Tikehau IM launches dated bond fund
Tikehau Investment Managers, the French fixed income manager, has launched TK Rendement 2016, a dated bond fund targeting annual returns of 7% to maturity investing in euro-denominated corporate bonds.
TK Rendement 2016 will be managed by Jean-Marc Delfieux and Mathieu Chabran (pictured). Delfieux previously worked at HR Gestion, a French private bank where he was in charge of fixed income, before joining Tikehau IM.
Chabran is one of Tikehau Capital Advisor’s founding partners when the company was formed in 2005 (Tikehau IM was then formed in 2007). He previously worked at Deutsche Bank in London.
The fund will have a diverse portfolio of mostly high-yield European bonds. Minimum investment is €1000.
According to Tikehau IM, credit spreads have doubled since the credit crisis that arose this summer reaching levels comparable to those of October 2008, offering corporate bonds an important yield rise.
The disappearance of risk-free rates, banking disintermediation, and the context of uncertainty weighing on the markets have led to considerable strain in risk premiums on corporate bonds that were otherwise fundamentally solid, the company added.
These situations are a window of opportunity for investors in the medium-term, it argued.
Several French fixed income managers have recently been drawn to launch credit strategies. Last week both Edmond de Rothschild Investment managers and Natixis Asset Management also launched credit funds investing in European bonds.
Paris-based Tikehau IM has over €700 million in assets under management.