Creditflux

Capital Four upsizes debut CLO, but capital stack diverges
Triple-A pricing and that of more junior tranches is on a path of divergence, as evidenced by the marketing of debut CLO manager Capital Four Management

Kartesia opens Munich office for new hire Mirante
The new office is Kartesia’s seventh in Europe and second in Germany

GSO's third new European CLO of 2019 shows capital stack divergence
Triple A tranche pricing has noticeably improved on European CLOs, but double B and single B pricing not so much

Public private sector partnership launches impact debt fund
Warrington Borough Council and Altana Wealth have joined forces to launch a private debt fund that invests in social impact investments in the UK  

Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction

Diverging views emerge over performance of ESG investing, RBC survey reveals
Investors which incorporate ESG principles are convinced it adds value, but those who do not are more uncertain, according to a survey by RBC Global Asset Management 

Beechbrook adds ex-Lloyds official to lead deal origination in Midlands
UK-based direct lender Beechbrook Capital has added a former Lloyds Banking Group official to lead deal origination in the Midlands

Credit traders’ kickstand: UK vote brings profit-taking and corporate catch up
Profit-taking has reversed some of the previous outperformance of European financial credits ahead of Saturday’s crunch UK parliament vote on the latest Brexit agreement with the European Union, but UK names continue to trade bullishly as trader concerns about the chances of a no-deal exit on 31 October recede

Orchard targets CLO investments in fruitful year of fundraising
Orchard Global Asset Management is in the process of fundraising for its first CLO focussed fund, according to market sources. The firm is targeting the global CLO market and looking across the capital stack.

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

GSO and Deutsche Bank unite to refinance 2017 European CLO
GSO Capital Partners has teamed up with Deutsche Bank to refinance the triple and double A debt of its 2017 CLO named Palmerston Park

Credit traders expose themselves to Brexit bungle
Credit investors have set themselves up for disappointment, with UK related names leading another push tighter ahead of the culmination of talks between the UK and European Union aimed at reaching a last-gasp Brexit agreement

Credit CIO Finch leaves GLG
Simon Finch has parted ways with Man GLG, according to market sources, ending an 18-month stay at the firm where he served as chief investment officer for credit

Cordet confirms senior direct lending appointment in London
Cordet Capital Partners has appointed Rothschild’s former co-head of direct lending as its chief credit officer, following the departure of current CCO Björn Börjesson

CLO pipeline: Sculptor begins to mould its first CBO
Silence! Artist at work: Sculptor has got its apron on and is shaping up to launch its first CBO

BlueBay set to join ranks of CLO managers after opening warehouse
BlueBay Asset Management is set to join the ranks of European CLO managers after opening its first warehouse with Credit Suisse

Chenavari joins growing group of CLO managers to refinance 2017 deals
Chenavari Credit Partners on Friday partially refinanced Toro European CLO 3, joining the small but growing list of managers to reprice 2017 CLOs in recent weeks

Thomas Cook CDS auction set for two deliverables
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations

Global CLO b-wic round-up: volumes jump as investors get their triple A fix
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.

DWS holds €350 million first close for inaugural direct lending fund
DWS has garnered €350 million on the first close of its inaugural European direct lending strategy, according to an announcement by the firm

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

Boston pension looks to allocate $60 million to private debt
The Boston Retirement System has launched a request for proposals in which it seeks a manager to oversee a $60 million private debt portfolio

Credit traders' kickstand: curves in focus as market overcomes mid-week wobble
Credit markets have had a more positive week overall than last, and that was given a couple of extra twists today by UK/European Union and US/China talks. But this masks weakness mid-week and, following a brief steepening of curves, improvement is mainly exhibited by financial sector names

Direct lending across the Atlantic: Creditflux unveils two direct lending reports
Creditflux is pleased to unveil two direct lending reports with the third edition of European Direct Lending Perspectives now available, along with the inaugural US Private Credit Perspectives report.