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November 2022 | Issue 250

Hugh Minch, Senior reporter

News

eBay and IBM lead as US firms plug-in to CLO triple As

News

European CLO market weathers liability-driven investment crisis as just 4% of b-wics fail to trade

Michelle D’souza,

Senior reporter and Charlie Dinning, Data journalist

Sayed Kadiri, Editor

News

Western Alliance moves into CLO trustee business with aim of halving wait for reports

News

Refi wall looms over CLOs as a fifth exit reinvestment

Sayed Kadiri, Editor

Michelle D’souza, Senior reporter

News

New US CLOs brace for EU’s Article 7 reporting requirements

News

High yield markets win big in 2022’s love-letter to CDS

Dan Alderson, Deputy editor

Read News in Brief

Top stories on creditflux.com: from a key investor backing out to returning CLO issuers

6 october

Zais CLO figurehead Ingato leaves after nine years

Vinny Ingato — who is known for his unique approach to CLO management — has left Zais. Daniel Curry is proposed as his replacement in Zais’s US CLO. Ingato prided himself on sourcing assets he perceived as being mis-rated.

New Jersey-based Ingato joined Zais in 2013 to build its US CLO management business. Under his leadership, Zais CLOs had a 50bp higher weighted average spread than the rest of the market. He previously worked at CVC, ACA and Mizuho.

4 october

LP round up: $2.7bn flows to 20 credit managers

Investors battle PE overallocation and credit teams from Ares, Apollo and HPS are among those to benefit.

4 october

Head of US CLO trading lands at BMO

Deutsche Bank’s head of US CLO trading Bilal Nasir has taken a similar role at BMO. Shortly after, it emerges that CLO trader Joe Hornback had parted ways with BMO.

5 october

AlbaCore moves into structured credit

Alcentra official Seán Golden is tasked with building out a CLO investment unit. He is understood to be joining AlbaCore in December.

7 october

Former Ares partner resurfaces at US multi-strategy asset manager

Peter Higgins has joined Shelton as head of fixed income (primarily covering high yield) and will return to the US.

7 october

Warwick confirms US CLO plans

Warwick hired Leland Hart in July but has now announced it is signing up to Allvue’s CLO start-up package.

13 october

It’s Nochu it’s me

Norinchukin Bank backs out of several CLO triple A commitments. Mainstream media picks up the story a few days later.

11 october

GreensLedge AM targets IG-rated CLOs

GreensLedge has launched a $500 million fund to invest in mainly triple A-rated CLOs.

13 october

First Eagle prices single-A heavy CLO

Lake Shore V, a mid market CLO, has its highest regular debt class rated single A.

17 october

Loan issuance to take a year to return in force

“We’re in a market where very little is getting done,” says Pretium’s Roberta Goss. She points at the expense of getting a B3 or B- rated loan done.

18 october

EU rules pave way for CLO reporting overhaul

US CLO managers could face an administrative headache as EU investors require more detail on underlying portfolios.

19 october

Investors lash out at loan settlement by fax: CLO Census latest

With a few days to go before our CLO Census closes, we report that some respondents are voicing concern at aged loan settlement procedures.

19 october

Open US CLO warehouses up 265%

The number of warehouses administered by Maples has gone from 31 in January to 82.

20 october

Florida manager rides back into CLO market

HIG prices its first CLO in four years. MidOcean and Seix also return after a two-year gap.

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Global credit funds & CLO's

November 2022 | Issue 250

Published in London & New York.