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High yield index widening drives equity tranche trades
4 years ago
The blow-out in corporate credit spreads is creating opportunities in the index tranche market. -
Lenders look at MAC clauses amid revolver demand
4 years ago
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers. -
‘Hoard credit’ says PM as markets swing
4 years ago
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package. -
CDS show the way as prices move and volumes surge
4 years ago
CDS volumes provide an eye-opening view of how the asset class has grown in prominence during the coronavirus pandemic, with index trading near doubling year-to-date on 2019, even as secondary bond markets hit lockdown. -
Managed accounts pose flexibility check for direct lenders
4 years ago
Direct lenders are closely analysing portfolio companies hit by coronavirus volatility for signs of financial stress, ready to inject capital and extend flexibility to companies where needed. -
Whiting chapter 11 hits new CDX HY series but misses CLOs
4 years ago
The Americas Determinations Committee has accepted a request to rule on whether Whiting Petroleum has triggered a bankruptcy credit event, after the Denver headquartered exploration firm filed for chapter 11 protection -
Connecticut pension seeks emerging fixed income managers
4 years ago
Connecticut Retirement Plans and Trust Funds is looking for investment management services for global fixed income and/or global equity, according to a recently launched request for proposal -
Owl Rock becomes last investment grade BDC to win increased leverage approval
4 years ago
Owl Rock Capital Corporation has become the last investment grade business development company to cut its asset coverage requirement from 200% to 150%, after receiving unaminous approval from its board of directors on Tuesday -
Trade body asks US government to show it CARES about BDCs
4 years ago
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that -
Bain uses rights offerings as unusual route to raise cash for BDC
4 years ago
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday -
Balance Point collects $1.1 billion for lower mid-market direct lending
4 years ago
Balance Point Capital has collected $1.1 billion on its fourth direct lending fund focused on the lower middle market, Balance Point Partners IV -
Financials lag as credit rallies on Chinese manufacturing pick up
4 years ago
Credit market improvement has continued this morning on signs of Chinese economic recovery, after the rally in spreads resumed yesterday afternoon in Europe and throughout most of the US session -
Fair Oaks suspends dividends from listed CLO fund citing covid-19 uncertainty
4 years ago
Fair Oaks Capital has suspended dividends on its listed CLO fund “in light of the ongoing uncertainty in economies and markets caused by covid-19 pandemic”, according to an update to investors in the $315 million fund -
Three CLO investors win mandates from US insurer
4 years ago
New York State Insurance Fund has selected 11 credit managers to invest around $1 billion across corporate loans, high yield bonds and CLO tranches, according to documentation seen by Creditflux. Three of these mandates are geared towards CLOs -
CDX HY and EM trade with fresh legs after defaulted names drop out
4 years ago
New series of US high yield index CDX HY and emerging market index CDX EM begin their first full day of trading today, having replaced outgoing versions on Friday amid a weakening of credit markets due to the spreading impact of the coronavirus outbreak -
Financials and commodity names lead credit widening as oil slumps
4 years ago
Credit markets ended last week going wider and the theme continues today, as the price of oil slumps further amid growing concern about how the impact of the coronavirus outbreak will stifle demand -
Credit traders' kickstand: market whipsaw throws tranche trades and index rolls into focus
4 years ago
Credit's relief rally was unlikely to last long, but hopes of reaching the weekend are dashed on today's sharp reversal, right as CDX HY and CDX EM roll into new series -
US pension to cut long-term private markets pacing plan by 10%
4 years ago
The Educational Employees' Supplemental Retirement System of Fairfax County is considering reducing its 10-year private markets pacing plan commitments by around 10%, according to board documentation seen by Creditflux -
BDCs face asset coverage pressure as Fitch puts two on negative watch
4 years ago
Fitch Ratings has placed ratings on the debt of two business development companies, BlackRock Capital Investment Corporation (BB+) and New Mountain Finance Corporation (BBB-), on negative watch -
US loan index rises for second consecutive day
4 years ago
The credit markets felt some reprieve on Thursday as the S&P/LSTA index rose for the second consecutive day, rising by an unprecedented 3.33% -
Delay on derivatives phase five initial margin roll-out is vital, says Isda
4 years ago
Regulators must agree to delay the roll out of the next initial margin phase because of the coronavirus pandemic - and notify the market soon, the International Swaps and Derivatives Association has said in a letter signed by 21 trade associations -
Ohio pension injects $175 million into credit via JP Morgan and HPS
4 years ago
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending -
Private credit managers re-examine docs in new fundraising approach
4 years ago
Private credit managers are facing numerous challenges and those looking to fundraise have had to change the way they approach the process, including documentation, according to a note from DLA Piper -
Jump-to-default risk collapses after Senate backs biggest ever US relief package
4 years ago
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves -
Churchill collects $2 billion for second unlevered US direct lending fund
4 years ago
Churchill Asset Management has held a $2 billion final close on its second US direct lending fund, doubling its original $1 billion target size
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