Credit funds at a glance

A round-up of fundraising and people moves in credit

Ucits at a glance: Long-short approach lifts Pictet to the top

Fund perfomance: Slowdown for some as pandemic takes hold

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

Dispersion tests hedge fund managers

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance: CLO funds pick up where they left off
A round-up of fund performance

Ucits at a glance: Ucits start year on high note
A round-up of ucits fund performance

Pretium buys Latigo to boost distressed capabilities
Pretium Partners has bought the investment management business of New York-based Latigo Partners, in a bid to expand the firm’s distressed debt and event-driven credit capabilities. Terms of the transaction were not disclosed

VIP Cinema makes uncomfortable viewing for CLOs as it's reeled into Chapter 11
CLOs hold $52.9 million of debt in seatmaker VIP Cinema Holdings, which has filed for Chapter 11 bankruptcy protection in the District of Delaware

CLOs feel flat after housing $335 million of bankrupt RentPath
CLOs house $334.5 million of the debt of RentPath Holdings, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware on Wednesday

Beneath the triple C: $1 billion of CLO credits take a dive
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi.

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Fund performance: Presents under the tree as CLO funds perform

Ucits at a glance: Ucits end strong year on a high

Credit funds at a glance

McDermott slips into bankruptcy with CLOs holding almost $1 billion
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement 

EQT undertakes strategic review of credit business
EQT has announced a review of its credit business with the firm appointing JP Morgan to evaluate its 'strategic options', according to the firm’s Q4 2019 report

We need to talk about high triple C/bond-heavy CLOs
It’s tranched, has exposure to corporate credit and looks and behaves a lot like a CLO – only it’s slightly different. There is so much variety in the CLO market that the industry is faced with a dicey problem: how do we differentiate between the different flavours of CLOs?

Highland Capital Management LP working to remove founder Dondero
Highland Capital Management LP is working with the unsecured creditors committee on a new management team while the US trustee demands an independent trustee to oversee the bankruptcy

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

Ucits at a glance: Ucits continue to chart a steady course

CLOs at a glance: innovations arrive as year draws to close