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November 2023 | Issue 259

Tom Davidson, Managing editor

News

US primary market shrugs off worries and keeps on issuing

Barrett.William.Reach-Capital-Cofounder.jpg

News

Pensions pivot from vanilla private credit to focus on niche sectors

Kellie Ell,

Reporter

Tom Davidson, Managing editor

News

CLO market’s favourite sector struggles as wages rise and leverage bites

News

Private credit funds seek vehicles to bring in European retail investors

Kellie Ell,

Reporter

Read News in Brief

Top stories on creditflux.com: from big buyouts to the biggest manager

4 october

Redding Ridge buys all $2.8bn of Gulf Stream CLO contracts

Redding Ridge has purchased all Gulf Stream Asset Management’s CLO management contracts. This is the second such acquisition from Gulf Stream by Apollo-affiliated Redding Ridge. It stems from a long-standing relationship between the firms.

Mark Mahoney, Gulf Stream’s president and CIO, described the sale as “marking another successful cycle of our partnership”

2 october

BNP Paribas adds big-name buy-side trader

BNP Paribas is hiring Cara Roche for its synthetic tranche trading team as a CDX tranche market maker. She joins from Zais Group.

3 october

AEW poaches MD from BlackRock as the firm acquires Natixis’

Jonathan Stevens joins AEW as the international real estate investment manager snaps up Natixis’ private debt business. He moves from BlackRock, where he was most recently head of European infrastructure debt.

9 october

Allstate comes out swinging with tightest US CLO print this year

After sitting out the first three quarters of 2023, Allstate Investments prices the US CLO market’s tightest deal of the year.

10 october

Muzinich takes AI road for private credit fund

Muzinich & Co. launches an AI-enhanced private credit fund called MLoan. The investment vetting process includes proprietary artificial intelligence and a deep learning system that analyses a company’s risk of default.

12 october

The Last Tranche with New Mountain’s Kline and Moshiri: we have more flexibility than a typical CLO

In the latest episode of The Last Tranche, John Kline and Cyrus Moshiri discuss the innovative rated feeder fund structure they recently priced, and why they chose this approach over a traditional middle market CLO.

17 october

3Q23 YTD CLO rankings

Creditflux’s latest CLO issuance rankings see Bank of America maintaining its top spot among arrangers. Paul Hastings continues to dominate the arranger counsel table, but Milbank has surged ahead to top the manager counsel rankings.

17 october

3Q23 manager rankings by AUM

Carlyle Group is now the largest CLO manager in the world, according to Creditflux’s latest manager rankings. Carlyle and Blackstone have been vying for the top position all year.

17 october

Octagon Credit Investors names Gretchen Lam as new CEO

Octagon announces that Gretchen Lam, currently a senior portfolio manager who has been at the firm for 24 years, will succeed Andrew Gordon as CEO, starting in January 2024.

20 october

It’s raining CLOs as eight price in a day

A deluge of CLOs priced on one Friday. Six were US new issue deals, including a short-dated CLO from Neuberger Berman; two were middle market CLOs. The overall pricings confirm a widening of senior spreads.

24 october

Loomis Sayles adds senior CLO analyst to team

Loomis Sayles expanded by hiring Keyur Vyas as a senior mortgage and structured finance analyst specialising in CLOs. He was previously a lead analyst covering CLOs at Barclays.

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Global credit funds & CLO's

November 2023 | Issue 259

Published in London & New York.