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May 2023 | Issue 254

Charlie Dinning, Data journalist

News

Loan recoveries slump as investors bank on rebound

News

Stress ticks up in CLOs as downgrades take triple C loans to over 5% of market

Hugh Minch,

Senior reporter

Michelle D’souza, Senior reporter

News

AlbaCore prepares investment grade and opportunistic CLO strategies with European focus

News

Up-tick in M&A signals return of European loan issuance in H2

Michelle D’souza, Senior reporter

Read News in Brief

Top stories on creditflux.com: from an Assured thing to Serone’s CLO ambitions

5 april

Assured acquired by Sound Point as affiliates invest $1bn

Creditflux called this three months ago: Sound Point strikes a deal to acquire most of Assured Investment Management. Meanwhile, Assured’s affiliates invest $1 billion in Sound Point strategies and parent Assured Guaranty takes a 30% stake.

Sound Point founder Steve Ketchum launched the business in 2008. It is poised to become the fifth-largest CLO manager globally after the Assured deal.

3 april

CLO head set to leave Morgan Stanley EV

Michael Kinahan, head of structured products at Morgan Stanley Eaton Vance, is set to retire from the firm at the end of this year. Edward Greenaway, Steve Sebo and Kathryn Thompson White will pick up the mantle.

5 april

Canada Life hires well-known CLO specialist

Canada Life has hired Miroslav Visic as a director in global assets structuring. New York-based Visic will focus on CLOs and other credit products such as CFOs and structured credit.

6 april

Scotiabank hires head of CLO banking

After scooping up a team of four from Natixis, Scotiabank is not done: it is set to hire Prabu Soundararajan from Morgan Stanley in New York.

6 april

Creditflux announces CLO awards finalists

CSAM, Elmwood, Generate, Octagon and Palmer Square are vying for the title of best US CLO manager at the premier industry awards dinner.

6 april

Senior global CLO trader leaves JP Morgan after 20 years

Matthew Carpenter has parted ways with JP Morgan after 20 years. Creditflux understands Max Besong, head of US CLO trading, will lead the global CLO trading team while the bank names an internal replacement for Carpenter on the European CLO trading side.

11 april

SEI plots CLO interval fund launch

SEI Alternative Income Fund will invest in US and European CLO debt and equity (though equity will be limited to 50% of net assets), filings reveal, alongside structured notes and CLO warehouses.

11 april

University of Michigan invests $50 million in CLOs

Irradiant Partners wins a commitment from the Regents of the University of Michigan.

21 april

Ex-Sound Point US CLO head set to land at Polen

Former Sound Point official Rick Richert is joining Polen as CLO portfolio manager. Creditflux reported on Polen’s intention to hire a CLO portfolio manager earlier this year, after it brought in former Mizuho US CLO head Jim Stehli.

19 april

Experienced European CLO PM lands at Serone

Former Angelo Gordon official Steven Paget joins Serone, signalling the firm’s ambitions in CLOs.

19 april

Blackstone launches rated-note feeder

Despite the NAIC casting a watchful eye on rated-note feeders, Blackstone launches Blackstone Rated Senior Direct Lending Fund.

21 april

Arini hires European CLO portfolio manager

PineBridge European CLO portfolio manager, Evangeline Lim, is to join Arini as the credit hedge fund manager moves into CLOs.