Novicap raises €200m for credit platform and passes €1bn volume
Novicap, a fintech company offering working capital optimisation solutions to SMEs and mid-market corporations, has raised €200 million for its credit platform and hit a €1 billion trade milestone

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

HIG adds capital raising clout with senior credit and PE hires
HIG Capital has added to its global credit and private equity businesses with three senior appointments

BlackRock launches impact bond fund
BlackRock has launched a fixed income fund focused on green, social, and sustainable bonds as well as ‘impact’ MBS and municipal investments

Franklin Templeton wraps up deal for $35bn Alcentra
Franklin Templeton has completed its acquisition of BNY Mellon’s $35 billion credit unit Alcentra

Investment manager launches to finance non-sponsored mid market
A new alternative manager launched Monday with a focus on debt and equity investments in non-sponsored, lower middle market businesses in North America

Sona rolls out event-driven and bespoke financing fund to US investors
Sona Asset Management is courting investors in the US for its second capital solutions strategy, having filed an offering of the fund with the Securities & Exchange Commission

Past form points to bleak picture for IG fund flows as new covid variant emerges: BofA
With a new covid-19 variant for investors to worry about, faltering high grade fund flows face additional headwinds versus high yield and government bonds

Certior holds first close on direct lending fund of funds
Certior Capital, the Helsinki-based private credit and alternative investment manager, has held a first close of a European direct lending fund of funds backed by Finnish, Benelux and Spanish institutions

Tabula launches ESG compliant Asia ex-Japan high yield ETF
Fixed income exchange traded fund provider Tabula Investment Management has launched what it says is Europe's first dollar-denominated Asia ex-Japan high yield corporate bond ETF compliant with environmental, social and governance standards

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

10-day US CLO warehouses open up as managers split transactions
A report by Maples Group finds there have been several opportunistic US CLO warehouses that have launched since mid-June with durations as short as 10 days

Fed settles one third of small business loans in latest talf funding round
Of the $453.2 million small business loans requested in the 21 July subscription, only $152 million settled

Calpers plans $80 billion leverage play to boost returns
California Public Employees’ Retirement System has outlined plans to boost returns for its nearly $400 billion portfolio in the long term. But the proposal, dubbed ‘towards a 7% solution’, has come under criticism

75% of US CLO warehouses 'avoided crisis situations', finds Maples
Just a quarter of US CLO warehouses administered by Maples Group were required to take remedial action, or seek amendments, since the start of the coronavirus pandemic, according to a report by the firm

Investcorp targets most liquid loans for new European credit fund
Investcorp Credit Management is targeting “the largest and most liquid European issues” after raising €318 million for a levered credit fund that invests in European loans

Past returns: Indirect lending
Five years ago in Creditflux we reported how banks were playing a role in European direct lending — an industry borne out of the fact that banks had reduced appetite for lending to small and mid-sized companies

Non-bank lenders spot fund financing opportunities
Volatility arising from the coronavirus will give non-bank lenders an opportunity to gain market share from traditional lenders in the fund financing space, sources say

Leverage providers focus on direct lending eligibility rules
Banks will have to re-examine eligibility criteria for leverage facilities extended to direct lenders, according to market sources.

Asset managers pull all liquidity levers to satisfy borrowers
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding

They said it: "Start writing the story about banks making margin calls to buyers of CLOs using repo!"
A reader comments on our 25 March report “US fund managers put on leveraged CLO triple A trade with a view to 13% returns”, pointing out that banks were pulling loan TRS lines, but still had the appetite to support leveraged CLO trades.

Bank looks to unwind $632 million loan TRS
A US bank has looked to liquidate a total return swap vehicle by putting out a loan bwic, according to market sources, with the vehicle sized at $632 million

Fed accepts triple A-rated CLOs in new 'primary dealer credit facility'
The US Federal Reserve Board will establish a primary dealer credit facility on Friday (20 March) to help defend against the impact of coronavirus-led market volatility

Direct lenders seek flexibility as leverage facilities disperse
European direct lending funds are frequently taking on leverage, and with some of these facilities topping €1 billion, leverage providers are looking to syndicate their exposures among other banks.

Saratoga picks up its second SBIC license
Saratoga Investment Corp has received approval for another Small Business Investment Company (SBIC) license