loan drop
Far from being a cause for alarm, falling loan prices have brought a welcome opportunity in new CLO issuance for managers and investors, according to speakers at the Creditflux Symposium in London today

Macro woes have dented CLO and loan outlook: Barclays
Rising interest rates and elevated macro volatility have negatively impacted the performance outlook for both loans and CLOs, according to Barclays credit strategists

Loan buyers warned about rush of Sofr opt-in amendments
CLO managers must be mindful of loan amendments that facilitate a benchmark switch from Libor to Sofr, as they could find themselves buried in paperwork and locked into tight deadlines

Fund performance: Credit bounces back from February blues
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month

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

Credit funds at a glance (May 2022)
A round up of fundraising and people moves in credit
   

We’re drifting apart
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

Tech firm eyes data-driven approach to CLO management
As New York-based tech firm Exos prepares to launch what it calls “the first truly tech-enabled CLO”, the specialist leading its efforts says technology could soon play a central role in CLO portfolio optimisation