Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

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

   

Credit hedge funds (October 2022)
Credit hedge fund returns

   

Franklin Templeton and Benefit Street launch credit interval fund
The pair have launched a multi-strategy credit interval fund named Franklin BSP Private Credit Fund, which will invest across US private credit

LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end

AnaCap's credit team spins out to form Veld
Veld, Veld, Veld. If it isn't AnaCap's former credit business

Ukraine auction settles CDS below expected recovery
An auction to settle sovereign CDS contracts referencing Ukraine produced a final price slightly below expectations, despite net buying demand for bonds to physically settle contracts

GoldenTree hits $3bn hard cap on distressed debt fund
GoldenTree Asset Management says it has closed its latest distressed debt fund, Distressed Fund IV, at its $3 billion hard cap

Ukraine auction looks set to avoid Russia-style bond squeeze
An auction to settle sovereign CDS contracts referencing Ukraine looks set to produce a final price much more in line with bond trading levels than the result earlier this month for Russian Federation contracts

Nerves of steel needed for CLOs as Phoenix Services files for chapter 11
CLOs hold $341.54 million of steel service provider Phoenix Services Topco which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware yesterday

Nomura readies multi-strat credit interval fund launch
Nomura Private Capital is readying the launch of a new, closed-ended interval fund which will invest across the credit spectrum - including bonds, loans, CLOs, distressed debt emerging market debt

Anchorage holds first close on credit opportunities fund
Anchorage Capital has held a first close on its latest credit opportunities fund, Anchorage Credit Opportunities Fund VIII

Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C.  

Cineworld buys ticket for DIP facility with chapter 11 filing
Cineworld filed for Chapter 11 in the US Bankruptcy Court For The Southern District Of Texas on Wednesday, less than a month after the UK-based cinema operator announced Chapter 11 was among the options it was considering to “achieve its restructuring objectives”

Arcmont raises €800 million for first capital solutions offering
Arcmont Asset Management has raised €800 million for its first capital solutions fund (including associated vehicles)

LP round up: Magnetar and Värde among winners as $3 billion flows to credit
Institutional investors allocated at least $3 billion to credit funds in August

Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction

Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
CLOs hold $596 million debt of  lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday

CLO x-rays reveal chapter 11-diagnosed borrower
18 CLO managers hold $380.2 million debt of medical imaging and non-destructive testing product provider Carestream Health, which on Tuesday filed for chapter 11 bankruptcy protection in the US Court for the District of Delaware. The firm entered into a restructuring support agreement to slash its debt by around $470 million

CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default

Russia credit event auction starts to firm up as DC mulls settlement options
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion

Ukraine triggers restructuring credit event
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled

Powerlong CDS contracts must be physically settled, says DC
As with other Chinese real estate defaults this year, holders of CDS protection on Powerlong Real Estate Holdings will have to physically settle contracts, after the Credit Derivatives Determinations Committee said no auction is needed

Chinese real estate hit for six as Powerlong triggers credit event
Powerlong Real Estate Holdings has triggered a credit event, the Credit Derivatives Determinations Committee has ruled – taking the stack of Chinese housing sector contract defaults to six since December

Ukraine credit event question accepted by DC
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments