Serta Simmons makes its bed again with default leaving CLOs with a restless night
$172.5 million of CLO assets defaulted on Monday after Serta Simmons Bedding filed for chapter 11 bankruptcy.

Investcorp hires Alcentra official as private credit co-head steps down
It follows as Investcorp’s current private credit co-head Chris Jansen will “take on an advisory role and retire later this year after ensuring a smooth transition”

Alcentra adds to European CLO investment team with sell-side hire
A European CLO trader has switched to the buy side to join Alcentra

Manager looks to cut HY exposures in CLO-heavy credit interval fund
A credit fund manager has provided a performance update on is multi-strategy closed-end credit fund through regulatory filings, revealing it has beat its benchmark from 1 April to 30 September despite losing 13.66%

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

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

Experienced CLO investor lands at AlbaCore to launch structured credit business
AlbaCore Capital is launching a new structured credit business as a "natural extension" of its CLO business, according to sources. The manager has hired an Alcentra official to lead the charge

Alcentra structured credit portfolio manager steps up as primary PM for two funds
Alcentra has promoted the official, with Hiram Hamilton and Suhail Shaikh no longer the primary portfolio managers of BNY Mellon Alcentra Global Multi-Strategy Credit Fund and Hamilton no longer primary portfolio manager of BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund 

Founder of Alcentra's structured credit business to step down as PM
A long-time CLO tranche investor is set to move away from day-to-day portfolio management duties and take on a new role as senior advisor 

Alcentra prints European CLO with triple A coupon at 212bp
Alcentra’s Jubilee 2022-XXVI is the fifth European CLO to price in July, taking the month up to €1.89 billion. That is dwarfed by the 11 European CLOs that priced with a combined €4.78 billion in July 2021

Warwick signals move into US CLOs by hiring former Alcentra and BlackRock official
Special sits firm Warwick Capital has hired two partners to launch its US business, including one former CLO portfolio manager, in a move which signals the firm’s intention to build a CLO platform

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

Franklin Templeton buys Alcentra in $700 million deal
Franklin Templeton has agreed to buy BNY Mellon’s $38 billion credit unit Alcentra, which will see Alcentra combined with Franklin Templeton’s US credit manager Benefit Street Partners

Sycamore Tree hires two senior managing directors in marketing roles
Sycamore Tree Capital Partners has hired Amanda Montgomery and Marc Gonyea as managing directors

HY fund is exception to rule of CLOs
CLO funds have had back-to-back years of outperformance versus credit, proving the asset class is a great place to invest, rain or shine. But a Wasserstein HY fund was the star performer in 2021  

Credit Rendezvous: the upside of inflation
It is clear, inflation is not transitory and central banks are acting with several interest rate hikes likely in store for the US this year. That makes loans and CLO debt tranches attractive, but there could be opportunities beyond these floating rate assets

KKR and PGIM among bidders to buy Alcentra: Bloomberg
BNY Mellon is set to offload its credit investment unit Alcentra, according to a report by Bloomberg citing people familiar with the matter

CLO managers refi $1.7 billion across four deals
Four CLO managers refinanced legacy deals on Tuesday, for a total $1.7 billion

Alcentra appoints liquid credit PM as head of responsible investing
Alcentra has built out a dedicated responsible investing team and has appointed its liquid credit portfolio manager to the newly created role of head of responsible investing

Alcentra makes leadership changes as European CLO head Rainbow goes part-time
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm

Alcentra's head of European direct lending set to leave
Alcentra’s head of European direct lending is set to part ways with the firm at the end of September

Alcentra returns to US new issue CLO market after two years away
Alcentra has priced its first new US CLO in almost two years

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

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.  

US CLO portfolio manager set to join fast-growing Redding Ridge
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three