Creditflux

Cerberus scores $100 million add-on for SMA as LPs favour existing relationships
North Dakota State Investment Board is looking to extend its partnership with direct lender Cerberus, in a bid to maintain its desired allocation to the direct lending asset class

Octagon tweaks structure with sixth new CLO of the year
The New York-based manager continues to set the pace for US CLOs, having priced the most new deals in 2019

New York Life takes annual shot at US CLO market
The manager's new US CLO comes with Libor circling the same level as when it last priced a new deal in 2018, but triple-A tranche levels are in a very different context

Highland LP’s bankruptcy could trigger power grab, as hunt for assets begins
Creditors to Highland Capital Management's limited partner subsidiary are calling for a change of management to handle the firm's emergence from bankruptcy protection

US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i 

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 

Texas pension awards $150 million to real estate debt fund
Texas County and District Retirement System has awarded $150 million for a global real estate debt fund managed by Blackstone

TCW takes advantage of lower base rate to price new CLO
TCW's second new CLO of the year has made use of a rallying market since its last venture in February

Trimaran goes tighter with second US CLO tap of the year
Trimaran has loaded up its double A tranche with split fixed and floating rates

ICG tightens triple A spread in refi of 2017 CLO
ICG has brought its second US CLO of 2019, having focused on European business in the first half of the year 

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.

GSO markets its largest new issue CLO of 2019
GSO Capital Partners is partnering with Goldman Sachs on the manager’s fourth new issue US CLO of 2019 Beechwood Park, according to market sources. 

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  

Baker McKenzie hires co-head of North America leveraged finance from Kirkland
Based in New York, the hire will work closely with co-head Garry Jaunal, who also joined from Kirkland a few years ago 

Maine pension boosts alternative credit bucket with $50 million US special situations mandate
The $14.9 billion pension fund continues to be underweight its 5% target allocation to alternative credit 

Elmwood passes $2 billion in CLO volumes after third new issue
Elmwood Asset Management, the CLO manager backed by Elliot Management, has passed $2 billion CLO volumes in its first year of business

Monroe becomes first manager to price mid market CLO since August
Monroe Capital has priced the first middle market CLO since August in a $454.35 million deal arranged by BNP Paribas.

US CLO's anchor equity on sale for first time
The 23^rd anchor equity position in a US CLO has been listed on the secondary market today, with $36.875 million of Anchorage Capital 6,up for sale at 1.30pm New York time.

Neuberger and BNP Paribas team up for first new CLO as partnership for five years
Neuberger Berman Loan Advisors is teaming up with BNP Paribas on a CLO transaction for the first time in five years

Capital structure emerges for forthcoming debut CBO from Sculptor
Sculptor Capital Management is set to join the ranks of the world’s CBO managers, according to market sources

ESG phenomenon leads to talk of incentive fee models
For asset managers that are diving into environmental social and governance (ESG) investment standards, an ugly truth is the lack of any standardised performance fees. But that could change as more investors begin picking and choosing allocations based on ESG rubrics.

Highland files for bankruptcy
Highland Capital Management filed for Chapter 11 bankruptcy in the Bankruptcy Court in the District of Delaware (Docket No. 19-12239)

AIG passes $2 billion CLO volumes after adding another US new issue
AIG Asset Management surpassed $2 billion in CLO volumes for the first time post-crisis after pricing a new issue named AIG CLO 2019-2 on Friday

Medley BDC finds no "superior proposal" to merger plans after go-shop process
Medley Capital Corporation (MCC) has not found a “superior proposal” for its plans to merge with another Medley-managed business development company and instead recommends that shareholders vote for its amended agreement.