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August 2022 | Issue 248

Sayed Kadiri, Editor and Tanvi Gupta

Head of data journalism

News

Euro risk retention becomes must-have feature for US CLOs

News

Convertibles head for recovery after six months stuck in gridlock

CFOs stage comeback as fundraising tool for managers

News

Triple A CLOs discounted by 0.5 cents as spreads widen

Hugh Minch, Senior reporter

Sayed Kadiri, Editor

News

Investors disagree on impact of NAIC’s CLO modelling proposal

News

ECB acts on inflation but gas and other worries grow worse

Dan Alderson, Deputy editor

Read News in Brief

Top stories on creditflux.com: from a return to the market to a return to Citi

1 july

After time out, Messina joins Oaktree as managing director

Megan Messina has been appointed head of CLO capital markets at Oaktree Capital Management in New York, sources say. The former co-head of global structured products at Bank of America left Nuveen in late 2020.

During her time at Nuveen, Messina played a key role in launching Nuveen’s captive CLO equity fund

1 july

Jefferies raids Citi CLO team again

Citi’s Steven Tubb is tipped to join Jefferies as head of European CLO trading. Two years ago, Jefferies hired three senior members of Citi’s primary European CLO team.

5 july

CLO spreads are not pricing in recession

CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts.

7 july

RBC CLO structuring head set to return to old stomping ground

Royal Bank of Canada’s head of CLO structuring Alex Hu is poised to rejoin Citi in New York, a year after making the opposite move.

8 july

Sell-side CLO veterans flock to Blue Owl

Alex Zilberman (co-head of global structured credit, solutions and credit trading at Natixis) and Hao Jiang (head CLO structurer at Mizuho) have landed at Blue Owl. This comes a few months after it hired Barclays senior CLO structurer Diana Bergman.

11 july

BofA points out flaws in NAIC CLO proposal

BofA has flagged up how the NAIC’s CLO proposals fail to account for the way a CLO delevers. The insurance regulatory body has referred to a 6.618% “arbitrage” between loans and CLOs, but BofA says this reduces to 2.8% over time.

15 july

Special sits firm signals move into US CLOs

Warwick Capital has hired Leland Hart, BlackRock’s former US CLO head and a previous co-CIO at Alcentra.

12 july

Sculptor fills US CLO structuring vacancy

Sound Point’s Michael Lin joins as head of US CLO structuring and origination, filling a gap that opened after Peter Polanskyj left for Vida Capital in April.

15 july

Antares brings in PM to lead BSL CLO expansion

Antares has hired ICG’s head of US loans and high yield Seth Katzenstein for a move into large cap loans. ICG has replaced Katzenstein, with John Malcolm. He will serve as portfolio manager for US CLOs along with Peter Swanson.

19 july

Impact investor plans second CLO

Zurich-based ResponsAbility has received a $146 million commitment from the US’s International Development Finance Corporation.

21 july

US CLO manager earns $150 million seed capital

Sycamore Tree Capital Partners has secured $150 million for a leveraged loan and CLO fund.

22 july

US direct lender plots expansion into CLOs

MCCP Investment Partners is exploring a BSL CLO platform after hiring experienced CLO official Joe Nelson.