August 2022

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Global credit funds & CLO's

August 2022 | Issue 248

Published in London & New York.

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August 2022 | Issue 248

Creditflux

Global credit funds & CLOs

Discover the issue

Euro risk retention becomes must-have feature for US CLOs

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We can cope with downgrades again

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Select funds shine in dreary June for credit hedge funds

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CFOs stage comeback as fundraising tool for managers

Short memories forget how rampant anti-EU sentiment was before Mario Draghi became Italy’s prime minister

2,636 days

The length of time three-month Euribor was negative before 14 July

295.5 bp

The funding costs on CSAM’s Madison Park LXII US CLO on 15 July

563.3 bp

The print on iTraxx Crossover on 27 July as it moves wide of CDX HY

92 %

The proportion of credit hedge funds that posted negative returns in June

THEY SAID IT

“Smart investors know the worth of their order”

A CLO capital markets specialist says CLO mezz investors are putting a 24-hour expiry on bids in primary.

“Having every transaction OID puts pressure on the cap stack”

Sancus’s Chernova on how discounted CLO debt tranches could squeeze equity returns.

“A model-based methodology for CLO capital charges is reasonable”

Metlife’s Paez says there is some merit to the NAIC’s plan to model CLOs.

“Very few credit hedge funds are using derivatives the way our team does”

LMCG’s Premock on how his fund defied the slump

“That trade never lasts”

Churchill’s Schwimmer says broadly syndicated and mid-market loan spreads are destined to deviate again.