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October 2023 | Issue 258

Tom Davidson, Managing editor

News

Manager tiering collapses as US issuance picks up

News

Direct lending sets up on high street seeking retail and wealthy investors

Kellie Ell,

Reporter

Tom Davidson, Managing editor

News

Easy gains of 2022 won’t be repeated but shorted-dated CLOs could still have upside

News

US loan market rallies despite increasing stress and default rates

Tom Davidson, Managing editor

Read News in Brief

Top stories on creditflux.com: from an arrival at ICG to fraud allegations at IIG

20 september

MidOcean raises $136m captive equity fund

MidOcean Credit raised a captive equity CLO fund, MidOcean CLO Equity Fund I, which had a first close of $136 million. MidOcean returned to the primary market in October 2022 after Joe Rotondo and Jamil Nathoo joined the firm.

Rotondo: since his arrival as senior portfolio manager, along with Nathoo as managing director for business development, MidOcean has priced its 12th CLO.

4 september

Bank of America prices three CLOs in a day

The bank completed the hat-trick with a new CLO for Octagon, a reset of a 2022 vintage deal for Voya, and an unusual partial refi of a static CLO for Marathon.

6 september

CIBC adds structurers to growing CLO team

CIBC is continuing to build out its CLO arrangement capabilities with the addition of two experienced New York-based structurers, Bogomil Ivanov and András Gajdos.

6 september

CSAM loses senior credit portfolio manager

Brian Buchmann has left Credit Suisse Asset Management after seven years. The investment professional most recently held the role of senior portfolio manager, global credit and rates.

7 september

New Mountain prices unusual rated feeder fund

New Mountain Capital priced a tranched rated feeder fund, New Mountain Guardian IV Rated Notes, arranged by Wells Fargo and rated by DBRS.

14 september

Blackstone combines credit and insurance in major reorganisation

Blackstone has combined its credit and insurance divisions into a single unit called BXCI as it aims to grow the segments’ assets under management to $1 trillion over the next decade.

19 september

IIG Global Trade Finance Fund lawsuit alleges CLO trustee and noteholders reaped gains from fraud

IIG Global Trade Finance Fund launched an adversary proceeding in the US, seeking to hold certain noteholders, along with the CLO trustee, liable for benefiting by $190m from a Ponzi-like fraud scheme by IIG.

15 september

Securities regulators call for improvement in practices in CLO market

IOSCO, an international policy forum for securities regulators, called for improvement in practices in the leveraged loan and CLO markets, requesting feedback on the proposals by 15 December 2023.

19 september

Point72 hires credit investment veteran for portfolio manager role

Louis Wang is headed to Point72 as a portfolio manager on the firm’s macro business team. Point72 was founded by Steve Cohen, and has approximately $30.6 billion in assets under management as of July 2023.

19 september

Short-dated US CLOs are in fashion with BlackRock pricing a new deal

BlackRock priced a new short-dated US CLO in a $404.1 million deal arranged by Nomura. Magnetite XXXIX was the second CLO this year to have a one-year non-call and one-year reinvestment period.

25 september

ICG makes Apollo partner head of US liquid credit

David Saitowitz has been hired by ICG as head of US liquid credit. New York-based Saitowitz, who will begin the new role in January, will report to Brian Spenner, head of North American credit.

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Global credit funds & CLO's

October 2023 | Issue 258

Published in London & New York.