Syz hires former Brigade official as it pushes into litigation finance
Syz Capital has appointed a head of special situations and uncorrelated strategies, as part of the firm’s push into litigation finance

Dubai manager launches first dedicated financing fund
Shuaa Capital has launched its first fund dedicated to financing opportunities in the gulf region

Selecta splashes CLOs with bankruptcy credit event
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled

Tranche traders smell the coffee as Crossover default percolates
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32

IG tranches look 'boring' after distressed names ejected at roll
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers.

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

Ucits at a glance: Advent and Algebris edge towards double digit returns
Two managers stand out in the Ucits rankings as they close in on 10% YTD figures

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

SVP collects $1.65 billion for dislocation fund in four months
Strategic Value Partners has closed fundraising for its Strategic Value Dislocation Fund with around $1.65 billion in commitments

BlueBay hires former Marathon European CIO for special situations unit
BlueBay Asset Management has poached an official from Blantyre Capital to take on the newly created role

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

Bain prepares credit dislocation strategy
Bain Capital Credit looks set to raise a fund dedicated to opportunities arising from credit dislocation, just four months after collecting $3.2 billion for its latest distressed debt and special situations vehicle

Dealers cut Pizza Express final price to shape of pizza
An auction to settle Pizza Express CDS ended up paying out almost 100% to buyers of protection, with dealers driving the final price even lower than they had initially bid

Pizza Express auction leaves protection sellers with just pineapple
An auction to settle Pizza Express CDS looks set to leave protection sellers with little solace, after the first round of bidding indicated a high pay-out on contracts referencing the UK-based restaurant chain

Mediobanca's private markets division raises $120 million for third fund
Mediobanca’s private banking division and Russell Investments have held a $120 million final close on a third private markets fund

Europe/US high yield gap re-opens with roll, but raises fair value questions
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated

Seaport hires veteran for European loan trading push
Seaport Global, an investment bank focused on capital markets, has hired a leveraged finance veteran as a managing director in Emea loans trading

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

Pizza Express auction date set with two bonds on initial list
Pizza Express 2014-version CDS contracts will be settled at auction on 1 October, following the UK food retailer’s triggering of a failure-to-pay credit event this month

Arrow hits €1.5 billion third close on inaugural European NPL fund
Arrow Global Group has held a third close on its inaugural pan-European nonperforming loan fund

Apollo launches another hybrid debt-equity value fund
Apollo's hybrid value strategy has the ability to invest in both credit and equity, focusing on capital solutions, structured equity and non-control stressed and distressed investments.

Banks regain composure to lead rallying charge
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter

US investors piled into structured credit and private lending in 2019, Gapstow finds
US institutional investors' allocations to 'alternative credit' increased 12% year-over-year in 2019, according to research by fund of funds manager Gapstow Capital Partners

Sculptor promotes two after European credit head leaves for Pimco
Sculptor Capital Management has filled the void left by Mathieu Clavel, its former head of European and Asian corporate credit in Europe and Asia, by promoting two senior figures in its credit business