US borrowers try again with high-water mark provisions
In the US, high-water marking of EBITDA was rebuffed back in 2022. But the concept has been used regularly in Europe and US borrowers are once again slipping it into credit agreements

Credit hedge funds
Credit hedge funds

Credit funds at a glance
Credit funds at a glance

BBVA hires ex Credit Suisse managing director
BBVA has hired a new managing director to be head of its US financial institutions group for debt capital markets

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

Proskauer poaches pair of credit partners from Milbank
Proskauer Rose continues to build out its team with the addition of Eric Reimer and Gayle Berne as partners in the global finance practice

European Union rolls out ELTIF 2.0 structure
The European Union’s latest regulations for its long-term investment funds — known as ELTIF 2.0 — went into effect on 10 January, ousting the old model to make it easier for both alternative investment managers and retail investors alike to tap into the market

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

Kirkland & Ellis poaches partner from Macfarlanes in London
New UK-based partner's practice focuses on structuring alternative investment funds, specifically credit funds

DLA Piper hires two partners for leveraged finance practice
Alan Rockwell and Heather Waters Borthwick have joined DLA Piper from Shearman & Sterling, and will both be partners based in New York. 

SMBC continues to expand US fixed income with more senior-level hires
Sumitomo Mitsui Banking Corporation's America's division continues to expand with the addition of several new senior-level hires from Morgan Stanley and Citi

Covenants update: State of the US Loan Market 4Q23
Xtract Research has published its 4Q23 report into the state of the US loan market. Highlights from the report include the following.

New report finds 2023 a record year for alternative credit M&A
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry

Connecticut Retirement Plans and Trust Funds commits more than USD 600m to credit manager
Connecticut Retirement Plans and Trust Funds has allocated approximately USD 625m to pension funds in the state's private credit portfolio

DebtDynamics EMEA: Size matters
Direct lending margins widen on small deals, with an enlarging gap to other deals in the latest DebtDynamics EMEA research 

Credit PMs remain gloomy in latest IACPM survey
Survey participants in the latest IACPM Credit Outlook Survey believe the euphoria seen in global financial markets during the last few months of 2023 was overdone

Voya Investment brings in new CIO, fixed income from Morgan Stanley
Voya Investment Management has made some changes to its leadership team. The company is bringing in a new chief investment officer, fixed income, from Morgan Stanley as part of a wider reshuffle.

Impax Asset Management scoops up Danish boutique manager
Impax Asset Management, an asset manager that invests in the transition to a more sustainable economy, has agreed to buy a boutique Danish business

Palmer Square liquidates 2022 CLO through BWIC
Palmer Square is the seller of a mammoth EUR 350m loan and bond BWIC portfolio that was auctioned last Thursday (4 January) as it has been winding down Palmer Square European Loan Funding 2022-3

CIFC launches new multi-strategy credit UCITS fund
New York-based alternative asset manager CIFC has launched a new liquid UCITS strategy with an emphasis on sub-investment grade fixed income investments

Full-year 2023 European Leveraged Highlights
Debtwire has released the full-year 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets

End on a high: institutional loan and HY bond issuance rises 44% YoY
Leveraged finance (LevFin) issuance across the US institutional loan and high-yield (HY) bond markets totalled USD 529bn in 2023, representing a 44% year-on-year (YoY) increase

Low margins and scarcity of LBOs hurt term loan revenues
Despite a resurgence in global term loan B (TLB) volume, which grew by 30% to reach $416.6bn as of December 2023, revenue earned by arranging banks on these facilities only totalled $3.0bn

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle