October 2020 | Issue 228
Past returns
Bravo! Citi takes applause with CSO portfolios
Five years ago in
we reported that Citi was planning a follow up to its Bravo portfolio — a model CSO in which the bank made two-way markets. Bravo 2 launched with a slightly different composition to its predecessor.
In the years since, Citi has launched several similar portfolios and other banks have followed suit as the CSO market has grown.
Alongside Citi, BNP Paribas, JP Morgan and Nomura are now the leading dealers in this market.
Points up front
A6, and with good reason
It’s not a hedge fund if it doesn’t have some sort of reference to nature, be it hills, mountains, trees or rivers. But when Michael Fine, the former head of corporate credit at LibreMax Capital, launched his distressed debt firm in July, he resisted the urge and came up with a heart-warming reason for naming his company A6.
“The A is for my late grandfather, Arthur,” Fine tells Creditflux. “He put me in business in 1987 at nine-years old, taught me to read the stock market pages, then invest in equities and was a successful entrepreneur. And he ran his business and life with unwavering integrity. The 6 is my go-to number. It’s also non-hedge fundy and a bit sleek… closer to the future than the past.”
We commend Fine for carving out his own path and, at the same time, remembering someone who has helped him achieve success.
Michael Fine (right) and Arthur: finding a fine justification for the name of a fund
Quiet! It’s structured credit, they’ll hear you!
Niche sectors of the structured credit market used to be talked about only in hushed tones in deserted corridors.
But some market participants have learned to embrace structured credit for what it is. PGGM, the leading investor in significant risk transfers (SRTs), has even gone to the effort of explaining how it structures deals on its new SRT website.
What a refreshing, sensible and logical approach. It’ll never catch on.
“Clearing houses have proposed they will clear index tranches next year”
Credit Dimensions, JP Morgan’s Sam Lilley said that clearing tranches will boost liquidity.
Global credit funds & CLO's
October 2020
| Issue 228
Published in London & New York.
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