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Bardin Hill closes opportunistic credit fund with $600 million in commitments
18 days ago
Bardin Hill Investment Partners has closed a commingled fund, Bardin Hill Opportunistic Credit Fund, as well as a sidecar strategy, with around $600 million of commitments -
Bardin Hill CLO attaches double Bs low and drops A tranche
26 days ago
Bardin Hill Investment Partners has returned to the US CLO primary market with its first new issue transaction since November 2018, and the deal is not without its quirks -
Details emerge on nature of Revlon payment 'error' and lender attitudes
6 months ago
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders -
Citi files lawsuit against nine more lenders over 'accidental' $900 million Revlon transfer
6 months ago
Citi has filed a new lawsuit against nine more asset managers regarding its transfer of $900 million to Revlon lenders, which Citi says was made mistakenly. The bank is looking to claim the money back against lenders -
CLO managers push for deeper triple C buckets
7 months ago
CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March -
OC health check: all quiet on the overcollateralisation front
7 months ago
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due. -
Moody's downgrades three tranches of 2017 vintage European CLO
8 months ago
Moody's has downgraded three tranches of a 2017 vintage CLO managed by Bardin Hill -
Moody's downgrades first CLO tranche from Caa3 to Ca
8 months ago
Moody's has downgraded three tranches of Halcyon Loan Advisors Funding 2014-1, with the class F notes rating dropping from Caa3 to Ca, the rating agency announced today -
Moody's downgrades three tranches of 2017 European CLO with negative cash
8 months ago
Moody's has downgraded €66.9 million notes of a 2017 vintage CLO managed by Bardin Hil -
OC health check: second European 2.0 CLO reports junior OC breach
8 months ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
8 months ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
Negative cash deal becomes first European CLO to fail OC test since sell off
8 months ago
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March -
Distressed debt managers eye CLOs' low single B loans
8 months ago
Opportunistic credit managers have been witnessing a heavier flow of triple C-rated assets emitting from CLOs since March, but they're finding lower single Bs to be a fresh source of deal flow -
CLO market braces for another wave of loan downgrades
9 months ago
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners -
LSC bankruptcy leaves print marks on CLOs
10 months ago
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday. -
Bardin Hill pulls in $300 million for first close of opportunistic credit fund
10 months ago
Bardin Hill has held a first close on an opportunistic credit fund at around $300 million, according to sources familiar with the matter -
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios11 months ago
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Making arb work of it
11 months ago
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. -
Post-reinvestment CLO hit by downgrade to Caa3 as warf rises
1 year ago
Moody’s has downgraded the F tranche of Halcyon Loan Advisors 2015-1, a 2015 vintage CLO managed by Bardin Hill Partners, to Caa3 from Caa2 -
Bardin Hill CLO double B tranche downgraded to Caa1 by Moody's
1 year ago
Moody’s has downgraded the class E notes of Bardin Hill’s CLO, Halcyon Loan Advisors Funding 2013-2, to Caa1, the agency has announced -
Healthcare hits top of US critical list in slower month
June was the first month in a long while in which healthcare brought the greatest number of US bankruptcies, but the largest single debtor was Legacy Reserves, an oil and gas company1 year ago -
Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
1 year ago
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August -
CLO managers process Fusion bankruptcy implications
1 year ago
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy -
New kids on the block dominate awards
Two firms that have been in the market for fewer than seven years were named the top managers at the Creditflux awards last month. Manager of the year Spire only issued its first CLO in 20151 year ago -
Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December1 year ago
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