MEDIA
In Depth Perspectives
Tomorrow’s Titans: Grant Nachman Founder, CEO, and CIO Shorecliff Asset Management. Newport Beach, California
Grant Nachman’s credit manager Shorecliff draws on his and the team’s more than 20 years in private equity, distressed debt and credit hedge funds to build a strategy that is intended to generate returns across the full credit cycle. The investment team includes several of Nachman’s colleagues from Oaktree. Nachman is based near Los Angeles in Newport Beach, while co- Founder Anthony La Lota leads the New York office.
Grant Nachman, CIO & CEO of Shorecliff Asset Management, on building a team in the performing credit space
In this fireside chat, Grant Nachman, Founder & Chief Investment Officer of Shorecliff Asset Management Co., shared his insights on building a team in the performing credit space. He discussed his background, the journey of setting up his firm, the importance of authenticity, and how sizing and credit picking influence investment decisions.
Shorecliff's Nachman on Launching, Running a Fund: Credit Crunch
The journey of a founder is one filled with challenges, but an intellectually enriching experience in the words of Shorecliff Asset Management's Grant Nachman. Grant joins Bloomberg Intelligence's Noel Hebert and Sam Geier on this episode of Credit Crunch to discuss the launching of a new firm, and Shorecliff's full cycle credit investing strategy. Listen to Grant Nachman’s interview with Bloomberg’s Credit Crunch Podcast
Financial Press
Bond Dealers Push Up BDC Trading Costs Amid Software Slide
Wall Street dealers are demanding higher compensation to trade corporate bonds issued by private credit funds, as investors turn squeamish about the fund's exposure to software firms facing articicial intelligence disruption.
Citi Says Fast-Money ETFs Are Shaking Up Flows Across Credit
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.For years, money pouring in and out of bond and loan funds investing in Corporate America moved in lockstep. One week’s flows were a decent predictor for the following week, and so on. Not so, these days. The likely reason: Easy-to-trade exchange traded funds are booming and sucking in ever-more erratic capital flows, muddling up buy and sell signals for...
Lakeview Farms deal falls through cracks, as markets see highest level of tightness in 30 years
Refinancing deals continued to dominate the leveraged loan and high-yield bond markets, as investors rushed to deploy capital in a space where supply has yet to catch up with demand. “If investors continue to think that we aren’t at risk of significant near-term rate cuts, then we should see strong demand for leveraged loans and the floating rate asset...
Traders Rush to Safety in Loan ETFs Again on Interest-Rate Pain
Investors plowed record cash into a pair of leveraged loan ETFs last week, in a high-conviction bet that the Federal Reserve will be slow to slash interest rates.
Corporate Bond ETFs Are Fueling a Rise in Monster Block Trades
The boom in portfolio trading, where investors can buy or sell scores of corporate bonds with just a few clicks of a mouse, is fueling mega trades that were rare in credit markets just a few years ago.
Wall Street’s Higher-for-Longer Rate Brigade Plunges into Loans
Investors are piling into US leveraged loan ETFs, betting that President-elect Donald Trump's policies will potentially boost inflation and push the Federal Reserve to cut interest rates less than expected.
How Trump 2.0 could impact US credit markets
"The impact on leveraged finance is nuanced across sectors, and can vary within sub-sectors too,” said Grant Nachman, CIO and CEO at Shorecliff Asset Management. “We think it’s important not to apply blanket assumptions based on how prior Republican administrations have approached economic policy.”
US LevFin Wrap — Moving swiftly on
Given the way that primary issuance rebounded and secondary prices retraced this week, it’s fair to say the volatility that hit markets from Sunday evening through Monday has abated, even if investors are not exactly out of the woods yet.
Risky Borrowers Discover Doors Are Closing in Bond, Loan Markets
- Three firms scrap plans to refinance, reprice debt this week.
- Loan funds see largest outflows since regional banking crisis
Leveraged Borrowers’ $1.4 Billion Weapon to Fight a Hawkish Fed
A repricing wave in the leveraged loan market is helping risky companies cope with the “higher for longer” message from the Federal Reserve. Borrowers reworking debt to obtain better terms have saved more than $1.4 billion in annual interest expenses so far this year, according to Bloomberg calculations.
Loan Investors Make a Killing Betting on Higher-for-Longer Rates
Investors are pouring money into US leveraged loan funds, fueling some of the biggest gains in credit markets this year, in a high-conviction bet that rates will be slow to fall and junk-rated corporate America will withstand the pressure of elevated borrowing costs.
International Press
AI Fears Weigh on Call Center Operator's $600 Million Bond Sale
Concentrix Corp., a US firm that provides outsourced customer service and call-center operations for other companies, paid a hefty price this week to refinance debt amid fears that artificial intelligence will undermine its business.
AI Spending, Private Credit Growth Fuel Trading Frenzy
Artificial intelligence spending and the growth of the private credit market aren’t just spurring companies to borrow more, they’re also helping to generate fresh records for corporate-bond trading.
クリアレイクのハゲタカ防止策、100社を貸し手ブラックリストに掲載
Clearlake Capital Group Inc., a private equity firm, has taken an unusual step to protect one of its portfolio companies from a takeover. Plastic-packaging maker...
JPMorgan Builds Distressed Debt Niche to Rival Boutique Advisers
“Companies and sponsors have increasingly opted for out-of-court restructurings to move quickly and stay in control,” said Grant Nachman, founder and chief investment officer at credit investor Shorecliff Asset Management...
US risky debt sees record outflows on investor fears for tariff-hit economy
Some investors, meanwhile, may simply be cashing out of the most liquid trades, exaggerating the ETF outflows, as markets continue to see broad-based selling pressures, said Mr. Grant Nachman, founder of Shorecliff Asset Management...
Pimco, TCW Snap Up Bonds Ditched by Multistrategy Hedge Funds
Negative feedback loops sparked by selloffs “can resemble a wildfire,” said Grant Nachman, founder and chief investment officer at credit investor Shorecliff Asset Management, speaking generally. “It keeps burning until it’s exhausted all available sources of fuel."
US leveraged loan sales hit record US$986 billion in repricing run
“There’s an element of frustration of like ‘didn’t this just get repriced?,’” said Grant Nachman, founder and chief investment officer of Shorecliff Asset Management. “If issuers take it too tight, you have to work that much harder to find something to replace it with. There’s really no substitute for hard work.”
Mercados crediticios cierran la puerta a la deuda riesgosa
Grant Nachman, fundador y director ejecutivo de Shorecliff Asset Management. “La gente se animó con el alto rendimiento el mes pasado por el
Centrisme et "parler vrai", la recette du succès électoral du républicain John McCain
Aux Etats-Unis, le futur candidat républicain à l'élection présidentielle irrite les ultraconservateurs de son parti. Mais sa franchise lui vaut la sympathie des indépendants.