Alexey Isaev, CFA

Deal updates on the Dealscribe platform this week: Executed doc changes Galaxy XXVI CLO - PineBridge Investments $328.75 million partial refi of class A to class D. Fitch no longer rates the notes. Amendments include changes to the ratings of class B-R, class C-R and class D-R and the classes eligible for repricing. Non-call period for the refinanced notes is 0.5 years. Trinitas CLO XIV - WhiteStar Asset Management $451 million partial refi of class A to class C. Moody's no longer rates the notes. Amendments include changes to the benchmark replacement language for the refinanced notes, the risk retention requirements and the EU transparency requirements. Non-call period for refinanced notes is 0.75 years. Voya CLO 2016-3 - Voya Investment Management $432.5 million partial refi of class A to class B. Amendments include changes to the classes eligible for repricing and to the definitions of FACTA, Bankruptcy Law and the Cayman requirements. Non-call period for the refinanced notes is 0.5 years. Notices ALME Loan Funding IV - Palmer Square Capital Management LLC The issuer is considering a redemption in whole via a liquidation. Man GLG Euro CLO I - Man Group Equity and manager are considering a redemption in whole via a liquidation. RRE 12 Loan Management - Redding Ridge Asset Management Manager is considering a partial redemption of the notes. Voya Euro CLO VI - Voya Investment Management Proposed changes to the definition of Defaulted Obligation and Fitch Rating. Class B have until12 June 2024 to object to these changes. Zais CLO 11 - ZAIS Group Equity is considering a redemption either in whole or in part through a refi. Redemption/refinancing notices: Anchorage Capital CLO 7 - Anchorage Capital Group, L.L.C. Equity has directed a redemption of the notes in whole through a refi. Apex Credit CLO 2020 Jefferies The manager with equity consent has directed a redemption of the notes in whole through a refi. Birch Grove CLO - AS Birch Grove LP Revised proposed third supplemental indenture relates to the refi of the notes in whole via a reset. Bosphorus CLO IV - Cross Ocean Partners The redemption threshold amount for the redemption of the notes in whole is €242,189,125.55. Marble Point CLO XVII - Investcorp Equity and the manager have directed a redemption in whole or in part through a refi. Neuberger Berman CLO XVII - Neuberger Berman Proposed amended and restated indenture relates to the refinancing of the notes in whole via a reset. Saratoga Investment Corp 2013-1 - Saratoga Investment Corp. The manager has directed a partial refi of classes A-1-R-3 and A-2-R-3. Voya CLO 2016-3 - Voya Investment Management Proposed third supplemental indenture relates to a partial refi of classes A and B. Wind River CLO 2020-1 - First Eagle Investments Proposed amended and restated indenture relates to the refi of the notes in whole via a reset.   Discover more on www.dealscribe.com #realintelligence #CLOdocservice #thedevilisinthedetail

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With Millennium reportedly set to allocate $1 billion to tech hedge fund Analog Century Management, my ahead-of-the-curve deep-dive Q&A with Analog head Val Zlatev from back in January is well worth revisiting. For Alternatives Watch: https://lnkd.in/g4MDSurb #alternatives #hedgefunds #multistrategy #alternativeinvestments #tech

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GLMX's Vice President of Sales, Olivia Russell, spoke at the Finadium Rates and Repo Conference yesterday on the Dealer to Client Repo Trading in a Digital Age panel. To learn more about the topics discussed, including mandatory clearing, repo trends and GLMX's trading ecosystem, contact [email protected] #GLMX #Repo #SecuritiesLending #MoneyMarkets #SecuritiesFiancne #Finadium

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Josh Khalif (Institutional Trader) spoke on the panel focused on emerging trends in ETF trading at the recent Fall 2024 ETP Forum. Together with the panelists, he discussed: ◾ How liquidity providers think about risk, market making, and partnering with industry participants ◾ The role of the Lead Market Makers in supporting ETFs ◾ The evolution of the U.S. ETF landscape and future expectations We are always excited to discuss industry developments and look forward to exploring these topics further with market participants.

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Digital lending platform Fibe, formerly known as EarlySalary, has raised $99 million in a Series E funding round led by TR Capital, Trifecta Capital and Amara Partners. Existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round, which included both primary and secondary transactions. Read the full story here: 👇 https://lnkd.in/gUBdfC6F #funding #Lending #digitallending #Loans #investors #startup #indianstartupnews

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Trading of Cboe S&P 500 Variance Futures (ticker: VA) launched today! Mandy Xu and Natalie Reed share how VA futures fit into our volatility trading toolkit below - learn more here: https://bit.ly/3B8360e

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RETURN-STACKING Premia Research LLC is a consulting firm that designs indices: https://lnkd.in/g2muvrHf. The Premia Research Bancor Index (Bloomberg ticker: PRBITR <index>) reflects the following ideas: (a) some (but not all) commodities can potentially diversify a balanced portfolio of equities and bonds; and (b) the selection of commodities that are included in one’s asset allocation model should be determined by fundamental analysis. Further, Premia Research has found that historically, fundamental information in the commodity markets can potentially be inferred from price relationship data. One can use this insight to dynamically determine which commodities to include in a diversified portfolio. The almost 9-year out-of-sample results for the Bancor Index are below, along with return-stacking the index with trend-following CTA's. Return-stacking can be advisable when strategies are lowly correlated, as has been the case with the Bancor and trend-followers, at least historically. Note well the Performance Disclosure found here: https://lnkd.in/gxB_NXci. For more information on the Premia Research Bancor Index, one may contact [email protected].

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Understanding Common Fund Flows and Their Impact on Factor Pricing – A study in the Journal of Finance from Mays Business School’s Wei Wu and colleagues explores how common fund flows influence factor pricing in financial markets. Here are the key takeaways: 💡 Flow Hedging: Active equity funds hedge against common fund flows by tilting their portfolios toward low-flow-beta stocks. 💡 Risk Premium: Common flows earn a risk premium, leading to a multi-factor asset-pricing model resembling the ICAPM. 💡 Empirical Evidence: Stocks’ exposures to common fund flows influence active equity funds’ asset allocation decisions and stock returns. Why This Matters: Understanding these dynamics helps investors, fund managers, and policymakers develop effective strategies and enhance market stability. Read our latest Created at Mays post for an in-depth look at the study’s findings and implications: bit.ly/3YOjE5H #Finance #AssetPricing #FundFlows #MarketDynamics #ResearchInsights #tamu #mays #createdatmays

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Practical Applications of How Many Is Too Few? Revisiting the Number of Names in Equity Portfolios: https://lnkd.in/gE-YXauQ. By: Jennifer Bender and Xiaole Sun In How Many Is Too Few? Revisiting the Number of Names in Equity Portfolios, from the February 2024 issue of The Journal of Portfolio Management, Jennifer Bender and Xiaole Sun of State Street Global Advisors find that the primary determinant for the optimal number of names in a portfolio is tracking error. Read the full practical application report at Portfolio Managment Research. #equityportfolio #portfolios #research

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Goldman Sachs leads a $36M Series C funding round 💰 for Canoe Intelligence, accelerating the firm's growth in alternative investment data management. Jade Mandel, Managing Director at Goldman Sachs, highlights, "Canoe creates meaningful value for its clients." CEO Jason Eiswerth adds, "This funding will advance our AI and machine learning technologies." 💡 With 100% year-over-year growth, Canoe's platform serves over 1,000 limited partners, including top asset servicing firms. Discover how this investment is going to impact the industry. 🚀📈 https://lnkd.in/evWaAyk7 #alternativeinvestments #AI #machinelearning #investmentdata #financialtechnology #growthequity #GoldmanSachsAlternatives #funding

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As Capital Alliance (CAL) marks its 24th anniversary, the firm reflects on a journey defined by bold innovation and strategic growth. From its origins as a niche dealer in government securities, CAL has evolved into a powerhouse in Sri Lanka’s financial landscape, managing over Rs. 200 billion in assets. This evolution is not just about numbers; it’s about vision, technology, and a forward-thinking approach that has propelled CAL into new markets, including Bangladesh. Central to this transformation is CAL's commitment to leveraging digital solutions like CAL GPT—an AI-driven chatbot offering real-time insights into the Sri Lankan economy. But as CAL’s leadership reveals, the real story lies in the challenges they’ve navigated—managing risks in a rapidly changing market, adapting to the complexities of new geographies, and ensuring compliance as the company scales. With a dynamic team that prioritizes data analytics and cutting-edge technology, CAL is setting its sights on democratizing access to financial services, both domestically and in frontier markets. What lies ahead? A blend of expansion and technological integration that aims to reshape the region’s investment landscape. Read on to discover how CAL’s leaders— Kanishke Mannakkara, Sharmali Perera, and others—are steering the company’s future, and what their insights reveal about the next phase of growth for this Sri Lankan financial giant. Read more:

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Managed futures ETFs are gaining traction, offering a unique way to diversify portfolios amidst market volatility. Highlighting the iM Global Partner DBi Managed Futures Strategy ETF (DBMF), this article by Lan Anh Tran and Ryan Jackson, CFA shows how DBMF delivers cost efficiency and strong performance. Learn more about how these hedge-fund-like strategies have shown resilience, often outperforming stocks and bonds during downturns in Morningstar 🔗👇 #ETFs #Investing #Diversification

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Vlad Rashkovan, Ukraine's representative to the International Monetary Fund, joins Mark Sobel, OMFIF's US chair, to discuss: 🪙Economic reforms during wartime 📊Maintaining stability with domestic and international funds 🌍Views on blocked Russian assets 💳Anti-corruption efforts 🏗️Reconstruction plans Tune in for an insightful conversation on Ukraine's economic and financial situation: https://lnkd.in/egDpxvVG

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