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Articles by Sayed Kadiri
9Questions - Matthew Layton, Pearl Diver - Looking at corporate credit through the CLO and SRT lens
Pearl Diver Capital is one of the most experienced CLO investment firms in the business having launched in September 2008 — a pivotal moment from the industry as those brave enough to put capital into CLO tranches were handsomely rewarded as the market rallied in subsequent years. The CLO market has bounced back from other episodes — the eurozone crisis, the 2016 energy crisis and then Covid.
Pearl Diver adds SRTs to its repertoire
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JP Morgan and Goldman go all-in on private credit as banks look to regain market share
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It’s good to talk - But DOJ probe draws CLO industry ire
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The future of private markets
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Eldridge hires JP Morgan for re-entry into US CLO market
Eldridge is growing its asset management business with CLO issuance set to be a key part of its expanded line-up, according to 9fin sources. The firm has mandated JP Morgan for its first US CLO, which is being issued under Eldridge Capital Management (ECM) and is expected to launch in Q3, the sources said. ECM senior directors Tarek Barbar and Andrew Ward will be co-PMs for the CLO, reporting into a five-person investment committee.
Taking the Credit - Opposites attract
“That’s how we’ve always done it,” is one of the most dangerous expressions (according to most corporate rule books). It’s safe, it works and it has lasted the test of time — but is it the best way to operate? This week we saw a different type of private credit alliance being formed, which seemingly ripped up the established playbook that most of these partnerships follow.
Taking the Credit - This time it’s personal
Welcome to Taking the Credit, 9fin’s weekly observations on the issues affecting the European private credit market. To get these updates in your inbox each week, sign up here. The age-old debate: work from home, or make it a requirement that employees attend the office. Okay, maybe it’s more a debate that’s opened up in the last few years, but the point stands that where you work has become a divisive issue.
Taking the Credit - The path to liquidity is paved with private credit CLOs
Welcome to Taking the Credit, 9fin’s weekly observations on the issues affecting the European private credit market. To get these updates in your inbox each week, sign up here. Let’s open with a facetious comment: if European private credit is a market where some firms can raise €30bn through a classic private equity-style vehicle, then why bother with raising capital in any other format? If it’s not broke, why fix it?
Taking the Credit - Kind of a big deal
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9Questions - Fabian Chrobog, NorthWall - Taking pride in being the second call
Private credit doesn’t necessarily mean vanilla corporate credit lending. Some borrowers, that are otherwise performing well, will have a pressing need for liquidity, which will not fit neatly into a classic direct lending play. Enter opportunistic credit funds (or special sit funds, or capital solution funds if you prefer). Whatever the name, these strategies are intended to plug a liquidity gap — often with bespoke financing.
European structured credit head lands top global CLO role at Jefferies
News and Analysis Sayed Kadiri +Tanvi Gupta + 1 more 24 November 2023•3 min read This article is part of our new service, 9fin Structured Credit. If you're interested in a free trial, contact subscriptions@9fin.com Jefferies has revamped its CLO origination platform with sources informing 9fin that Laura Coady has been appointed global head of CLO origination. She adds this position to her role as head of European securitised markets in London.
CSAM makes it three-in-a row after Creditflux manager of the year award win
After a tumultuous last few months, Credit Suisse Asset Management is celebrating after winning the Creditflux Manager of the Year award for the third year running. CSAM picked up the trophy last night at Creditflux’s CLO Manager Awards at the Landmark Hotel last night.
CLOs - Creditflux.com
SVB and the case of the missing CLO exposure Friday, March 17, 2023 Silicon Valley Bank’s collapse has dealt credit markets another hammer-blow with the past 12-months bearing witness to more dips than a mezze platter. Whereas past misfortunes in credit have provided an opening for some observers to critique the ‘toxic’ structure that is a CLO, this time things are a little different.
CLOs - Creditflux.com
This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login. If you have not already done so, you may request a FREE TRIAL by clicking here This trial will give you: Daily breaking news alert sent by email A print copy of Creditflux
Funds - Creditflux.com
This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login. If you have not already done so, you may request a FREE TRIAL by clicking here This trial will give you: Daily breaking news alert sent by email A print copy of Creditflux
Credit investors spot bright spots in gloomy outlook: Credit Rendezvous Q4 2022
This quarterly Creditflux report covers widely traded assets such as CLOs and CDS, through to buy and hold investments such as distressed debt, and everything in between. Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays.
Funds - Creditflux.com
Credit Rendezvous: Pass masters Tuesday, May 03, 2022 To read the 16-page Credit Rendezvous, an overview of 14 segments of the credit market, click here. This quarterly Creditflux report covers the most liquid assets such as CDS, through to buy and hold investments such as distressed debt, and everything in between --- Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome.
Funds - Creditflux.com
This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login. If you have not already done so, you may request a FREE TRIAL by clicking here This trial will give you: Daily breaking news alert sent by email A print copy of Creditflux
Funds - Creditflux.com
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Funds - Creditflux.com
Trade finance specialist sentenced to 12 years in prison for CLO and fund fraud By Sayed Kadiri Wednesday, April 13, 2022 David Hu, the former chief investment officer of International Investment Group, has been sentenced to 12 years in prison for his role in running a “Ponzi-like scheme”, which included using a CLO to create fraudulent loans. Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber?
Funds - Creditflux.com
Fund manager brings in Citi's global head of credit derivatives strategy By Sayed Kadiri Tuesday, April 12, 2022 An experienced strategist noted for his work in CDS, indices, tranches and options has taken his first buy-side role Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
Funds - Creditflux.com
A London-based official in Hayfin Capital Management's private credit team has left the firm Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
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CLOs - Creditflux.com
US CLO portfolio manager to join Onex By Sayed Kadiri, Michelle D'souza & Tanvi Gupta Thursday, March 31, 2022 Onex Credit Partners has moved quickly to fill the void left by the departure of its head of US CLOs Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
Market participants split over biggest risk to CLOs: Creditflux US CLO Summit By Sayed Kadiri Wednesday, March 30, 2022 There are potential threats to the CLO market from all angles, but during a lively opening panel at Creditflux’s US CLO Summit on Tuesday – the first CLO conference to be held in New York since the pandemic – speakers responded to a poll showing 67% of audience members felt inflation/rising interest rates was the biggest hazard Subscriber-only article This article is...
CLOs - Creditflux.com
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CLOs - Creditflux.com
European CLO triple As slide over 30bp in a month By Sayed Kadiri Monday, March 28, 2022 Partners Group has priced Penta CLO 11 today, sources say with the triple A notes pricing at 125bp. This confirms that senior CLO notes are now in the 120-125bp range, having been 30bp tighter just a month ago Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
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Three US CLOs join growing list of deals to default By Sayed Kadiri Friday, March 25, 2022 Another three US CLOs have the ignominy of having their tranches downgraded to D, taking the total list of 2.0 CLOs to default to eight. Before August 2021, 2.0 CLOs had a clean record according to S&P ratings Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
European CLO triple As set to hit 120bp with PGIM pricing today By Sayed Kadiri Friday, March 25, 2022 PGIM is poised to price a European CLO today with sources indicating that the deal – Dryden 91 – is due to issue senior notes at 120 basis points. This is set to be the new benchmark, but it is almost 30bp wide of levels in mid-February Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber?
CLOs - Creditflux.com
Four-year KKR US CLO nears pricing as BofA markets two deals By Sayed Kadiri Thursday, March 24, 2022 Bank of America is looking to build on the momentum that has taken it to the top of the US CLO new issue league tables with sources indicating the bank is working on deals for KKR and WhiteStar Asset Management Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
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CLO equity returns to flatten while Sofr transition gains fresh impetus: BofA By Sayed Kadiri Monday, March 21, 2022 CLO equity returns are forecasted to be relatively low in the first half of the year, and as this plays out there could be greater incentive for equity investors to push for a switch in CLO benchmark to Sofr. Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in?
CLOs - Creditflux.com
CBAM: star power, friends in insurance, and doing things 'my way' By Sayed Kadiri Tuesday, March 15, 2022 "And now the end is here, and so I face that final curtain... I've lived a life that's full, I traveled each and every highway, And more, much more I did it, I did it my way". Sinatra could easily have been thinking of CBAM when he penned these lyrics.
Funds - Creditflux.com
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Funds - Creditflux.com
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Funds - Creditflux.com
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CLOs - Creditflux.com
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CLOs - Creditflux.com
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CLOs - Creditflux.com
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CLOs - Creditflux.com
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Funds - Creditflux.com
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Funds - Creditflux.com
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CLOs - Creditflux.com
CLO portfolio manager leaves MidOcean By Sayed Kadiri Thursday, January 20, 2022 An important figure in MidOCean's CLO business has left the firm. MidOcean has big hiring plans, but is in a CLO issuance drought having not priced a new deal since November 2019 Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
Funds - Creditflux.com
Hayfin dilutes structured credit unit as senior pair launch their own business By Sayed Kadiri Thursday, January 06, 2022 Hayfin Capital Management is pulling back from structured credit with the head of this business and a portfolio manager leaving to launch their own business Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
Re-issues show their worth after mid market deal morphs into BSL CLO By Sayed Kadiri Wednesday, January 05, 2022 Re-issues are scarce in the CLO market, but a transaction late last year highlights how managers can use these effectively to make radical CLO transformations Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
Panagram aims to launch listed CLO fund with $249 million portfolio in place By Sayed Kadiri Tuesday, January 04, 2022 Panagram Structured Asset Management is taking a big step in a bid to expand its investor base by launching an IPO for a listed CLO equity investment fund Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in? Click here to login.
CLOs - Creditflux.com
, Jefferies , Steele Creek , Be-Spoke , Institutional investor , LCM , Bain , Partners , Job advertisement , Pretium , Orix , Morgan Stanley IM , Centerbridge , WhiteStar , Tikehau , Advent , CIFC , Pearl Diver , Invesco , CVC , Cairn , CSAM , Anchorage , Pemberton , RBC , Chenavari , Sixth Street , Investcorp , Credit Suisse , Pimco , Fund financing , Distressed debt , KKR Credit , Napier Park , ESG , Morgan Stanley , Mount Logan , Nomura , Barclays , Golub , Hayfin , Brigade , Emerging...
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