Creditflux

CLO pipeline: Capital time to debut in Europe as liability spreads drop
CLO managers are showing no signs of slowing down, as a further 16 US and five European new issue CLOs, including Capital Four's CLO management debut, appear in the pipeline

Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.

Past returns: From zero to $7.6 billion in five years
Five years ago in Creditflux we reported that Angelo Gordon was planning to move into US direct lending. Shortly after that the firm created a middle-market subsidiary known as Twin Brook Capital Partners and drafted in Trevor Clark and Chris Williams to lead the venture after the pair had left Madison Capital in 2013.

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

Angelo Gordon prices first euro CLO and matches market's tightest triple A print
Angelo Gordon made its European CLO market debut on Friday and scored the continent’s tightest triple A print in the process, according to market sources

CLO pipeline: new kids in class look to excel on first assignments
The summer holiday is well and truly over with the European CLO market building on last week’s momentum as three new deals and one reset are to enter the primary market. 

Two managers market their first ever European CLOs
Two CLO managers are in the process of marketing their inaugural European CLOs to investors, according to market sources

Texas pension to lift direct lending budget to $250 million
Texas County & District Retirement System (TCDRS) is considering investment in a number of direct lending funds, with existing and new managers, according to documents seen by Creditflux  

PGIM's euro credit research head joins former colleague at Angelo Gordon
PGIM’s head of European credit research has joined Angelo Gordon

Credit funds at a glance

Monroe bolsters direct lending team across the US
Middle market lender Monroe Capital has bolstered its direct origination team with hires across several US offices,

Angelo Gordon hires Pimco's European ABS head
The firm is looking to bolster its residential and consumer debt unit outside the US, with the hire based in London 

Sungard bankruptcy to cause minor burns for CLOs
A total of $202.5 million of the loan basks in CLO structures - but managers are unlikely to get badly burned, sources say. And CLOs are fairly well-positioned to retain such assets with several structural factors and indenture provisions

Twin Brook hires healthcare specialist to direct lending team
Direct lender Twin Brook Capital has appointed a managing director solely focused on healthcare opportunities 

Europe's CLO manager field set to get bigger as managers from all corners aim to break through
Regulation does not always impair activity

Senior CLO investors get extra call protection as Angelo Gordon prices
Senior CLO investors are scoring enhanced call protection this month, as Angelo Gordon yesterday became the second manager to price a CLO with variable levels of callability

Angelo Gordon readies new CLO with unusual callability structure
Angelo Gordon is marketing a $448.75 million new issue CLO via Citi, according to market sources

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Angelo Gordon reissues 2014 CLO with triple As printing at 130bp
Angelo Gordon has reissued its 2014 vintage CLO Northwoods Capital XIV via Barclays, according to market sources

Maine pension bolsters private credit allocation with $100 million mandate
The pension fund mandated $100 million to a US direct lending firm, after it was underweight its 5% target allocation to alternative credit 

Twin Brook holds $2 billion first close for third direct lending fund
Twin Brook Capital Partners, an Angelo Gordon subsidiary, has held a first close for its third direct lending fund with approximately $2 billion capital commitments

Texas pension fund earmarks $650 million to four private debt funds
Angelo Gordon, HIG Whitehorse and Värde have secured commitments from the Texas pension fund for their direct lending funds

Past returns: Atlantic crossing
Five years ago in Creditflux we reported on Axa Investment Managers planning its debut US CLO with a view to becoming a global CLO manager. Today, US managers are prioritising the build-out of European CLO platforms

Barclays prices CLO reissue with unusual step-up
A New York-based manager has completed its second CLO reissue of the year, binging its annual volumes for these types of transactions to $1.21 billion