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WHAT IS HAPPENING WITH AAA CLOs? In this Reflections we explore the reliance of the CLO market on Japanese investors, the underperformance of CLO AAAs compared to other credit products during 2019 year-to-date and recent moves towards a more granular and diverse AAA investor base. CLO MARKET RELIANCE ON JAPANESE BANKS We have often highlighted […]
Managing credit risk and avoiding credit losses are key drivers of CLO returns. A strong focus on potential sources of credit risk is essential when considering investments at this point in the credit cycle. Contrary to general expectations of widespread defaults, Fair Oaks Capital believes that corporate default losses over the next five years will […]
While responsible investing is increasingly gaining traction among investors and asset managers, the CLO market has been slow to embrace it. In this note we explore the reasons for this and the steps that some CLO managers are taking to become more responsible investors. BACKGROUND Responsible investing is the incorporation of ESG (Environmental, Social, Governance) […]
Much has been written over the last two years on the prevalence of “cov-lite” loans and, more recently, on other weaknesses in loan documentation. Below are what we believe to be the key points for investors considering exposure to the loan market. SUMMARY Senior secured lenders have lost some of their control over borrowers through […]
US bank loans suffered significant losses in November and December 2018 as a result of changes in interest rate expectations and outflows from ETFs and open-ended loan funds (please see our December issue of Reflections). European loans and US and European CLO spreads widened in sympathy, despite limited trading flows and the lack of negative […]
A combination of negative credit headlines and a change in investor expectations regarding future US interest rates has resulted in a significant increase in volatility in the US loan market in what traditionally are slow weeks around the Thanksgiving holidays and pre-Christmas period. While the US loan market does not appear to have suffered the […]
Kudu Investment Management, LLC (“Kudu”), a provider of capital solutions to the asset management and wealth management industries, today announced that it has agreed to take a passive minority stake in leading London-based alternative credit manager Fair Oaks Capital Ltd., and various affiliates (“Fair Oaks”). Please click here to view the press release.
On 2 October 2018, Fair Oaks hosted its annual investor event in London to review the performance of corporate credit and CLO markets in 2018 and the opportunities and challenges 2019 may present. In addition to presentations by portfolio managers from both our London and New York offices, we were fortunate to have Mr. Lee […]
“It has come to our attention that an organisation called Fair-OaksCrypto, which appears to be operating from France, is using the Fair Oaks name and its prior address (67-68 Jermyn Street, London SW1Y 6NY, London) on its website www.fair-oakscrypto.com.
Neither Fair-OaksCrypto nor the website www.fair-oakscrypto.com is connected to Fair Oaks Capital Limited, or any other entity within the Fair Oaks group, in any way.
If you receive a call from the telephone number +33 9 70 73 43 94 or an email from the domain @fair-oakscrypto.com then please be aware such communication has not been made by Fair Oaks Capital Limited or any other entity within the Fair Oaks group.
Fair Oaks Capital Limited has no offices or joint venture partners in France. If you have any questions or concerns regarding this matter, please contact Fair Oaks Investor Relations on ir@fairoakscapital.com or +44 (0)20 3034 0400.”
Il a été porté à notre attention qu’une organisation portant le nom de Fair-OaksCrypto et semblant avoir son siège social en France, se sert du nom de Fair Oaks et de l’adresse précédente de Fair Oaks (67-68 Jermyn Street, Londres, SW1Y 6NY) sur son site web www.fair-oakscrypto.com.
Ni Fair-OaksCrypto ni le site web www.fair-oakscrypto.com n’est lié à Fair Oaks Capital Limited, ni en aucune manière à toute autre entité se trouvant au sein du groupe Fair Oaks.
Si vous recevez un appel du numéro téléphonique +33 9 70 73 43 94 ou un courriel émanant de la domaine @fair-oakscrypto.com, nous vous mettons en garde qu’une telle communication ne provient pas de Fair Oaks Capital Limited ni d’aucune autre entité se trouvant au sein du groupe Fair Oaks.
Fair Oaks Capital Limited n’a ni de bureau ni de partenaire en France. Si vous avez des questions ou des soucis à cet égard, vous êtes priés de contacter Fair Oaks Investor Relations à ir@fairoakscapital.com ou +44 (0)20 3034 0400.”