The Last Tranche with New Mountain's Kline and Moshiri: we have more flexibility than a typical CLO around industry selection
In this episode of The Last Tranche, John Kline and Cyrus Moshiri from New Mountain Capital discuss the innovative rated feeder fund structure they recently priced, and why they chose this approach over a traditional middle market CLO

New Mountain prices unusual rated feeder fund
New Mountain Capital has priced a tranched rated feeder fund, New Mountain Guardian IV Rated Notes, arranged by Wells Fargo

New Mountain's CLOs under management rises to $1.8 billion after fourth new issue
New Mountain Capital's volume of CLOs under management passed $1.75 billion after the firm priced its fourth transaction named New Mountain CLO 4

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Credit funds at a glance (November 2021)
A round up of fundraising and people moves in credit

The Last Tranche with New Mountain's Moshiri: New CLO managers may increase risk if they do not have stable equity capital
In this episode of the Last Tranche, New Mountain Capital's Cyrus Moshiri discusses the process of new firms entering into CLO management. Moshiri discusses whether an increase in new managers or consolidation is more likely, and how investors can analyse opportunities presented by upstart platforms

New Mountain closes US direct lending with $2 billion to deploy
New Mountain Capital has closed its latest US direct lending fund, New Mountain Guardian III BDC, at $1.15 billion

CLO refi and reset volumes surge with $2.3 billion priced on Friday
CLO refi and reset volumes surged on Friday with $2.3 billion priced across the US market, according to market sources. Brigade Capital Management, MidOcean Credit Partners and New Mountain Capital reset regular-way CLOs, Blackstone Credit scored a regular CLO refi, Sculptor Capital Management refinanced a bond-heavy CLO, and Ivy Hill Asset Management reset a middle market CLO

Banks reject mandates amid loan surge as settlement lengthens
M&A bankers are turning down mandates and settlement times for US loan trades are extending as understaffed desks struggle to cope with record deal volumes

New CLO stampede predicted ahead of Sofr switch
The US CLO boom continued in September as new issue volume topped $16 billion, following $17.6 billion of August issuance

TriMark court ruling encourages peace between lenders
Many CLO managers breathed a sigh of relief in August, with one source indicating a recent court case decision sent a “clear signal that the spate of lender-on-lender violence in the leveraged loan market will not remain unchecked”

New Mountain prints tight of market average with third US CLO
New Mountain Capital is pricing tight of the market with only its third CLO issue

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Structurers tempted by buy-side perks amid CLO bonanza
Do you have experience structuring CLOs? If the answer is yes, then your skills are in demand, with asset managers keen to add CLO capital markets specialists amid the onslaught of CLO transactions that have taken place this year

CLO banker to leave Goldman Sachs for dual CLO-direct lending role on buy side
Goldman Sachs is set to lose a member of its new issue US CLO team with market sources indicating an official with a decade's experience at the bank is joining a CLO issuer in a multifaceted role

2020 debut manager returns with second CLO after just four months
New Mountain Capital has priced its second CLO transaction just four months after entering the management space

Trimark loan deal splits lenders and sparks complaint in NY Supreme Court: Debtwire
A new super-priority loan issued by Trimark has caused a rift between the company’s lenders and led to a complaint being filed in the New York Supreme Court.

US CLO round-up: New Mountain gives a peek at better times
CLO primary issuance has produced healthy volume over the last few weeks with new issue paper totalling $7.9 billion since 21 September.

New Mountain becomes first CLO debutante since March sell off
New Mountain Capital has become the first debut US CLO manager to issue an inaugural deal post-covid, after teaming up with Wells Fargo to price the $348.7 million New Mountain CLO I yesterday

New Mountain markets debut CLO via Wells Fargo
New Mountain Capital is set to become the first manager to issue its debut CLO post-covid, with the firm marketing an inaugural deal via Wells Fargo

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Private credit specialist hires Wells Fargo for first CLO after poaching Invesco PM
A $20 billion asset manager is working with Wells Fargo on its first CLO. The manager is well versed in mid market loans, but its first CLO will be backed by syndicated loans