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October 2022 | Issue 249

Sayed Kadiri, Editor

News

Investors caught out by vanishing spread adjustments

News

ELFA prepares standardised ESG CLO questionnaire

Eagle Point and Investcorp are latest CLO firms to target SRTs

News

Investors tipped to take on key role in growth of CFOs

Sayed Kadiri, Editor

Hugh Minch, Senior reporter

News

Warning signs flash as B3 share of loans reaches record level

News

One-year CSOs come to fore as investors predict widening

Dan Alderson, Deputy editor

Read News in Brief

Top stories on creditflux.com: from CLO traders on the move to CLO equity sales

15 september

Founder of structured credit unit at Alcentra to step down

Hiram Hamilton is to move away from day-to-day portfolio management at Alcentra and take a senior advisor role. Cathy Bevan (co-head of structured credit alongside Hamilton) and Brandon Chao (portfolio manager) will step up.

New York-based Hamilton joined Alcentra in 2008 when he was tasked with building out a CLO investment operation for the firm. That business stands at roughly $8 billion today.

1 september

Pension funds allocate $3 billion to credit

Virginia Retirement System awarded $450 million each to Magnetar Diversified Credit and Värde Diversified Credit.

8 september

Judges rule in favour of Citi to end Revlon saga

It really was a mistake — Revlon creditors will have to return over half a billion dollars to Citi, which always claimed a payment made in 2020 was accidental.

12 september

Apollo co-founder launches $5 billion firm

Josh Harris unveiled 26North Partners, which will invest across private equity, credit and insurance solutions.

13 september

US CLO traders leave Barclays for Mizuho

CLO trading specialists Sam Oher and Stefan Kullberg have left Barclays and are headed for Mizuho. It is rumoured that Oher, head of US CLO trading at Barclays, will have a bigger remit in his new job.

14 september

Go in a Northwestern direction to find CLO debutant

Insurer Northwestern Mutual is launching a CLO platform in Milwaukee and has partnered with JP Morgan for its inaugural deal. Chad Engelbert will lead the initiative.

15 september

US CLO trader to join Citi

Brian Hochhauser has left Credit Suisse after more than 11 years ahead of a move to Citi.

15 september

15 CLO managers aim to print European deals

Triple As are guided around the high 180s-to-190 basis points area, although some are just above 200bp. Carlyle, Palmer Square, Redding Ridge and WhiteStar are leading the way.

15 september

Post moves into structured credit

Post Advisory Group is bringing in Kevin Farley as PM for CLO investments. He had been a CLO trader at Wells Fargo for 10 years.

15 september

Hollis Park and Liberty Mutual sell control CLO equity

Hollis Park sells control of Octagon XVI (with a 17.66 cover bid) and Octagon 31. Liberty Mutual attempted to sell its stake in Ares L.

16 september

Senior PM leaves Blackstone to join growing hedge fund

Private credit specialist Steve Kuppenheimer is poised to join Diameter.

20 september

Chenavari strikes gold with senior CLO hire

Simon Gold, the former head of BofA’s European CLO trading desk, has joined Chenavari.

22 september

CLO debt prices imply high default rate

“We believe double Bs can withstand global financial crisis levels of defaults... without impacting returns,” says Orchard’s Shawn Cooper.

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Global credit funds & CLO's

October 2022 | Issue 249

Published in London & New York.