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Global credit funds & CLO's
February 2023 | Issue 252
Published in London & New York.
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Opinion
February 2023 | Issue 252
Past returns
Persistence pays off for Western
In Creditflux five years ago, we reported Western Alliance Capital Advisors was planning on moving into CLO management, going as far as hiring Jefferies to price its debut US deal. But that deal failed to materialise.
Still, it did not stop Western Alliance from getting into CLOs by other means. In 2021 the bank, headquartered in Phoenix, started buying US CLO tranches for the first time and was attracted to double A and single A rating bands.
At the end of 2022, Creditflux reported that Western Alliance had created a CLO and loan trustee business, which is due to go live in the early part of 2023.
Points up front
CLO PM to cheese-maker? You cheddar believe it
Hear the phrase “it’s close to maturity” and CLO investors might be put off by a bond that’s seen better days. But for long-time CLO buyer Francois Morin, maturity is a quality not to be sniffed at — because following 22 years in finance he is leaving Amundi and retraining as a cheese fellow in Capbreton, France.
After a career where he has worked at Natixis Asset Management (CLO fund PM), Natixis (head of CLO/ABS trading in Europe) and Amundi (senior PM), it would be easy to label Morin a big cheese. But he’s far too mild-mannered to admit that.
In a farewell post on LinkedIn he says: “I am now retraining as a cheese fellow. Because sweet dreams are made of cheese.” Gouda luck, Francois!
Morin: an Edam good CLO investor, but now indulging in his passion for cheese
IG liquidity never tasted so good – cheers everyone!
If you’re an investment grade credit buyer then high-quality liquid assets are the name of the game, including whiskey.
Invesco’s head of IG Matt Brill posted on social media that his PM Jacob Habibi was able to procure whiskey for distillery High West. He said it was not available for sale, but welcomed friends to sample the nectar if they were in the Atlanta area.
We’re sure the diligent folks in IG will be more than happy to check the credit- worthiness of this tipple.
THEY SAID IT
“He is one of the best – at CLOs and poker”
A structured credit investor absorbs the news that Debdeep Maji has left Oxford Funds (see Creditflux, 4 January). He tells us that not only was Maji a skilled CLO fund manager, but also a renowned poker player.