- Direct lending (200)
- Emerging markets (71)
- High yield bonds (3296)
- Investment grade credit (120)
- Structured credit (138)
- CLO (352)
- Distressed debt (133)
- Credit derivatives (168)
- Marketplace lending (28)
- Real assets (56)
Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain1 day ago
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).
Bardin Hill pulls in $300 million for first close of opportunistic credit fund1 day ago
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter
CVC looks to cut quarterly tenders from 25% to 10% in listed credit fund3 days ago
CVC Credit Partners is looking to amend quarterly tender terms through shareholder approval on its its listed credit fund to "respond to changes relating to covid-19 pandemic in the best way possible"
S&P puts 48 triple C-heavy CLOs on negative watch3 days ago
A spike in loan assets rated triple C as a result of the coronavirus pandemic has led S&P Ratings to put 48 CLO tranches on negative watch
Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover3 days ago
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days.
US pension delays restructuring fixed income portfolio over coronavirus concerns7 days ago
Fresno County Employees’ Retirement Association has delayed plans to restructure its fixed income portfolio due to coronavirus concerns, according to board documentation
CLO warehouses trigger draw stops as loan market tanks7 days ago
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.
Lenders look at MAC clauses amid revolver demand7 days ago
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers.
You wait 12 years for loan dislocation and $1 trillion comes along all at once7 days ago
The waiting is over — distressed debt managers have the best entry point in about a dozen years as the S&P/LSTA Leveraged Loan Index plunged to 80 in just two weeks.
Points up front: Introducing CHOs — finance for farmers7 days ago
Bancorpsouth Bank, based in Tupelo in Mississippi, has issued loans to a farm using horses as collateral, according to various media reports, with Data Driven Investor dubbing these 'collateralised horse obligations'.
Investors watch Libor amid inter-bank liquidity concerns7 days ago
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month.
- Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was
- $7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par7 days ago
A round-up of fundraising and people moves in credit7 days ago
- A round-up of ucits fund performance7 days ago
- A round-up of fund performance7 days ago
Scor introduces swing pricing on European loan fund8 days ago
Scor Investment Partners has introduced partial ‘swing pricing’ on all classes of its Scor European Loans Fund, effective Friday “to preserve its clients' long-term interest in challenging market conditions”
We’ve survived before, we can do so again9 days ago
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par
CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan9 days ago
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail
Three CLO investors win mandates from US insurer10 days ago
New York State Insurance Fund has selected 11 credit managers to invest around $1 billion across corporate loans, high yield bonds and CLO tranches, according to documentation seen by Creditflux. Three of these mandates are geared towards CLOs
S&P adds to CLO negative watch list as loan downgrades pick up10 days ago
Standard & Poor’s has added to the list of tranches in CLOs it has on negative watch as coronavirus concerns mount. This follows the rating agency last week highlighting 22 tranches across 15 US CLOs for having big exposure to downgraded corporate borrowers across impacted industry sectors
Fitch puts European and US CLO notes on negative watch after coronavirus stress test10 days ago
Fitch Ratings has placed six notes from one European CLO, one US static CLO and one US middle market CLO on negative watch, following coronavirus-related stress tests placed last week
Listed credit fund sheds CLO triple As10 days ago
Chenavari's listed credit fund, Chenavari Toro Income Fund Limited, has sold European CLO triple A paper to raise cash to answer margin calls related to CLO warehouse and CLO triple A repo exposures
Last chance to get Crediflux newsletter delivered to your door13 days ago
The last few weeks have affected the way everyone goes about their daily routine. To make things slightly easier for our readership, we can send the April Creditflux newsletter to subscribers' home addresses - simply fill out the form
US loan index rises for second consecutive day13 days ago
The credit markets felt some reprieve on Thursday as the S&P/LSTA index rose for the second consecutive day, rising by an unprecedented 3.33%
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