Creditflux

Job opportunity with ArrowMark: research analyst
ArrowMark Partners has released details of a vacancy in its Denver office

Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role
Vue International's newly issued loan starred in 25 CLO managers' portfolios, which bought €239.4 million of the loan in June and made it a box office hit among CLO managers, according to CLO-i.

US loan trading: Caesars marches out of CLOs as Blackstone rolls in
With $158 million of its term loan leaving the hands of CLO managers, Caesers Entertainment was the most sold issuer in June

Cambridge University appoints CIO
The University of Cambridge has named a CIO who previously served at instutituions such as the BBC and Virgin  

Connecticut $36 billion pension hires first chief risk officer
The Connecticut Retirement Plans and Trust Funds has hired its first-ever chief risk officer

BlueMountain buyout to bring CLO equity shift, funding pledge and Feldstein payout
BlueMountain Capital Management’s co-founder Andrew Feldstein looks set to receive a substantial pay-out in common shares of Assured Guaranty, which has agreed to buy the manager for around $160 million and has outlined a three-year plan for its CLOs

Carval fashions 'flexible' global multi-strategy credit hedge fund
The open-ended fund will focus on non-control strategies including corporate securities, liquidations, loan portfolios and structured credit 

CLO managers suffer puncture with $85 million of Jack Cooper debt
CLO managers hold $85.8 million of exposure to auto hauler Jack Cooper Ventures, which filed for Chapter 11 bankruptcy, according to the latest trustee reports from CLO-i 

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

New EC fund rules could lead to ‘pre-pre-marketing’
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.

Investors seek oasis as new issues dry up

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Euro CLO managers ditch Moody’s as negative views rise
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook.

Rival manager’s warehouse contributes to new CIFC US CLO
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager.

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Direct lenders accused of exaggerating terms in lender education
Sources say that some direct lenders in Europe are submitting standard indicative lender terms with limited or no internal discussions with their respective credit committees.

US CLOs thrive as managers embrace secondary loan market
Leveraged loan issuance is supposed to feed and keep CLOs healthy, but a 62% slowdown in US loan volumes this year was accompanied by average CLO equity distributions ticking 19% higher.

Borrowers promise to pay penalty if they breach ESG targets
Loan investors are incentivising companies to improve their environmental, social and governance (ESG) performance by linking the financial terms of a loan to the ability of the borrower to meet predetermined sustainability targets.

Net short language could force lenders to sell at a loss
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.

Enhanced CLOs are no more enhancing than run-of-the-mill distressed funds
Triple C-heavy CLOs that try to time the market may be paying for options they never use

Fund performance: Mercury rises as does credit fund performance

Job opportunities with First Eagle: loan analysts
First Eagle Investment Management has released details of two vacancies in its loans team in Boston

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August

Upward flexes, CLOs gather speed and 'net-short' language develops [podcast]
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.