John Hancock and Marathon join forces on ABL fund with structured credit bucket
John Hancock Investment Management has teamed up with Marathon Asset Management for an asset-based lending fund, which can invest a portion of capital in liquid structured credit such as CLOs

Fund performance: Rocky May piles on the misery for credit hedge funds
Negative fund performance soared in May

Let's play the Great CLO B-wic Price Drop
When CLO liquidity is weak, sometimes you have to take matters into your own hands. That's what happened last week as part of a novel auction set up by a CLO investor

Sofr, so complicated
At Creditflux’s US CLO Summit debate centred on Libor and Sofr. Hot topics included tenors, Libor floors being out-of-the money and investors changing their views on spread adjustments

Market participants split over biggest risk to CLOs: Creditflux US CLO Summit
There are potential threats to the CLO market from all angles, but during a lively opening panel at Creditflux’s US CLO Summit on Tuesday – the first CLO conference to be held in New York since the pandemic – speakers responded to a poll showing 67% of audience members felt inflation/rising interest rates was the biggest hazard

Marathon changes pace with rival's head of US CLOs set to join
Marathon is bringing in a senior portfolio manager from another CLO issuer

Marathon promotes CLO specialist to managing director
Marathon Asset Management has a promoted CLO specialist to managing director, in a role which encompasses the management of all non-credit elements of the firm’s CLO business

Fund performance: Wasserstein's early 2021 performance drives it to the top
The final top 10 of 2021 featured a variety of funds as five different strategies were ranked among the best. US high yield was the most highly represented with two BlackRock funds and an Angel Oak in the top 10

Marathon sees value in Sofr CLO tranche over fixed-rate option
Marathon Asset Management stole a march on other CLO issuers by including a Sofr tranche as part of a new issue transaction on 10 November via Bank of America. Officials at the company say the Sofr tranche makes a compelling alternative to a fixed-rate tranche

Market ponders Sofr spread adjustment amid investor lag
The CLO market is waving goodbye to Libor as a benchmark rate and transitioning to alternatives for the first time in the history of the asset class. But there is no consensus as to what the Sofr spread adjustment should be, and some of the largest buyers are said to be slow to consider the impact of a benchmark transition

Sofr/Libor CLO basis rises to 20bp as Marathon prints double As with alternative benchmark
Bank of America has inked the second Sofr CLO tranche as part of a $429.6 million new issue deal for Marathon Asset Management

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

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

Four managers win lucrative $700 million credit mandate
A $39 billion pension has selected four managers for an opportunistic credit mandate and identified a further four ‘bench’ managers 

Marathon prints $407.2 million CLO via Citi
Marathon Asset Management teamed up with Citi on Tuesday to print a $407.2 million new issue CLO

Credit fundraising: January proves anything but dry for manager inflows
After a tough and unpredictable year, January may have been seen by many as an opportunity for a fresh start. But for seven managers it meant holding final closes on funds, while three undertook first closes and one a fund launch

AMMC and Marathon refinance CLOs due to leave reinvestment in April
Another $800 million of CLO refi paper has been absorbed by the market after American Money Management Corporation and Marathon Asset Management cut financing costs for CLOs set to leave reinvestment in April

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

Credit rally slows but structured finance funds gain
Corporate credit spreads levelled off in September, which means that 63% of funds in the Creditflux database have just a single quarter left to make it to positive returns for the calendar year.  

Fund performance: Structured finance finds its footing with credit rally
For the first time this year we have seen a structured finance fund take the top spot, as Serone Key Opportunities Fund leads a multitude of other funds in this category in the top 10 of our monthly fund rankings

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

Marathon prices first new issue CLO of 2020
Marathon Asset Management has completed its first new issue CLO of 2020

Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i