News

News in brief

Top stories on creditflux.com: new prints galore and Goldman looks at Palmer Square

24 September

Stephen Riddell-led DS2 Capital prices first CLO

DS2 Capital, a recently launched CLO-focused investment firm headed by former Redding Ridge CIO Stephen Riddell, has become the fifth debutant in the US BSL CLO market this year.

Riddell was a founding member at Redding Ridge Asset Management, one of the world’s largest CLO managers. He serves as both CEO and CIO of DS2 Capital. The firm has recently recruited Obi Eke to lead its structuring and capital solutions efforts.

Charlotte-based DS2 is backed by Gallatin Point Capital, which helped to provide the initial working capital for the venture and committed capital to fund CLO equity investments, alongside backing from several additional institutional partners.

Stephen Riddell

1 September

Eagle Point turns to infra CLOs as BSL CLO market grows crowded

While new managers have flooded the BSL CLO market, the nascent infrastructure CLO market has seen comparatively fewer players.

1 September

Crescent pulls in capital charge-sensitive insurers for CLO equity fund

Managing director and head of tradeable credit John Fekete told Creditflux the cash-on-cash distributions of CLO equity look particularly attractive as private equity struggles with returning distributions to investors.

3 September

Sona plans to issue more hybrid CLOs in Europe

Sona intends to issue more hybrid CLOs, combining private credit and broadly syndicated loans, describing them as an ‘all-credit CLO strategy’.

4 September

AI, hybrids and staffing anxieties dominate at Dublin’s Opal conference

Industry players gathered for Opal’s CLO & Private Credit Forum to chat about market trends, discuss AI usage, tease new issuances and speculate about new market entrants.

7 September

Blackstone aims to price first hybrid CLO in October

The manager is planning to price its first private credit-BSL hybrid deal as an all-euro-denominated transaction, according to a source familiar.

10 September

Man Group closes first captive CLO equity programme

The London-based manager’s first captive CLO fund, with up to USD 150m in capacity, will be used to issue multiple US BSL CLOs.

22 September

Goldman Sachs in discussions to buy Palmer Square

Goldman Sachs Group is in talks to acquire Kansas City-based CLO manager and credit specialist Palmer Square Capital Management, according to a source familiar.

23 September

Fasanara prints inaugural CLO as market anticipates new manager rush

The manager’s first Valey Primus CLO was issued through BNP Paribas, with its triple A paper clearing at 129bps over Euribor.

24 September

Anchorage acquires ORIX CLO portfolio worth USD 4.7bn

Anchorage Capital Advisors has acquired all 11 of the CLO contracts managed by ORIX Advisers, marking the latest point of manager consolidation in the industry.

Points up front

Manchester City found guilty

What does the leveraged loan market have to do with English Premier League football? Or the turmoil engulfing one of its top-tier teams?

An independent commission found Manchester City FC guilty of a raft of financial rule breaches, including that the club engaged in ‘sham contracts’ to artificially inflate revenue by more than GBP 900m (USD 1.2bn) over a nine-year period. The club is appealing the blockbuster ruling.

It’s a case that the Premier League CEO Richard Masters has called the “most significant” in its history, and has sent shockwaves throughout the footballing world.

The guilty finding also sent the leveraged loan of City Football Club falling, down from above par.

That’s because Manchester City is a big portion of City Football’s holding. If the club is relegated from the Premier League – as has been mooted – its media rights become far less valuable.

Heroes to zeroes: City breached a raft of financial rules

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