- Direct lending (11)
- Emerging markets (2)
- High yield bonds (4)
- Investment grade credit (4)
- Structured credit (6)
- CLO (15)
- Distressed debt (3)
- Credit derivatives (7)
- Leveraged loans (10)
- Marketplace lending (2)
- Real assets (3)
Apollo and Barings defer equity payments on long-dated CLOs22 days ago
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs.
PGIM defers April European CLO equity payments25 days ago
PGIM has deferred scheduled April payments to equity investors of its European CLOs, the first European CLO manager to defer a payment date during the coronavirus pandemic
KKR takes covid-19 hit on flagship credit funds and lev fin30 days ago
KKR took a 16% hit to returns on its alternative credit flagship funds amid the first quarter coronavirus downturn and a 13% loss on leveraged credit, taking these into negative territory for the last 12 months. The firm's private equity portfolio also slumped by 12%
Fed expands Main Street direct lending scheme but it's unlikely to help CLOs1 month ago
The US Federal Reserve Board has expanded the scope of its Main Street Lending Programme following more than 2,200 letters of feedback. Under the third loan facility, lenders will hold 15% of the loan to borrowers with greater leverage
KKR deploys 10% of $2 billion coronavirus dislocation credit fund1 month ago
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April
Mergers, declines in assets and changes in risk profile can signal that an investment manager is not as healthy as it was
The opportunities to build par and spread within a CLO haven’t been this plentiful since 20092 months ago
Last year’s CLOs could become the benchmark for manager performance
Short-dated CSOs touted as jump-to-default risk hits curves2 months ago
The coronavirus outbreak has all but vanquished hopes of any regular CSO business getting done, but sources say bespoke portfolios of short-dated CDS could soon be in the offing as investors look to express a view on when the crisis will end.
You wait 12 years for loan dislocation and $1 trillion comes along all at once2 months ago
The waiting is over — distressed debt managers have the best entry point in about a dozen years as the S&P/LSTA Leveraged Loan Index plunged to 80 in just two weeks.
Asset managers pull all liquidity levers to satisfy borrowers2 months ago
A paramount concern for many investors in direct lending funds is whether asset managers have enough liquidity to meet borrower requests for funding
Structured credit dragged very wide — but CLOs stand to gain2 months ago
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.
CLO warehouses trigger draw stops as loan market tanks2 months ago
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.
High yield index widening drives equity tranche trades2 months ago
The blow-out in corporate credit spreads is creating opportunities in the index tranche market.
Past returns: A new secondary market for CLOs2 months ago
Ten years ago we reported on the recovery of CLO triple As in the secondary market.
CDS show the way as prices move and volumes surge2 months 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.
Investors watch Libor amid inter-bank liquidity concerns2 months ago
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month.
We’ve got time to work this out2 months ago
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par2 months ago
CLOs at a glance: CLO primary market grinds to a halt2 months ago
A round-up of CLO performance
A round-up of ucits fund performance2 months ago
A round-up of fund performance2 months ago
Trade body asks US government to show it CARES about BDCs2 months 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
CVC listed credit fund 'pre-emptively' sheds covid-19 related positions2 months ago
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk
Fed accepts triple A-rated CLOs in new 'primary dealer credit facility'2 months ago
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
GP-led private debt secondaries "a month away" if covid-19 volatility hits cash flows2 months ago
Private debt secondary funds have seen uptick of limited partner-led opportunities as institutional investors and family offices dispose of fund level commitments to gain liquidity, sources say. And general partner-led secondaries focusing on the lower middle market could emerge shortly if volatility hits companies’ cash flows
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