Baird targets CLO arranging business
A New York brokerage with a CLO trading business is making a pitch to be the first debut arranger of the year. According to market sources, RW Baird has hired CLO origination specialist Mario Verna with a view to building out a CLO primary business. In March, Verna left Guggenheim Securities, where he served on the CLO desk as a managing director.

Investors regain nerve to trade the curve
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results.

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.

CLOs at a glance

A round-up of CLO performance

Credit funds at a glance

Fund performance

HPS shakes things up with first three-year CLO
HPS Investment Partners has shaken up its CLO reinvestment strategy to price its first short dated-deal

Adams Street raises $1.1 billion for its inaugural private credit strategy
Adams Street Partners has closed its inaugural private credit program with around $1.1 billion of capital available to deploy, including leverage.  

Morningstar eyes credit rating expansion as it announces DBRS acquisition
Morningstar today announced it has entered an agreement to acquire DBRS for $669 million, according to a statement from the firm

Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

Bain plans $3 billion distressed fund with US pension fund eyeing commitment
Pennsylvania Public School Employees Retirement System (PSERS) is set to invest $200 million to Bain Capital Distressed and Special Situations 2019 (DSS 19) fund, according to documents seen by Creditflux.  

CLO pipeline: Black Diamond looks to brush itself off and jump back in ring after year out
Black Diamond Capital Management features twice in our CLO pipeline this week, as the firm is planning a return to both the European and the US CLO market.

US CLO round-up: dropping anchor (investors) brings CLO spreads tighter
Syndication was the theme of the week across the global CLO market last week as managers and arrangers presented deals which were sold to a more diverse group of investors than has been the case for most of this year.

BlueMountain pushes tighter with fourth CLO of 2019
BlueMountain has issued its third new CLO of the year, its second new CLO in the US and fourth transaction for 2019 overall

CSAM ends bumper week with new issue CLO and hybrid CBO
Credit Suisse Asset Management completed four CLO transactions this week after printing one new issue CLO and one hybrid CBO today

Credit traders' kickstand: grave times for UK banks and corps as May goes away
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd

Ohio pension backs GSO's upcoming European direct lending fund
Ohio Police & Fire Pension Fund (OP&F) has approved a $50 million commitment to GSO European Debt Fund II

Details emerge of Natixis's new US leadership structure
Kevin Alexander, who departed Natixis, has not been directly replaced 

GSO prices CLO with tightest prints across senior and junior tranches
CLO spreads fell sharply yesterday as GSO Capital Partners priced a new issue deal named Niagara Park CLO with a weighted average funding cost of 176.65 basis points over Libor

Investcorp adds fund placement business as it brings Mercury buyout to the boil
The transaction for the alternatives placement agent will help “serve investors worldwide with an array of attractive opportunities in alternative investments”, says Investcorp

CLOs are 11% of Nochu's assets as bank posts JPY 7.4 trillion investments
Norinchukin bought another JPY 600 billion ($4.77 billion) CLOs in the first quarter, taking its total investments in the asset class to JPY 7.4 trillion ($66.8 billion), according to the bank’s latest financial statements

Minnesota State to earmark $100 million for private credit
Minnesota State Board of Investment is considering a $100 million commitment to LBC Credit Partners V, according to a quarterly updates document seen by Creditflux  

Crestline adds managing director to credit team in New York
The new hire joins from American Industrial Partners

Goldman Merchant Bank secures $4.4 billion senior debt capital to deploy
Goldman Sachs merchant banking division has closed its latest senior direct lending fund, Broad Street Senior Credit Partners II