Creditflux

Weil brings in direct lending specialist from Kirkland & Ellis in Hong Kong
He primarily advises direct lending funds and borrowers on cross-border leveraged and acquisition finance transactions

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

Emerging markets specialist Albright sells minority stake to Goodhart
Goodhart Partners has purchased a minority stake in Washington DC-based Albright Capital Management, which is an emerging market debt manager, according to an announcement today

Credit traders' kickstand: trade troubles threaten volatility "sooner than you think"
Most of the credit market goes into the coming week in a more nervous mood than it began this week, with hopes for the resuming US-China trade talks tempered by the US’s opening of a new front with Europe on trade

Ares spots growth in Australia and forms distribution JV with Fidante
Ares has teamed up with Fidante Partners to boost its distribution capabilities in Australia and New Zealand across its credit, private equity and real estate strategies

Partners Group brings global private debt strategy to Australian retail investors
Partners Group has bolstered its private debt offering to retail clients, collecting AUD550 million for a private debt offering which has been listed on the Australian Securities Exchange.

China ambitions checked in final roll lists for iTraxx and CDX indices
The index roll lists for iTraxx Europe, iTraxx ex-Japan and CDX EM, have all undergone a rethink since IHS Markit published provisional lists earlier this week, with final lists showing name changes

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

CDS data snapshot: central bank positioning and index rolls drive flows
Welcome to the inaugural run of what will become a weekly insight into credit derivatives trading. Each week, Creditflux will highlight trends and dynamics from most recently available market data. We welcome feedback on measures of the market readers would like to see here in future

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

Australian pension fund hires head of ESG
The Australian Catholic Superannuation & Retirement Fund has appointed Louise Bradshaw to lead the pension fund’s initiatives in regard to environmental, social, and governance (ESG) investments

Fund performance
A round-up of fund performance

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

LCH's French unit adds first Japanese clearing member
Mizuho has signed up as the first Japanese clearing member of LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group

Carlyle CLO warehouse investment results in 26.7% return for South Korean firm
A CLO warehouse investment in a transaction managed by Carlyle Group has generated a $1.3 million return for Seoul-based Tiger Alternative Investors, according to a report in The Korea Economic Daily

Texas pension to invest up to $225 million in distressed debt
Investment consultant Cliffwater recommends an annual commitment of up to $225 million in distressed debt to Texas County & District Retirement System (TCDRS), according to documents seen by Creditflux

Emerging market CDS trading slumped in Q2, finds Emta
There was $364 billion of emerging markets CDS trading in second quarter, according to the Emerging Markets Traders Association

Buy iTraxx Europe equity tranche risk but sell Crossover mezz, says JP Morgan
Investors should stick with ‘search for yield’ ideas in investment grade credit, say JP Morgan credit strategists, including selling iTraxx Europe 0-3% equity tranches delta hedged, going long the 10-year Europe index, and selling credit volatility through index options while buying equity market volatility

Japan Post Bank's CLO book grows fastest of top five buyers
Japan Post Bank continues its march toward the top tier of CLO investors, with the bank registering JPY 1.32 trillion (around $12.24 billion) of CLOs on its balance sheet as of 30 June, according to its latest financial statements

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 

US university backs Asian direct lending fund
University of Michigan has committed $50 million to SSG Capital Partners V, according to documents seen by Creditflux  

Carlyle switches to corp structure as credit portfolio grows 31%
Carlyle Group is set to become a full C corporation, moving away from its publicly traded partnership structure, amid global credit portfolio growing 31% year-on-year, according to the investment firm’s 2019 Q2 results  

Bank of Japan keeps rates in check to keep CLOs within reach
The US Federal Reserve’s pivot toward a more dovish monetary policy has buttressed the symbiotic relationship between Japanese investors and US CLO managers