Owl Rock hires from Oaktree to build opportunistic credit platform
Owl Rock Capital has built out a new opportunistic credit investing division, adding that “current market conditions make it especially attractive and relevant today.” 

Minnesota pension's 2020 credit allocations hit $1 billion
Minnesota State Board of Investments has earmarked $400 million across to two credit managers in a private market update. The commitments mark $1 billion allocated to credit in 2020 by the pension

OC health check: interest diversion failures foreshadow breaches
14 CLOs reported over-collateralisation test breaches last week, five for the first time, according to the latest trustee reports available on CLO-i. 

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

Oaktree gets off the mark with one-year reinvestment CLO
Oaktree Capital Management has priced its first US CLO of 2020, partnering with Barclays to produce a one-year reinvestment deal. The CLO has priced wide of where some three-year deals were being marketed, with Oaktree CLO 2020-1 printing its senior notes at 200 basis points

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

Fitch places five BDCs on negative outlook
Fitch Ratings has changed the outlooks of five business development companies from stable to negative folllowing a review of its rated BDCs

Four managers eye breakthrough new issue European CLOs
The European primary CLO market is showing signs of revival with four managers eyeing deals

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

S&P puts US CLOs on negative watch including seven failing triple C test
Standard and Poor’s put focus on the recent volatility by placing tranches in 15 US CLOs on a negative watch for having large exposures to energy related sectors such as oil and gas, consumable fuels and commodities. In total, 25 tranches have been affected by this.

Secondary CLO triple As slump below October levels
The secondary CLO market is showing no sign of stopping the rut with triple A rated paper in European and US markets displaying more weakness

Credit managers hunker down as idiosyncratic risks persist
A slew of earnings reports from credit managers and business development companies shows that deal-making and performance are robust, but great importance is being placed on credit selection.

Minnesota pension slates $600 million to four credit funds
Minnesota State Board of Investments has earmarked $600 million to four credit funds

Oaktree scores second new euro CLO of 2019
Oaktree Capital Management priced its second new European CLO of the year, known as Arbour CLO VII, via Bank of America

CLO pipeline: DFG keeps its finger on the pulse
It will be a busy year-end for new issue CLOs in the US. DFG is returning with Pulsar II, using collateral sourced entirely from the secondary market

The ideal home for a loan

US CLO league tables: CSAM climbs to the top
Only $10.9 billion was brought to the US CLO market last month, while in the middle market CLO space, no deals priced. But Credit Suisse Asset Management dared venture into the primary market and as a result it moves to the top of the league tables

Oaktree prices its largest active CLO via Wells Fargo
Oaktree Capital Management yesterday priced its fourth CLO of 2019 and its third with a deal size over $700 million

CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago

Credit funds at a glance
A round-up of fundraising and people moves in credit

Oaktree BDC appoints CLO specialist as CEO and CIO
Oaktree Speciality Lending Corporation has appointed its new chief executive officer and chief investment officer, following the resignation of the incumbent CEO and CIO Edgar Lee

Connecticut $36 billion pension hires first chief risk officer
The Connecticut Retirement Plans and Trust Funds has hired its first-ever chief risk officer

THL anchor CLO equity seeks purchase in secondary market
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade

Oaktree prices one of the largest new CLOs of the year
Oaktree Capital Management yesterday priced one of the largest new CLOs of 2019, with the transaction coming in at $748.6 million

Global CLO b-wic round-up: secondary volumes make up for slump in primary
June saw the highest volume of US CLO b-wics this year with over $3.8 billion of US CLOs on the auction block, according to CLO-i.