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April 2022 | Issue 244

Sayed Kadiri

Editor

News

Attack-minded CLO managers capitalise on bearish outlook

News

CLO ETF crowd grows as Janus Henderson ETF passes $1bn

Michelle D’souza,

Reporter

Cooper.Shawn.Orchard.US-CLO-Summit-Nov-2019.jpg

Sayed Kadiri

Editor and Michelle D’souza, Reporter

News

Appetite for CLO warehouse investing increases in Europe

News

US loans recover but CLOs lag and issuance stutters

Hugh Minch, Reporter

Michelle D’souza, Reporter

News

European CLO pipeline thins as investors wait for stability

News

Credit investors eye synthetic tranches as dispersion rises

Dan Alderson, Deputy editor

Read News in Brief

Top stories on creditflux.com: from CLO acquisitions to managers swapping seats

15 march

CBAM swallowed: Carlyle buys firm with unique CLO recipe

Carlyle agrees to buy CBAM for roughly $787 million. CBAM grew swiftly before its CLO business plateaued as it moved into private credit. Distinguishing features included a penchant for $1 billion CLOs and 50bp manager fees.

CBAM was founded in 2016 by Mike Damaso, Don Young (pictured) and Jay Garrett, with support from Eldridge

1 march

BNP Paribas AM disputes US CLO ‘default’

BNP Paribas Asset Management says the downgrade to D, by S&P Global, of debt tranches in BNPP IP CLO 2014-1, should not have happened owing to an agreement with debt holders.

1 march

Pemberton hires European CLO veteran

Rob Reynolds joins Pemberton to launch a CLO business in London.

10 march

Signal hires ex-BlueBay official to build CLO unit

Another new European CLO manager emerges as Rajat Mittal lands at Signal.

10 march

Highland turnaround is completed as Daugherty takes control of affiliates

Patrick Daugherty is rejoining Highland. The move ends a decade-long dispute stemming from disagreements with former Highland chief James Dondero.

16 march

Jefferies official lands at Bain as head structurer

Bain Capital Credit has hired CLO specialist David Schiffmann as head structurer.

17 march

Managers link up as AB agrees to buy CarVal

The first of the month’s mega mergers takes place. CarVal’s CLO business will retain independence from AB’s CLO unit.

16 march

Barrow Hanley prepares to issue first US CLO

Barrow Hanley mandates Goldman Sachs for its CLO debut.

22 march

CLO prices drop as secondary volumes surge

CLO spreads have underperformed liquid credit instruments after $2.3 billion of paper hit the secondary US CLO market.

25 march

Three US CLOs join list of deals to default

Debt tranches in Blue Ridge CLO II, GLG Ore Hill 2013-1 and OFSI Fund VI follow BNP IP CLO 2014-1 in having debt downgraded to D by S&P.

29 march

US manager hires Invesco CLO PM as it rebuilds

The CLO PM merry-go-round gets going as MidOcean Credit Partners hires Joe Rotondo.

30 march

Rival’s head of US CLOs set to join Marathon

Marathon Asset Management gets in on the act, hiring Karen Lau from Onex.

30 march

First Eagle swoops for Napier Park

But Napier Park retains autonomy after it is purchased.

31 march

Ex Mid-Ocean portfolio manager to join Onex

Onex plugs the gap left by Karen Lau’s move by drafting in Adrienne Dale-Burns, who had earlier left MidOcean.

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Global credit funds & CLO's

April 2022 | Issue 244

Published in London & New York.