Experienced CLO PM Bowers launches asset manager with private equity backing
Jonathan Bowers, a former partner and senior portfolio manager at CVC Credit Partners, has established an asset manager in partnership with a private equity firm

EQT undertakes strategic review of credit business
EQT has announced a review of its credit business with the firm appointing JP Morgan to evaluate its 'strategic options', according to the firm’s Q4 2019 report

US loan trading: McDermott downgrade leads to CLO outflows as managers board rail road firm
US freight railroads operator Genesee & Wyoming allocated its $2.55 billion term loan in November, making it the most popular issuer in the month. And CLO managers were sceptical of the outlook for McDermott Technology - signalled by $185.9 net outflows - after Moody's downgraded its corporate family rating from B3 to Caa2 

Pimco launches listed multi-sector global credit fund
Known as Pimco Tactical Income Fund, the fund will invest in a range of global credit strategies and will list on the New York Stock Exchange

BlueBay adds hire from Schroders to bolster Swiss sales force
BlueBay Asset Management has added a hire from Schroders to deepen the firm’s presence in Switzerland

Schroders appoints deputy head for credit business
Schroders has hired to the newly-created position of deputy head of credit

MUFG adds to US leveraged finance unit with senior hire from Deutsche Bank
A senior credit specialist has left Deutsche bank in New York after 10 years in order to join MUFG

Euro loan trading: CLO managers find a home for building specialist's downsized loan
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan

UK charities join forces on hunt for ESG managers
Three UK based charities are joining forces in the hunt for a manager to oversee a £32 million ($41.6 million) portfolio with a strong focus on environment, social and governance (ESG) criteria as well as impact investing  

36% of US loans could be repriced amid rally, finds Nomura

Nomura calculates that about 36% of loans are eligible for a repricing. It bases this on the number of loans that are immediately callable, have near-term call risk or are a potential call risk if the loan market continues to rally

CLOs face losses as Constellis loan drops to 28.5
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December

CBAM plans expansion with new $60 million credit facility
CBAM has closed a $60 million credit facility to refinance a working capital facility to its parent company Eldridge Industries

UK pension eyes managers as part of £1 billion-plus credit expansion
Border to Coast Pensions Partnership is seeking investment managers for single credit asset class mandates,

Värde launches $2.5 billion global credit fund
Värde Partners has raised $2.47 billion for a new global credit fund, according to an announcement today

Clover bankruptcy leaves print marks on CLOs
CLOs hold $256 million of the debt of printing supply company Clover Technologies Group, which filed for Chapter 11 bankruptcy on Monday

Texas pension appoints CIO
Teacher Retirement System of Texas has appointed a new chief investment officer, effective from January 2020  

Ex-CQS portfolio manager resurfaces at Axa IM
A former European leveraged loan portfolio manager who left CQS in July 2018 has resurfaced at Axa Investment Management

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Direct lenders seek flexibility as leverage facilities disperse
European direct lending funds are frequently taking on leverage, and with some of these facilities topping €1 billion, leverage providers are looking to syndicate their exposures among other banks.

Volatility wave brings index-linked CLO funds into play
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’.

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Managers amend CLO structures amid refinancing ripple
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.