CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

Sculptor chisels fixed rate tranches into CLO with reset
Sculptor has reset a US CLO it signed in 2017, cutting the size of the overall debt stack but adding fixed rate tranches

TwentyFour names new CEO as Holman steps down
Mark Holman, who has been TwentyFour Asset Management’s chief executive officer since the firm's launch, will step down from the position in January with another founding partner named as his successor

Muzinich adds UK and Ireland institutional sales head
Muzinich & Co has hired a head institutional sales for the UK and Ireland

AlbaCore raises CLO head to partner in raft of promotions
AlbaCore Capital Group has promoted its top CLO specialist to partner and portfolio manager

Goldman hires veteran CLO structurer to boost US business
Goldman Sachs has hired a well known CLO structurer to its operations in New York

Pemberton lands big name structured credit specialist as it drives into SRTs
Pemberton has hired a senior banking figure well known to the structured credit market to oversee a risk sharing strategy at the firm

CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion

Brigade bolsters 2019 US CLO with refi
Brigade Capital Management has refinanced debt tranches of a US CLO it signed in 2019, tightening the capital stack

Ex-Citi structured products co-head launches crypto investment firm
Citi's former structured products trading co-head has launched a venture investment firm for crypto companies, digital assets and blockchain protocols with an inaugural $1.5 billion multi-strategy venture

Loans will be winners in bearish year for credit: BNP Paribas
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

Anchorage closes in on US CLO top 10 with bond-flex issue
The contest between managers for US CLO new issuance league table standing this year has tightened, with Anchorage Capital bringing a bond-flex deal that moves it closer to 10th placed Neuberger Berman

CLO issuance set for big slump as managers relax on Sofr: JP Morgan
CLO new issue supply will likely decline sharply from this month to next, with the rush to complete deals ahead of the transition to Sofr base rates having added to November's historical heavy weighting over December, say JP Morgan structured credit strategists

Fidelity rocks personal records with tightly priced US CLO
Fidelity has signed its biggest ever new US CLO and priced triple As at the tighter end of the marke

Morgan Stanley EV resets post-Assurant CLO with tighter stack
Morgan Stanley Eaton Vance CLO Manager has completed a $416 million CLO reset, its second in under a month

CLO resets drive equity returns to highest in five years: JP Morgan
Equity investors in US CLOs are earning, on average, the biggest returns of the past five years, finds JP Morgan – with deals reset this year having done most to raise the numbers

Citi's former correlation trading star takes on new risk head role
Citi's former head of credit correlation trading has taken on a new role in the bank, becoming head of in-business market risk for global markets

Credit Fundraising: Private credit and CLO captive equity feature strongly as closes mount up
Credit funds have made a fair start to the fourth quarter, although the $21 billion raised during October is down substantially on September’s impressive record for 2021

Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait

Fund performance: Dominant CLO funds look to end the year with 20%-plus gains
Once again the Creditflux hedge fund top 10 is dominated by CLO funds, with seven funds among the best performers in September.

Credit hedge funds (November 2021)
Credit hedge fund returns

Credit funds at a glance (November 2021)
A round up of fundraising and people moves in credit

Axa IM launches multi-strat fund for pensions
Axa Investment Managers’ ‘alternatives’ business has launched an open-ended strategy for pension funds

Vibrant follows CLO investments hire with new addition in business development
Vibrant Capital Partners has hired Zachary Radler as a director in its business development team for North America