Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

US CLO league tables: deja vu as static CLO gets primary market moving
It's deja vu all over again with a static CLO opening the primary market for the third consecutive year

Points up front: A mover and Shaker
Veteran CLO portfolio manager Matthew Miller has stepped away from the industry after two decades to indulge in his passion for antiques crafted by the Shaker community

Crescent bolsters Nordic direct lending presence with hire
Crescent Capital has appointed a former Nykredit official as a director in the firm’s European direct lending focused on Nordic transactions

Crescent returns with first new CLO in over a year
Crescent Capital has priced its first new issue CLO since October 2019

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

CLO pipeline: 2020 absentees join new issue rush
The CLO pipeline is growing by the minute as managers prepare their first new issues of the year after varying lengths out of the market

US CLO PM leaves asset manager after 20 years
A managing director and CLO portfolio manager has departed the firm following a 20-year tenure

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings

Sun Life Financial buys 51% stake in Crescent
Sun Life Financial has bought a 51% stake in credit manager Crescent Capital Group as part of its push into alternative credit

RBC arranges two US CLO tranche refis
Barings and PineBridge each priced their first US CLO transactions of 2020 after refinancing fixed rate tranches from 2018 vintage deals, according to market sources

Sun Life Financial in talks to buy Crescent Capital - report
Canadian insurer Sun Life Financial is said to be in talks to buy credit manager Crescent Capital, according to a report by Bloomberg

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

OC health check: US CLOs hit by new round of test failures
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i.

Alcentra's 'significant personnel changes' lead pension to terminate private credit contract
Los Angeles City Employees Retirement System has plans to rescind and terminate its private credit contract with Alcentra "based on significant and unexpected turnover of senior personnel”, according to documents seen by Creditflux. The pension is instead looking to redeploy commitments to Crescent Capital

Crescent closes second European direct lending fund at €1.6 billion
Crescent Capital has raised €1.6 billion for its second European direct lending fund, exceeding the original €1 billion target size, according to an announcement

S&P adds to CLO negative watch list as loan downgrades pick up
Standard & Poor’s has added to the list of tranches in CLOs it has on negative watch as coronavirus concerns mount. This follows the rating agency last week highlighting 22 tranches across 15 US CLOs for having big exposure to downgraded corporate borrowers across impacted industry sectors

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

Crescent swoops into mid market CLOs with 'reverse-sequential' ramp-up strategy
Crescent Capital Group is launching its debut CLO backed by middle market loans and has opted to use an unusual ramp-up tactic

Garrison BDC needs to liquidate, argues shareholder Clear Harbor
In a letter delivered to the board on Thursday, Clear Harbor emphasised several concerns and demanded a new independent investment advisor with liquidation expertise 

Crescent and Barclays price second consecutive new issue CLO
Crescent Capital teamed up with Barclays for the two firms’ second consecutive CLO new issue as partnership

Repo market bumps heads with credit to suffer SOFR doubts
The reliability of the Secured Overnight Financing Rate (SOFR) was called into question last month when it spiked to a level more than double its usual value. 

Spectre of low loan recoveries fails to spook CLO market
CLO managers and equity investors are optimistic despite recent reports which suggest that future US loan recovery rates will be lower than during the financial crisis.