May 29, 2020 / 10:53 AM / 2 months ago

MOVES- Onex hires Jaber as structured products head for credit business build

NEW YORK, May 29 (LPC) - Onex Credit has hired Ronnie Jaber as head of structured products, part of a buildout of its platform amid market volatility caused by the coronavirus pandemic.

The firm also hired Chad Valerio as a portfolio manager for its opportunistic credit team.

Jaber, who will join the team Monday, and Valerio, who started this week, both report to Co-Chief Executive Officers Jason New and Stuart Kovensky.

“Their appointments build upon the momentum we have from several recent hires and business initiatives and mark a significant step in the growth of our broader platform and capabilities to better serve our clients and investors,” New said.

Onex Credit, which has more than US$11bn in assets, plans to raise funds for both structured product investments as well as the opportunistic credit platform as debt markets remain pressured by the protracted global health crisis, according to sources.

The LPC 100, a cohort of the 100 most liquid US loans, dropped more than 21% from the start of the year to 77.87 cents on the dollar on March 23, an almost 11-year low. The benchmark rebounded to 92.46 Wednesday.

The price of the Palmer Square CLO Debt Index (CLODI), which measures the total return of CLO mezzanine debt, fell to a 2020 low of 96.54 March 24 from 126.89 at the end of 2019. It improved to 116.36 on Wednesday.

Under Jaber, the team will invest in Collateralized Loan Obligation (CLO) tranches in the secondary market, the sources said.

Onex Credit raised a US CLO this month with Bank of America, the OCP CLO 2020-18, Refinitiv LPC previously reported.

The new hires follow the appointments earlier this year of New, who previously worked at Blackstone Group’s GSO Capital Partners, where he was co-head of distressed and special situations investing, and Jessica Brennan, who joined as head of client and product solutions, from Carlyle Group.

Jaber previously worked at Carlyle Group, where he was co-head of structured credit. Valerio joined from Oak Hill Advisors, where he was a portfolio manager focused on stressed and distressed investments. (Reporting by Kristen Haunss; Editing by Michelle Sierra)

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