September 2020 | Issue 227
Past returns
Trying a different route to Balliol
Five years ago in Creditflux we reported on Numen Capital absorbing credit hedge fund manager Balliol Capital. The move saw Balliol founders Nikos Kargadouris and Vassilis Paschopoulos reunite with their former Lehman Brothers colleagues Kushal Kumar and Filippo Lanza.

But the reunion would not last long. Kargadouris left in November 2016 for Cheyne Capital, where he worked as a portfolio manager in convertible bonds, while Paschopoulos left Numen in April 2019. Shortly thereafter, the pair would link up again to give launching their own investment business another try. They’ve named this venture Balliol Road Investments.
Points up front
From drafting CLO docs to writing crime thrillers
Nicola Bashforth, a popular figure in the CLO business, announced last month that she had left the industry to return to Lancashire in England and try her hand at writing novels.
Bashforth had been based in the Cayman Islands as a lawyer working on CLO transactions for over a decade and her farewell note on LinkedIn (titled, “Starting a new chapter, literally…”) elicited congratulatory notes from several high-profile members of the CLO community.
Bashforth tells us she plans to write a trilogy which starts with a murder at Blackfriars and goes on to tell of a clandestine organisation that reaches the highest ranks in England. “I ultimately hope that it may have some Netflix appeal!” she says.
We wish Bashforth all the best with her tome and will be looking out for cameos from CLO market participants.
Writing a trilogy on a fictional blood-thirsty, secret organisation sounds fun, but surely it can’t compare with poring over CLO docs
How much do I owe you?
Payment systems in the credit industry had a bad August. The most publicised case is Citi ‘mistakenly’ paying out about $900 million to Revlon’s loan holders. But another case which slipped below the radar saw Alhambra SME Funding 2019-1 — a European mid market CLO managed by BeSpoke Capital — make incorrect payments to its class A noteholders. A notice says these investors were underpaid principal and overpaid interest.
“We’re going to change the world of finance”
Blockchain technology company Figure announced that Bob Hershy had joined on 6 August and he underlined his ambitions.
Global credit funds & CLO's
September 2020
| Issue 227
Published in London & New York.
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