Beneath the triple C: mighty CLO buckets from Akorns grow25 days ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs.
First Eagle closes fourth direct lending fund at $782 million1 month ago
First Eagle Investment Management has collected $782 million on its fourth direct lending fund, THL Credit Direct Lending Fund IV, marking the first private credit fund closed since Boston-based THL Credit was acquired by First Eagle in December
Three US CLO anchor equity positions go on sale one week after payment dates2 months ago
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors.
Class F notes of 2018 CLO downgraded to triple C by Moody's2 months ago
Moody’s has downgraded the class F notes of a 2018 CLO to Caa1, citing par loss in the underlying portfolio for its decision
CLOs face losses as Constellis loan drops to 28.52 months ago
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December
Global mid market CLO league tables: Golub and Natixis lead by a distance2 months ago
Golub Capital and Natixis dominated the mid market CLO space in 2019 in the manager and arranger league tables, respectively
First Eagle completes first CLO transaction following THL buyout3 months ago
First Eagle Investment Management has priced its first transaction in the CLO market since announcing the acquisition of CLO manager THL Credit Advisors earlier this month
First Eagle buys US CLO manager THL Credit3 months ago
Two years after establishing its credit business with the acquisition of NewStar Financial, First Eagle Investment Management is aiming big again after striking a deal to buy THL Credit Advisors
The Last Tranche with THL’s Herzig: loan bifurcation and the direct lending safety net4 months ago
For Creditflux's Last Tranche podcast, THL Credit’s Michael Herzig joins Hugh Minch and Seth Brumby to talk, among other things, about bifurcation in the US loan market, why some borrowers might suffer refinancing woes and how large direct lending funds can step in to provide financing to even large-cap companies
CLO issuers split triple Bs as mezz demand shrinks4 months ago
A sharp fall in US loan prices has meant that the value in CLO structures is shifting out of mezzanine tranches and into equity. There is a similar dynamic at play in the credit index tranche market, where sources say value has shifted out of mezz and into equity amid an increase in idiosyncratic credit risk.
Global CLO b-wic round-up: volumes jump as investors get their triple A fix5 months ago
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.
THL joins group of managers to refinance 2017 CLOs6 months ago
THL Credit Advisors yesterday joined the short but growing list of managers to refinance a 2017 CLO, according to market sources
Beyond blacklists: the next step in ESG6 months ago
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.
CLOs finally get green cards as ESG makes its way to US market6 months ago
The rapid rise of environmental, social and governance (ESG) guidelines in financial markets has made its way across to the US CLO market, with several managers and investors last month announcing strategies geared towards ESG compliance.
THL prices second CLO of the year backed by broadly syndicated loans6 months ago
THL Credit Advisors on Friday priced its second CLO of the year backed by broadly syndicated loans, according to market sources
US credit managers make ESG breakthrough after taking a first step via UNPRI6 months ago
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers
THL updates credit investment framework to include ESG6 months ago
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors
THL-managed fund expands investment mandate to include CLOs7 months ago
The decision, recently approved by the board of directors, is expected to enhance the fund’s original investment strategy,
THL returns with second middle market CLO offering7 months ago
THL Credit Advisors on Friday priced its second CLO backed by loans to middle market companies
CLO pipeline: US takes up baton after European July sprint7 months ago
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.
THL anchor CLO equity seeks purchase in secondary market8 months ago
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
CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates9 months ago
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates
Los Angeles pension fund narrows down global direct lending search to four managers9 months ago
Los Angeles City Employees Retirement System (Lacers) has listed the finalists for a private credit mandate, according to an agenda document seen by Creditflux.
Managers slide down term curve11 months ago
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away
It’s possible to be big — and still be picky11 months ago
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.
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