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September 2023 | Issue 257

Kellie Ell, Reporter

News

Private credit takes off in Asia Pacific

News

Print and sprints from 2022 generate near record returns

Big banks see small changes in CLO holdings — but that may change in third quarter

News

Creditors try double dips to raise recoveries

Charles Tricomi & Norm Rosenbaum

Read News in Brief

Top stories on creditflux.com: from MUFG’s shrinking team to take-off for Blue Owl

8 august

Global head of structured products leaves MUFG

MUFG’s structured products division continued to dwindle with the departure of Tricia Hazelwood, former managing director and global head of structured products. Hazelwood’s exit follows that of her former colleague Asif Khan.

Tricia Hazelwood: left in August after Khan, a managing director in MUFG’s structured products group, quit in June

1 august

New York Life Investments taps Jefferies credit team

Daniel Mena joined New York Life Investments as a director in its high yield and leveraged loans team. Mena was previously a vice president at Jefferies Credit Partners.

3 august

Nochu enters Redding Ridge-managed CLO at reset stage

Everyone’s favourite Japanese bank made waves as it anchored a reset that merged two 2022-vintage Redding Ridge CLOs.

8 august

Angelo Gordon brings in BlackRock exec for credit team

Brian Woo was hired by Angelo Gordon as a managing director working in its distressed debt and special situations team.

10 august

Proposed US bank regulations could create demand for CLO triple As

Recent proposals on bank capital requirements in the US may increase demand for CLO triple A paper, at the cost of decreasing market liquidity and mezz demand, according to Barclays.

11 august

Newcomer Warwick markets first-time CLO via RBC

In a month where even veteran managers struggled to get deals done, Warwick Capital priced its first deal, a $400 million CLO arranged by RBC.

14 august

Ex-Wellfleet CLO team issues first new CLO under Blue Owl branding

Blue Owl continued its growth in the broadly syndicated market following its acquisition of Wellfleet Credit Partners. The new CLO is the first to price under Blue Owl’s own branding.

14 august

Arini’s hiring spree continues with Rothberg as it builds out CLO platform

Arini hired Ben Rothberg from Rothschild & Co Credit Management to its new CLO platform. He follows Evangeline Lim who joined in May.

15 august

Manager tiering matters, but don’t rely on proxies like WAS or WARF

With manager tiering continuing to dominate CLO primary pricing levels, Creditflux took a look at the 2021 vintage to see how much difference a manager really makes to deal performance.

17 august

Neuberger Berman markets first-time CLO backed by ‘lightly syndicated loans’

Neuberger Berman broke new ground with LaSalle Street I. The CLO is backed by predominantly add-on loans sourced as part of smaller syndicates being arranged by SMBC Nikko, with Citi acting as placement agent.

18 august

BlackRock markets new CLO indicating spreads will tighten dramatically

Nomura was out in the market with Magnetite XXXVII for BlackRock, an otherwise vanilla deal with triple A price guidance of 160–165 basis points. This would make it the tightest print of the year.

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Global credit funds & CLO's

September 2023 | Issue 257

Published in London & New York.