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McDermott slips into bankruptcy with CLOs holding almost $1 billion
4 years ago
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement -
Three US CLO anchor equity positions go on sale one week after payment dates
4 years ago
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. -
Moody's downgrades tranche from reissued 2018 CLO to triple C citing par loss
4 years ago
Moody's has downgraded a tranche of a CLO reissued in 2018 to triple C, the rating agency said in an announcement -
Wait is over: submissions open for Creditflux's 12th annual Manager Awards
4 years ago
The submission window for Creditflux's annual awards has officially opened, with direct lenders, fund managers and CLO managers able to submit their deals for consideration -
Class F notes of 2018 CLO downgraded to triple C by Moody's
4 years ago
Moody’s has downgraded the class F notes of a 2018 CLO to Caa1, citing par loss in the underlying portfolio for its decision -
Partners nears $100 billion in AUM as CLOs drive private debt growth
4 years ago
Swiss manager Partners Group has reached $94.1 billion in assets under management, with CLOs boosting the firm’s growth, according to its 2019 annual results -
CLOs face losses as Constellis loan drops to 28.5
4 years ago
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 -
US CLO tranche downgraded to Caa3 amid OC and warf test failure
4 years ago
A $5 million tranche of a 2014-vintage CLO has been downgraded to Caa3 by Moody’s -
Clover bankruptcy leaves print marks on CLOs
4 years ago
CLOs hold $256 million of the debt of printing supply company Clover Technologies Group, which filed for Chapter 11 bankruptcy on Monday -
Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
4 years ago
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic -
‘Buying the dip’ is going to be a poor investment strategy when the next downturn comes
4 years ago
The next credit downturn will be shallower but more prolonged than the last, so what works will be different, too -
Not all old tier one CLO managers lived up to their premier billing
The definition of a tier one manager has evolved from the days when big brands where considered best4 years ago -
Attack is the best form of defence
4 years ago
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk -
CSO arrangers look to build on $65bn of issuance in 2019
4 years ago
The synthetic bespoke tranche market this year has fallen short of expectations in terms of overall issuance volume, but ends with transformative inroads being made. -
Falling correlation reignites passion for index tranche trades
4 years ago
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion. -
Pitching your structured credit fund: the three golden rules
4 years ago
Structured credit fund managers were given a lesson in how to market their strategies by a group of asset allocators at the Creditflux CLO Summit in New York. -
Fund performance: Long-short funds rule in October as CLO funds struggle
4 years ago
A round-up of fund performance -
CLOs at a glance: innovations arrive as year draws to close
A round-up of CLO performance4 years ago -
Beware of "mequity" risk in direct lending, writes Barings
4 years ago
Barings co-head of global private finance, Ian Fowler, predicts that the adoption of lending terms associated with broadly syndicated loans into private credit will not prove beneficial in the long term -
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 events4 years ago -
US loan trading: CLO managers flee Acosta but gorge on Buckeye
4 years ago
Loan holdings in October gave CLO managers a taste of the good, the bad and the ugly: they feasted on Buckeye, fled Acosta, and could not get rid of Deluxe -
West coast pension looks to step up direct lending allocations
4 years ago
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019 -
CLO managers brace themselves for Acosta bankruptcy
4 years ago
CLOs hold $402.5 million exposure to Acosta, a sales and marketing agency that is looking likely to file for Chapter 11 bankruptcy soon. A total of $163.7 million of Acosta’s term loan left the hands of CLOs in 2019 -
Canadian pension awards €300 million to middle market real estate debt
4 years ago
Canada Pension Plan Investment Board (CPPIB) has awarded €300 million to a separately managed account focused on real estate across Spain and Portugal. The pension fund did not name who this partnership was with -
The Last Tranche with THL’s Herzig: loan bifurcation and the direct lending safety net
4 years ago
For Creditflux's Last Tranche podcast, THL Credit’s Michael Herzig joins Hugh Minch and Seth Brumby to talk, among other things, about bifurcation in the US loan market, why some borrowers might suffer refinancing woes and how large direct lending funds can step in to provide financing to even large-cap companies
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