"Conditions making deal financing challenging for issuers can harm beneficial terms for investors"
Direct lending terms look better than at any point in the past decade. But is there enough to go around?

Octaura's first fully electronic syndicated loans trade

BC Credit targets $1.25 billion for third opportunistic credit fund
BC Partners Credit plans to deploy half the fund in private lending and structured equity opportunities and the other half in specialty lending and dislocated liquid credit deals

MUFG appoints co-heads Emea capital markets
MUFG has appointed co-heads of capital markets for Emea

European credit specialist rejoins Allspring
An experienced European loan and high yield specialist has returned to Allspring Global Investments after a spell at Western Asset Management

Lights go out for Heritage Power with 120 CLOs left in the dark
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs.

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.

CLO community pulls together to block Wellpet loan amendment
The power the CLO community can wield – if members stick together – has been underlined after a loan amendment proposed by Wellpet failed to pass

Bain hires managing director in Euro liquid credit strategies team
In his role, he will be helping to lead investments and the development of the liquid and structured credit team

Loan amendment alert: Wellpet offers 10bp CSA
Wellpet has issued a loan amendment request with a view to including a 10 basis points credit spread adjustment (CSA), market sources say. Although this is an improvement on recent amendments it still falls short, according to CLO investors.

Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. 

Senior Investcorp official lands at wealth manager
A well-known name in the CLO industry has landed at a wealth management firm 

Fitch raises low end of its default forecasts for US leveraged loans and high yield
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds

ICG hires former BlueMountain lev loan and HY senior analyst
Intermediate Capital Group has hired a senior analyst focusing on liquid credit

PSP and Aimco form credit partnership as Aimco poaches its global credit head
Public Sector Pension Investment Board (PSP) and Alberta Investment Management Corporation (Aimco) have struck a remarkable agreement which sees the pair jointly invest in credit and the transfer of a senior figure. 

SEC charges former BlackRock PM with undisclosed conflict of interest
The Securities and Exchange Commission said it has charged a former BlackRock portfolio manager for failing to disclose a conflict of interest in a fund he managed from 2015 to 2019

CVC plots further quasi-CLOs after landmark €400 million deal
CVC Credit closed a CLO-like’ vehicle backed by senior secured loans in December. Officials at the firm say they are in early stage discussions to launch similar vehicles after interest from equity investors"  

LA pension awards $675 million to illiquid credit managed account
The strategy will invest across asset-backed credit, loans, bonds, and specialty finance

Loan managers must act to prevent CSA leakage, say CLO investors
CLO investors have made clear that managers need to stay on top of US loan amendments that are switching benchmark from Libor to Sofr

Mini loan recovery helps primary pipeline re-emerge
Better than expected inflation numbers at the start of November lifted loan prices to an extent that the primary market for leveraged loans opened up, allowing for a number of regular new issue deals to clear the market

Are we ready for another crisis?
Credit managers must brace themselves for stress in 2023, as rates rise and the number of poor performing assets increases. But most CLOs look well-placed and can rely on plump OC cushions 

Fund performance: Light at the end of the tunnel for credit funds after difficult year
Following a tough September, credit funds bounced back in October as 59% of funds made positive returns.

Credit hedge fund returns (December 2023)
Credit hedge fund returns

Credit funds at a glance (December 2023)
A round up of fundraising and people moves in credit

"This ‘higher rates for longer’ saga is more like the 1920-21 depression than the 1970s high inflation era"
Sometimes you have to swallow your medicine and take a step back to go forwards