Fortress taps BlackRock for sponsor coverage hire
Fortress Investment Group has hired a new director to focus on sponsor coverage and origination in in Fortress’ credit business

Aquarian buys minority stake in Obra
Obra Capital revealed in Monday that it had sold a minority equity ownership stake to Aquarian Holdings

September 2023 US Leveraged Highlights
Refinancing continues to amplify leveraged debt volume in Debtwire's latest report featuring key trends in the leveraged loan and high-yield bond market

Packers’ recovery chances debated amid industry-wide child labor investigations
A popular CLO credit, Packers Sanitation Services (PSSI), made the news last week in Debtwire

Loan Highlights 3Q23: Loan volumes remain significantly lower than historical averages
Capital markets loan activity continued to struggle in the third quarter of 2023, as issuers in the Americas and Europe held off from tapping markets

Clifford Chance expands US leveraged finance group
The US leveraged finance team has hired new partner, and transfered another partner from Clifford's London office

US loan market rallies despite increasing stress and default rates
Casual observers of the US broadly syndicated loan market may be forgiven for feeling a little confused at the moment. Despite rising default rates and growing stress, loan prices continue to rally, and the primary pipeline is busy.

Fund performance
Positive August for credit sees CLO funds on top again

Credit funds at a glance
Ucits see red in a tough June for returns

Credit hedge funds
Credit hedge funds performance data

ICG taps Apollo partner as head of US liquid credit
The new head of US liquid credit has been tasked with helping grow ICG's US credit business

Illinois police pension fund opens search for credit managers

The fund plans to start investing in US leveraged loans and increase allocations for private credit

Capital Four beefs up US credit team with three new hires
The Danish-based credit manager is expanding its US presence

Double-dip refinancing hits US leveraged loan
Wheel Pros, a name still held by 219 CLOs with $414 million of total principal, announced details of a new refinancing deal last week featuring a controversial double-dip structure

In Kirschner fallout, lenders may be asked to rep that they aren’t investors

Our Xtract Research team explores an unexpected outcome from the recent Kirschner ruling  

Credit funds at a glance (September 2023)
A round-up of people moves and fund raising  

Credit hedge fund returns (September 2023)
Credit hedge fund returns  

CLO funds are hot in summer as they take nine spots in top 10 (Fund performance)
CLO funds took the lead through summer as the returns of the category index reached 1.88% and 3.18% in June and July, respectively. Both months saw a CLO fund as the top performer — Sound Point Meridian in June, and Oxford Gate Master Fund in July.

DebtDynamics North America: de-risking remains key focus for loan issuers and investors alike
Syndicated leveraged loan and high-yield (HY) bond markets have endured a challenging time during the past eight months but sentiment is far from rock-bottom

JP Morgan wins Kirschner case as court rules loans are not securities
The Second Circuit Court of Appeals has ruled in favour of JP Morgan in the Kirschner case that term loan Bs are not securities

Santander taps Credit Suisse dealmaker

Santander Corporate and Investment Banking hires new managing director from Credit Suisse

US leveraged loan issuance drops 35% year on year
Debtwire 's new July 2023 US Leveraged Highlights report sees a striking 70% year-on-year decrease in new money institutional activity as lack of supply from the M&A market weighs on issuance

Envision Healthcare draws lawsuit from fourth out lenders
A group of “fourth out” lenders to Envision Healthcare have lodged an adversary complaint over its 2022 drop-down recapitalization and subsequent ‘uptier’ exchange

New York Life Investments taps member of Jefferies credit team

New York Life Investments has hired a member of the Jefferies Credit Partners loans team as director of high yield and leveraged loans

Funds round-up: its still all about private credit
Our summary of all the news about credit funds in the last seven days as private credit again dominated fundraising