Opinion
August 2020 | Issue 226
Past returns
Not quite hitting the ceiling
In
Creditflux
five years ago, we reported that Credit Suisse Asset Management had embedded a Libor cap in the sterling-denominated debt issued by Cadogan Square CLO VI, a multi-currency European deal.
The ceiling, however, never came into play, with the deal resetting in July 2017, at which point it turned into a euro-only CLO.
The CLO has since been renamed Madison Park Euro Funding VI.
Points up front
Junior infrastructure debt or Julie for short
The most popular names of 2020 are Julia or Julie. No, we’re not talking about baby names, we’re referring to credit portfolios. Last month Schroders launched an infrastructure debt fund which it christened Schroder Euro Enhanced Infrastructure Debt Fund II, but in its press release the firm said you can call it ‘Julie’ for short.
We asked about the origins of that name and it turns out it has nothing to do with the partner of comedy character Ali G (his Julie), because, obviously, Julie is a contraction of ‘junior infrastructure debt’.
Bain has given a similar name to its new NPL portfolio: ‘Julia Portfolio Services’. A source told
Creditflux
that the ‘Julia’ in the name is related to an ancient Roman street located in Aquileia, Italy (‘via Julia Augusta’), which used to connect Aquileia to northern Europe — and Aquileia is the name of Bain’s Italian NPL unit, and so, similarly, Julia is about having a strong connection to a local network.
As Ali G says: “Maximum respek.”
Ali G: ‘You say tomato, I say potato’. Now he might ask: ‘How is you spelling Julie?’
Introducing Downton Flux
During last month’s broadcast of the
Creditflux
Manager of the Year, we were inundated with messages of congratulations for the award winners via a live feed.
Our personal favourite was anonymous: “Kudos to
Creditflux
for a fun event. Your broadcast has displaced Downton Abbey as my favourite British broadcast!!!” And there we were thinking our show was high tech and forward looking.
THEY SAID IT
“Imagine a garden party and all of a sudden a big wasp shows up”
On
Creditflux
’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party. “Everyone is panicking that the wasp is going to sting me and I need to run away from it. But there was only one gate for people in the party to run away.”
Global credit funds & CLO's
August 2020
| Issue 226
Published in London & New York.
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