Volatility could cause credit markets to break this year – TCW’s Bryan Whalen
PODCAST: Investors aren’t being paid enough of a premium for the risks in US corporate credit, TCW’s chief investment officer of fixed income told Creditflux’s Lisa Lee on the latest ‘Credit Exchange’ podcast  

Buyout Highlights - Overview of Europe Buyout and Financing Trends 1Q25
Leveraged loans are again the main source of financing for LBOs in Europe, providing 65% of the total volume issued in 1Q25  

Clearlake abandons bank-led option for a private credit loan to replace Dun & Bradstreet financing
EXCLUSIVE: The private equity firm is going with the Ares-led private credit loan rather than tapping banks to raise debt in the capital markets 

Economic uncertainty clouds Milken conference but lev fin markets keep moving
Attendees leave a cloudy LA with few answers but a little more faith in the US leveraged finance markets

Uncertainty challenges credit underwriting but deal making continues
Panelists at the annual Milken Institute Global Conference this week said the environment is more favorable than many initially expected post 2 April

Private credit’s golden era never really ended – Blackstone’s Michael Zawadzki
On the Credit Exchange podcast, Lisa Lee speaks with the CIO of Blackstone Credit and Insurance about opportunities in volatile markets and the durability of private credit premiums

Leveraged loan, HY defaults to pick up as tariff pause adds more uncertainty - Goldman
The bank expects macro challenges to continue despite the tariff pause  

KKR, Capital Group set to launch a hybrid private-public credit fund for individuals
The new fund with a low minimum will invest across corporate direct lending, private asset-based lending and public fixed income

Investing in Europe has changed dramatically in past weeks – Apollo’s Tristram Leach
PODCAST: We're on the cusp of profound change in Europe, observes Apollo's co-head of European credit, in the latest edition of the 'Credit Exchange' podcast  

US leveraged loan default rate set to rise to 1.6% by end of 2025: S&P
Macroeconomic headwinds, policy uncertainty and the reduced likelihood of interest rate cuts could contribute to the uptick  

Welcome to Miami, good luck getting on the deal
JPM leveraged finance conference attracts over 3000 to South Beach where participants expect LME activity to remain high and saw increased private credit presence
 

Go upmarket when investing in credit, says Oak Hill's Schrager
Senior managing partner at Oak Hill Advisors, Alan Schrager, discusses private credit volumes, cross-currents in credit markets, and issues including tariffs and defaults in Credit Exchange with Lisa Lee podcast

US leveraged loan A&E reach all-time high—Baird
Amend & Extend volume for US leveraged loans hit a record USD 226bn, driven by a lack of M&A activity in 2024 and a still-high cost for refinancing.

ICG hires Sixth Street alum Grandjean for pan-European private credit
ICG has hired Pierre Grandjean, who most recently was at Sixth Street in specialty lending, to join its European direct lending team, Senior Debt Partners

Institutional loans set records while ratings agency data diverges
It isn’t just the CLO market breaking records this year. Loan volumes are also continuing to set records, according to the latest Debtwire data for November.

Fund performance
Entering the final three months of the year, CLO funds took a clean sweep of the top 10 spots in the Creditflux tables. October was strong overall, as over 85% of funds listed made positive returns

Altice France reminds creditors that unrestricted subsidiaries can be freely spun-off
Altice France's debt documents permit the XpFibre spin-off, and most credit agreements and high yield bond indentures permit the distribution of the equity in unrestricted subsidiaries

Trump victory raises hopes for high yield markets, M&A revival
Leverage finance markets cheered Donald Trump’s win on the prospect the former president’s return to the White House will unleash deregulation and M&A, lower taxes and higher economy growth

BNP Paribas announces negotiations to buy AXA IM
BNP Paribas said it entered exclusive talks to buy AXA's asset management unit and set-up a partership for EUR 5.1bn

Loan repricings continue to flood the primary market ahead of August lull
The US primary loan market has seen a steady flow of well-bid deals this week that were either upsized or priced tighter

Leveraged loan issuance tops USD 1tn in record-setting first half
US leveraged loan issuance has jumped 91.2% year-on-year in the first six months of 2024, reaching USD 1tn for the first time on record

US loan volume nears record levels
In Q1 2024 quarterly institutional loan issuance reached its second highest level on record. The period also saw the lowest quarterly share of new money issuance, at just 13% of total activity

Credit hedge funds
Credit hedge fund performance

IACPM survey finds credit PMs still gloomy, but less so than last quarter
Respondents to the latest IACPM Credit Outlook Survey are still negative about future credit conditions, but less so than in previous surveys

Global Loan Highlights 1Q24: Don’t call it a comeback
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth