Hayfin today announces the reset of Hayfin Emerald III CLO (“Emerald III”), a Collateralised Loan Obligation (“CLO”), which was first issued in a €410.8m transaction in July 2019 and has now been upsized to €500m. The deal, which marks the fourth reset within the Emerald CLO series, attracted strong investor demand throughout the capital stack. The structure will invest in a diversified portfolio of European senior-secured loans and bonds.

The successful completion of this reset follows a period of strong performance for Hayfin’s European High-Yield & Syndicated Loans business which, over the last 12 months, successfully scaled its CLO business to c.€3bn assets under management and recorded top-quartile performance across its High-Yield platform.

Tim Flynn, Chief Executive Officer at Hayfin, said: “The upsizing of Emerald III caps a successful 12 months for our High-Yield and Syndicated Loans platform. It is testament to the strength and expertise of our team that they have sustained investor demand for Hayfin’s CLO products and fuelled a two-fold increase in the size of the platform over the past year.”

Jefferies acted as arranger for the transaction.

Hayfin announces the reset of Hayfin Kingsland XI CLO (“Kingsland XI”), a Collateralised Loan Obligation (“CLO”) that was first issued in June 2019. The $406.45m transaction marks the third deal that Hayfin US has brought to the market this year following the new-issue pricing of Hayfin US XIV CLO in August and a partial refinancing of Hayfin Kingsland X CLO in April. The new structure, which carries a five-year reinvestment period, will invest in a diversified portfolio of primarily US senior-secured loans.

The reset attracted strong investor demand, leading to a refresh of the debt stack and a dropping of liability costs. At the same time, it embedded Environmental, Social & Governance (“ESG”) provisions in the CLO Indenture and enabled those at higher rates to re-commit. The successful completion follows a period of strong performance for the US High-Yield Credit business which manages six CLOs and has scaled its total assets under management (“AUM”) to c.$2.8 billion. The US platform sits alongside the firm’s growing European High-Yield & Syndicated Loans business, with both platforms recording top-quartile performance during 2021.

Tim Flynn, Chief Executive Officer at Hayfin, said: “As global markets recover further, we have continued to see opportunities across our CLO platforms – both in the US and Europe. The conclusion of this latest reset speaks to the strength and expertise of our team which has continued to sustain strong investor demand for Hayfin’s CLO products.”

For the second consecutive year, Hayfin’s US CLO performance has been recognized with a nomination for Best US Boutique CLO Manager in the 2021 Creditflux Awards.

Goldman Sachs acted as arranger for this transaction.

Hayfin Capital Management announces a particularly strong period of performance for its European High-Yield & Syndicated Loans business. During the period, the firm successfully scaled its Collateralised Loan Obligation (CLO) business to c.€3bn assets under management, recorded top-quartile performance across its High Yield business and won the High Yield Fund award in this year’s AltCredit European Performance and Services Awards.

Over the past 12 months, Hayfin successfully concluded seven European CLO transactions, despite the onset of the Covid-19 pandemic. This included four new issuances as well as a significant upsizing of three existing European CLOs. In addition to this, the HYSL Fund (unhedged) generated 13.0% gross return versus a blended benchmark of 8.6% in the last 12 months to 31st August 2021 as compared to equivalent metrics of 10.3% versus 2.8% for 2020. The Fund has demonstrated consistent outperformance since its inception in June 2016, returning an annualized rate of return of 8%, cumulatively standing at 48.9%.

The strength of its flexible mandate was evident in last year’s market dislocation, during which the business was able to achieve down-market outperformance across its platform of CLOs and SMAs. Further capital has been raised from new and existing investors to support its CLO roll-out, a testament to robust market confidence in the platform as a top quartile performer relative to the market.

Underpinning this successful growth is an experienced team led by Gina Germano, Head of the European High-Yield & Syndicated Loans investment team. Over the past 12 months, Hayfin has continued to invest in its people, making four new hires to the European High-Yield & Syndicated Loans investment team including Asha Narayan, who joined the firm in September as a Portfolio Manager, European CLOs. Asha brings a broad skillset following four years at PGIM where she worked as a CLO portfolio manager, and 14 years at Deutsche Bank where she was largely focussed on sales. The strength and expertise of the team will enable the platform to continue to focus on continuing to attract investor demand whilst maintaining portfolio standards and prudent risk management.

Gina Germano, Portfolio Manager and Head of the European High-Yield & Syndicated Loans team at Hayfin, said: “In many ways, the challenges brought by the pandemic have enabled our team to demonstrate just what we can do. Over the last 12 months, our team’s shrewd credit selection and rigorous portfolio management has sustained investor demand for Hayfin’s CLO products and fuelled a two-fold increase in the size of the platform over the past 12 months. In addition, we’re delighted with the performance of our High Yield business which has been very strong and attracted significant investor interest.”

She added: “The notable success of our platform over the past year is testament to the strength and expertise of our team who I thank for their commitment and contribution. It’s a really exciting time for our business and I’m thrilled to welcome Asha to our growing team.”

Hayfin Capital Management announces its achievement of the High Yield Fund award in this year’s AltCredit European Performance and Services Awards on 29th September 2021.

The award has come following a period of excellent performance for its European High-Yield & Syndicated Loans business. In the last 12 months, the firm has recorded top-quartile performance across its High Yield business, as well as scaled its Collateralised Loan Obligation (CLO) business to c.€3bn assets under management. This success has come despite the market dislocation of the past year, wrought by the Covid-19 pandemic.

The AltCredit European Performance and Services Awards recognises ‘private debt managers and credit hedge funds that have best been able to take advantage of the opportunities that have arisen and avoided the pitfalls’.

Hayfin’s High-Yield and Syndicated Loans team is led by Portfolio Manager, Gina Germano, who has been with the firm for over six years.

As a prominent global investment firm, an unfortunate consequence of our size and reputation is the potential misuse of our name, brands and reputation by imposters and fraudsters engaging in “phishing” scams seeking personal or confidential information.

It has come to our attention that various individuals and organisations have contacted people offering false employment opportunities with Hayfin.

These scams are fraudulent and intended to obtain money or personal information from unsuspecting job seekers. By making you aware of this, we hope to avoid and ultimately stop victims falling for these types of scams. Please do not provide any personal or financial information and do not send money to anyone you suspect of recruitment fraud.

In connection with Hayfin recruitment, please note:

If you receive a fraudulent employment request, we advise you to save the message and send to your local law enforcement agency. You may also contact us at info@hayfin.com.

More information on employment scams is available at the following websites:

UK: Recruitment scams (actionfraud.police.uk)

US: Job Scams (Federal Trade Commission Consumer Information)

Canada: Avoiding Employment Scams (vpl.ca)

If you see or lose money to a job scam, you can report it to the FTC at ReportFraud.ftc.gov, Actions Fraud in UK at Action Fraud or your local law enforcement authorities.

Hayfin Capital Management today announces the successful conclusion of its latest US CLO, Hayfin US XIV, a $487.8 million Collateralised Loan Obligation (“CLO”). The structure will invest in a diversified portfolio of US senior-secured loans. The CLO has a five-year reinvestment period and a two-year non-call, consisting of broadly syndicated loans.

The issuance of Hayfin US XIV received strong investor demand throughout the book-build. Hayfin now manages six CLOs in the US, growing the AUM of Hayfin’s US CLO business to c.$2.8 billion. This sits alongside the firm’s leading CLO footprint in Europe where the team has completed c.€3 billion in total new and upsized issuances since 2018.

Tim Flynn, Chief Executive Officer at Hayfin, said: “Our US High Yield Credit team continues to demonstrate strong performance, driving demand for another successful CLO issuance with Hayfin US XIV. The deal represents a continuation of our active participation in this asset class following the delivery of a number of new issuances as well as significant upsizing of several existing European CLOs this year. As global markets recover further, we expect to see continued opportunities across our CLO platforms.”

For the second consecutive year, Hayfin’s performance in the space has been recognized with a nomination for Best US Boutique CLO Manager in the 2021 Creditflux Awards.

Jefferies acted as arranger for the Hayfin US XIV transaction.

Hayfin Capital Management today announces the reset of Hayfin Emerald CLO IV (“Emerald IV”) in a transaction that increases the size of the deal from €343m to €541.3m. In significantly upsizing Emerald IV, which was one of Europe’s largest CLO issuances since the outbreak of Covid-19 when it priced in July 2020, Hayfin has brought the total AUM of its European Collateralised Loan Obligation platform to c.€3bn across seven deals.

Hayfin has completed four European new issuances and three resets since H2 2020, capitalising on a period of favourable market conditions to significantly grow its capital base and extend its track record of issuance. Emerald IV, which once again attracted strong investor demand throughout the capital stack, will continue to invest in a diversified portfolio of European senior-secured loans and bonds.

Tim Flynn, Chief Executive Officer of Hayfin, said: “An upsizing of this size points to the strength of our platform, which has seen notable growth in the past 12 months thanks to the expertise of our team, against the backdrop of a well-performing European market. We remain confident in the further growth of this platform amid the ongoing recovery in European and global markets.”

Hayfin today announces the pricing of Hayfin Emerald CLO VII (“Emerald VII”), a €457.4 million European Collateralised Loan Obligation (“CLO”). The transaction, which was upsized in response to strong investor demand, increases the total AUM of Hayfin’s European CLO platform to more than €2.7bn across seven deals.

Hayfin has completed four European new issuances and two resets over the past 12 months, bringing total European CLO issuance in this period to more than €2.3bn. The strong performance of these previous deals helped drive the significant demand for Emerald VII, from the AAA tranche down to the equity, with tight pricing achieved on all classes of rated notes and an oversubscribed equity tranche.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We are pleased to not only have achieved another successful pricing on our latest broadly syndicated European CLO, but also to have been able to significantly upsize the deal in response to market demand. The significant growth of our platform in the past 12 months is testament to the success and hard work of our team, which has established us with investors as a leading and trusted European CLO manager. As markets continue their recovery, we remain confident in growing our offering further.”

Hayfin today announces the reset of Hayfin Emerald II CLO (“Emerald II”) in a €398.5m transaction, bringing the firm’s recent issuance of European Collateralised Loan Obligations to almost €2bn since July 2020. Emerald II is a CLO that was first issued in a €407.9m deal in April 2019.

Prior to this transaction, Hayfin had successfully reset Emerald I in a €422m deal in February 2021 and priced the new-issue Emerald IV, Emerald V and Emerald VI CLOs in July 2020, October 2020 and March 2021 respectively. Hayfin’s fifth successful European CLO issuance in this nine-month period once again attracted strong investor demand throughout the capital stack.

Tim Flynn, Chief Executive Officer of Hayfin, said: “The Emerald II reset is the latest development in what has been an extremely busy period of deal activity for our European CLO team. Our strong pipeline of issuance since the outbreak of Covid-19 demonstrates how we have built our platform into one of the leading managers in the market.”

Goldman Sachs acted as arranger for the transaction.

Hayfin today announces a record period of deployment through its Direct Lending strategy, having invested €3.7bn in 2020. Hayfin reached a final close on the commingled Hayfin Direct Lending Fund III and its related separately managed accounts in 2020, raising in excess of €5bn to deploy into performing loans to European middle-market companies. During this record period of activity, the firm bolstered its investment team, business development function and back-office operations with 35 new hires.

Within its Direct Lending strategy, Hayfin focuses on the provision of senior-secured loans that exhibit strong returns relative to their risk profile and an emphasis on downside protection. Prior to the outbreak of Covid-19, Hayfin successfully self-originated a high volume of primary investment opportunities through its local sourcing teams across six offices globally and its sector-specialist teams, as well as acquiring attractively priced loans in the secondary market. Despite primary issuance in direct lending markets falling during the pandemic, Hayfin’s deep and extensive origination capabilities, expanded team and large portfolio of existing borrowers allowed the firm to accelerate its rate of deployment in 2020. Hayfin was able to maintain its high underwriting standards while increasing its pace of investment amid reduced competition for deals, as banks’ underwriting appetite declined and many other funds were required to focus primarily on portfolio management.

Hayfin’s latest fundraise was oversubscribed and attracted capital commitments from a broad range of institutional investors globally, including both new and existing LPs, comprising public and private pension funds, sovereign wealth funds, insurance companies, endowments, consultants, financial institutions and family offices. This represented Hayfin’s largest capital-raise to date across its strategies, exceeding the more than €3.5 billion raised for the previous vintage of the firm’s Direct Lending strategy in February 2017.

Tim Flynn, Chief Executive Officer and Co-Founder of Hayfin, commented: “From the outset, we built Hayfin not only to be disciplined and originate a diverse range of investment opportunities in good times, but also to continue providing capital in a downturn. While the macroeconomic environment is undoubtedly vastly different now than in years past, we will continue to invest in strong European middle-market companies, as their financing needs grow and traditional sources of capital remain constrained.

“We are delighted with the robust deployment of our Direct Lending strategy thus far. Hayfin has one of the longest track records in European private credit, with a proven ability to invest throughout the cycle, protect against downside risk and generate strong risk-adjusted returns. We believe we are well positioned in the current market environment to continue doing so for our investors.”

Since it was founded in 2009, Hayfin has invested over €24 billion of capital across more than 375 portfolio companies.