Creditflux

Beware of "mequity" risk in direct lending, writes Barings
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

Barings splits triple As for latest new issue CLO
Barings has split its latest European CLO’s triple A notes into senior and junior tranches in a rare move for the European market

Barings matches November benchmark with new US CLO
Barings yesterday returned to the CLO primary market with the tightest triple A print on the month

Mid market CLO league tables: springing back into life after September drought
After a September hiatus, three managers returned to mid market CLOs in October to bring issuance back on track as monthly volume exceeded $1 billion for the sixth time this year

CVP resigns as manager from two US CLOs
Credit Value Partners has resigned as manager of two of its US CLOs, according to a notice on the Irish Stock Exchange. The move comes amid an overhaul at CVP in which the manager's loan platform has been absorbed into its affiliate Mackay Shields and its distressed platform spun off

Barings prices CLO backed by mid market loans
Barings has produced its third CLO transaction backed by loans to middle market companies

GreensLedge hires experienced CLO pair as it launches asset management business
GreensLedge has made a huge statement by hiring two from Barings' CLO investment team

Head of structured credit and CLO investments leaves Barings
One of the CLO industry's biggest names has left Barings, resulting in the firm appointing two co-managers for its structured credit investment group 

Barings raises €1.5 billion for European direct lending
Barings has held a close for its latest European direct lending fund, receiving €1.5 billion of capital from over 45 institutional investors

THL anchor CLO equity seeks purchase in secondary market
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade

Ares and Barings lead the way as triple A spreads regain lost ground
CLO triple A spreads in Europe have reached their tightest point in months, with two deals issuing their first pay notes at 108 basis points over Euribor

Barings targets 110-111bp print on forthcoming European CLO
Barings is looking to join the exclusive list of European CLO managers to issue triple As around 110 or 111 basis points over Euribor

CLO pipeline: managers return in force after varying time-outs
CLO managers in all markets are taking the view that the time is ripe to print their latest deals. There are 30 transactions in the US CLO pipeline this week with a further four in the middle market space and Europe

CLO managers lick their wounds with Joerns bankruptcy
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday 

US life insurers grew their CLO investments by 31% in 2018, finds Moody's
US life insurers held $79.4 billion in CLO exposure at the end of 2018, which is up 31% from the amount held at the end of 2017, according to a report by Moody’s Investor Service

Barings shows way forward with BDC-sponsored CLO
The unusual move by Barings BDC to issue a US CLO suggests a new way for BDCs to lock in cheap financing and withstand volatility.

Barings BDC forms $550 million JV with South Carolina pension
The new joint venture will invest in both liquid and illiquid credit

Global CLO round-up: new managers put down roots
Birch Grove priced its debut CLO this week while relative newcomers PPM (in the US) and Voya Alternative Asset Management (Europe) grew their CLO AUM.

Barings weighs in with static CLO sponsored by its BDC
Barings’ business development company has joined the growing list of managers issuing static CLOs

CLO pipeline: refinancings to make a comeback
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.

Barings makes it three US CLOs in three months
Barings has priced a $405.35 million CLO via Credit Suisse, completing its third new deal of the year

Northleaf appoints private credit officials in Chicago, London and Toronto
Northleaf Capital Partners has expanded its private credit team with three hires - including an ex-Barclays head of international corporate credit

Danish pension fund eyes niche credit opportunities
PensionDanmark is preparing for more volatility in 2019 by casting its eye towards niche opportunities in the special situations and distressed debt market. The Copenhagen-based pension fund last month merged its alternatives and private debt platforms

US CLO round-up: Golub orbits curve as managers double up
A breakthrough regarding Japanese risk retention rules ended last week on a high note for CLOs as the Japan Financial Services Agency has announed that CLOs can sit outside the remits of its securitisation regulations