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July 2023 | Issue 256

Hugh Minch, Senior reporter

News

Loan market says goodbye to Libor in legacy contracts

News

Large LPs turn to net asset value tools to finance private equity portfolios

June loan rally signals asset class could see outsized returns as rates stay high

News

Bond-backed buyouts balloon as loan yields hit astronomical levels

Ben Watson, Head of LCM insights, Debtwire

Read News in Brief

Top stories on creditflux.com: from captive funds to ‘lender-on-lender violence’

5 june

Former Oxford Funds CLO tranche head joins Irradiant

Irradiant Partners has made a big-name hire to lead its CLO tranche investing team. Debdeep Maji, former senior managing director and portfolio manager responsible for CLO equity and mezz investing at Oxford Funds, has joined the firm.

Debdeep Maji: joins Patrick White and Joe Geyer on the Irradiant structured credit investment team

2 june

US manager launches second captive CLO equity fund

Nuveen launched its second CLO captive equity fund, Nuveen CLO Issuance Fund II, as panellists at a LSTA and DealCatalyst conference highlighted that the proportion of CLO managers buying their own equity has risen to 70% this year.

9 june

Canadian bank CIBC adds to CLO syndicate team with Natixis hire

CIBC continued to build out its CLO team with a new hire from Natixis, Genevieve Hagedorn. Hagedorn resigned from her role on the structured product syndicate at Natixis ahead of a move to the Canadian bank.

12 june

Morgan Stanley snags Credit Suisse structuring veteran

Morgan Stanley hired structured credit veteran Arun Cronin from Credit Suisse. Cronin will be a managing director in the London office of Morgan Stanley, running its corporate credit financing business in Europe.

12 june

Scotiabank hires former Euro CLO and ABS syndication head from Deutsche Bank

Scotiabank hired Jonathan McCormick as a director for securitised products sales in Dublin, its first CLO specialist based in Europe, as the Canadian institution signalled ambitions across the Atlantic.

12 june

Do amend and extends now before big chunk of CLOs exit reinvestment, says BofA

Research analysts at Bank of America are recommending CLO managers complete amend and extend activity before a wave of transactions exit their reinvestment periods later in the year.

14 june

‘Lender-on-lender violence’ increasing as defaults tick up

CLO managers are seeing an increase in aggressive lending practices from rivals as the long-anticipated rise in loan defaults begins to materialise, according to panellists at Debtwire’s US Private Credit Forum in New York.

13 june

BMO hires ex-Deutsche Bank CLO structurer

BMO Capital Markets hired Matt Wiesner to lead its structured credit origination business in North America. Wiesner has been tasked with providing financing for private credit lenders, as well as structuring syndicated and middle market corporate loans.

15 june

Jump in loan prices sees CLO primary stall in the US

US CLO primary supply almost ground to a halt in June, with just three transactions printing in the first half of the month. The two broadly syndicated loan-backed deals and one middle market transaction amount to just $1.27 billion.

23 june

MUFG names new head of CLOs as Khan leaves to join Natixis

Following MUFG’s head of structured products Asif Khan leaving the bank to join Natixis in New York, MUFG promoted Konstantin Kulev, previously its lead CLO structurer, to head of CLOs.

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Global credit funds & CLO's

July 2023 | Issue 256

Published in London & New York.