content

US Leveraged Loan Funds See Another Cash Inflow, Though ETF Withdrawals

U.S. leveraged loan funds recorded a net inflow of $69 million in the week ended July 20, according to the Lipper weekly reporters only. This is the second infusion of cash to the asset class after four weeks of outflows for a total inflow of $206 million over the two weeks.

Today’s reading was mixed, however, with inflows of $85 million to mutual funds against outflows of $16 million from  ETFs.

us loan fund flowsWhatever that might suggest about fast money, market timing, and hedging strategies, this week’s inflow narrows the trailing four-week average to negative $84 million per week, from negative $118 million a week ago.

Year-to-date outflows from leveraged loan funds now total $5.4 billion, based on outflows of $6 billion from mutual funds against inflows of $670 million to ETFs, or inverse 12%, according to Lipper.

The change due to market conditions this past week was positive $205 million on total assets of $62.3 billion at the end of the observation period, for a gain of approximately 0.3% for the week. ETFs represent about 10% of the total, at $6.5 billion. — Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.

Follow LCD News on Twitter.

This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

Brexit Jitters End US Loan Fund Growth Streak at 3 Months

loan funds assets under management

After three months of grinding higher, US leveraged loan mutual fund assets under management reversed course in June, contracting by $900 million, to $111.45 billion, according to LCD and Lipper.

There are two main reasons for the mild decline. Amid the Brexit-related volatility in the month, funds experienced modest outflows. Mutual funds that report weekly to Lipper FMI posted a net outflow of $582 million for the four weeks ended June 29. Most of the outflows occurred in the final week of the month, when these funds posted a net $525 million withdrawal.

The other reason: leveraged loan secondary prices ended June down slightly, further nicking NAV. – Kerry Kantin

Follow LCD News on Twitter

This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

 

content

Credit Suisse Asset Mgmt Prices Hefty $814M CLO

Citi on Friday priced an $814.25 million CLO for Credit Suisse Asset Management, the manager’s second CLO of the year, according to market sources.

The manager will retain a 5% vertical slice in order to comply with U.S. risk retention.

Pricing details are as follows:

The transaction will close on August 25, with a non-call period ending in July 2018 and reinvestment period ending in July 2021. The stated maturity is in July 2029.

Year-to-date issuance is now $28.83 billion from 67 CLOs, according to LCD data. July’s totals are now $2.6 billion from five transactions. — Andrew Park

Follow Andrew and LCD News on Twitter

This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

After Hefty Withdrawal Last Week, Outflows to U.S. Leveraged Loan Funds Ease

US loan fund flows

U.S. leveraged loan funds recorded a net outflow of $18 million in the week ended July 6, according to the Lipper weekly reporters only.

Today’s reading reflects an outflow of $93 million from mutual funds swamped by an inflow of $75 million to ETFs.

Year-to-date outflows from leveraged loan funds now total $5.7 billion.

The change due to market conditions this past week was positive $325 million on total assets of $59 billion at the end of the observation period. ETFs represent about 10% of the total, at $6.3 billion. — Matt Fuller

Follow LCD News on Twitter

This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

Investors Withdraw $525M from US Leveraged Loan Funds; Largest Outflow in 4 Months

U.S. leveraged loan funds recorded a net outflow of $525 million in the week ended June 29, according to the Lipper weekly reporters only. This is the largest one-week redemption in 18 weeks and it builds on two weeks of outflows, for a combined redemption of $682 million over the three-week span.

US leveraged loan fundsToday’s reading reflected an outflow of $589 million from mutual funds filled in a bit by inflows of $64 million to ETFs, or inverse 12%. Last week it was similar, but larger, at inverse 24%.

With a fresh redemption this week, the trailing four-week average slips into the red, at negative $145 million, from just positive $2 million last week. The current observation is the first in the red in nine weeks.

Year-to-date outflows from leveraged loan funds are now $5.6 billion, with $6 billion of mutual fund withdrawals countered by $477 million of ETF inflows. A year ago at this juncture, there had been $4.1 billion of outflows, with 4% tied to ETFs.

The change due to market conditions this past week was minimally negative, at $248 million, or roughly 0.4% against total assets, which were $60.9 billion at the end of the observation period. ETFs represent about 10% of the total, at $6.2 billion. — Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.

Follow LCD News on Twitter

This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

US Leveraged Loan Fund Assets Grow for Third Straight Month

US loan fund assets

Loan mutual funds’ assets under management grew for the third consecutive month in May, increasing by $1.27 billion, to $112.35 billion, after increasing by $1.44 billion in April, according to LCD.

While there were modest inflows to loan mutual funds last month, market-value gains also accounted for a portion of the increase. Secondary prices continued to grind higher in May, albeit at a much slower pace than in March and April, when market-value gains were the main driver behind the increase in AUM. – Kerry Kantin

Follow LCD News on Twitter

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

CLOs: DFG Investment Advisers raises $100M for New Strategic Fund

DFG Investment Advisers today announced that it has completed a $100 million first closing for a fund in anticipation of the risk-retention rules that go into effect at the end of this year for CLO managers.

DFG had over $2.5 billion in assets under management as of the end of May. Alberta Investment Management Corporation (AIMCo) announced a minority stake in the firm on behalf of its clients in January. DFG’s strategies range from corporate to structured credit assets through commingled funds, separate accounts, and CLOs.

The firm most recently closed a $406 million CLO, the Vibrant CLO IV via Goldman Sachs on June 10. — Andrew Park

twitter iconFollow Andrew and LCD News on Twitter

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

After 3 Weeks of Inflows US Leveraged Loan Funds see $90M Cash Withdrawal

U.S. leveraged loan funds recorded a net outflow of $90 million in the week ended June 15, according to the Lipper weekly reporters only. This is the first outflow after three weeks of inflows totaling $228 million.

leveraged loan fund flows

This week’s reading was modestly influenced by flows to the ETF segment, at 17% of the total, in contrast to the recent weeks where ETFs were filling back in withdrawals from mutual funds. Last week was likewise just 22% ETF-related, but the prior week the ETF flow was positive $135 million on top of outflows of $69 million from mutual funds.

With this past week’s fresh redemption, the trailing four-week average falls into the red, at negative $75 million per week, from positive $22 million last week, and from positive $73 million two weeks ago.

Year-to-date outflows from leveraged loan funds are now $5 billion, with $5.4 billion of mutual fund withdrawals countered by $397 million on ETF inflows. A year ago at this juncture, it was mostly mutual fund outflows, at $3.3 billion, with a small outflow of $39 million from ETFs.

The change due to market conditions this past week was minimal, at negative $145 million, or essentially nil against total assets, which were $61.7 billion at the end of the observation period. ETFs represent about 10% of the total, at $6.1 billion. — Matt Fuller

twitter iconFollow Matthew and LCD News on Twitter

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

Another (Small) Cash Inflow for US Loan Funds; That’s 4 in Last 5 Weeks

U.S. leveraged loan funds recorded a net inflow of $65 million in the week ended June 1, according to the Lipper weekly reporters only. It’s almost the same as $62 million last week, and it’s the fourth net weekly inflow over the past five weeks, for an inflow of $376 million over that span.

us loan fund flows

Take note, however, that today’s reading was all ETFs, at positive $135 million, on top of outflows of $69 million from mutual funds. Last week was similar, with $66 million of ETF inflows dented by $4 million of mutual fund outflows, and two weeks ago it was a bit deeper, with mutual fund outflows of $147 million patched by $8 million of ETF inflows.

The trailing-four-week average is fairly steady, at positive $73 million, from positive $78 million last week and positive $43 million two weeks ago.

Year-to-date outflows from leveraged loan funds are now $5 billion, with an inverse of negative $5.4 billion mutual fund against positive $390 million ETF. A year ago at this juncture, it was similarly mostly mutual fund outflows, at $3.1 billion, versus a small inflow of $81 million to ETFs, for a net negative reading of approximately $3 billion.

The change due to market conditions this past week was minimal, at positive $265 million, or about positive 0.4%, against total assets, which were $61.7 billion at the end of the observation period. ETFs represented about 10% of the total, at $6.1 billion.

twitter iconFollow Matthew and LCD News on Twitter

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

content

US Leveraged Loan Funds see 3rd Cash Inflow in Last 4 Weeks

U.S. leveraged loan funds recorded a net inflow of $63 million in the week ended May 25, according to Lipper. This cuts roughly in half the outflow of $139 million last week and is the third one-week inflow over the past four weeks, for an infusion of $311 million over that span.

loan fund flowsTake note, however, that today’s reading was all ETFs, at positive $67 million on top of outflows of $4 million from mutual funds. Last week was a bit deeper, with mutual fund outflows of $147 million patched by $8 million of ETF inflows.

The trailing-four-week average is fairly steady, at positive $78 million, from positive $43 million last week and positive $55 million two weeks ago.

Year-to-date outflows from leveraged loan funds are now $5 billion, with an inverse of negative $5.3 billion mutual fund against positive $255 million ETF. A year ago at this juncture, it was similarly mostly mutual fund outflows, at $3.1 billion, versus a small inflow of $83 million to ETFs, for a net negative reading of approximately $3 billion.

The change due to market conditions this past week was minimal, at positive $181 million, or about positive 0.3%, against total assets, which were $61.4 billion at the end of the observation period. ETFs represented about 10% of the total, at $6 billion. — Matt Fuller

twitter iconFollow Matthew and LCD News on Twitter

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.