Three CLO investors win mandates from US insurer
New York State Insurance Fund has selected 11 credit managers to invest around $1 billion across corporate loans, high yield bonds and CLO tranches, according to documentation seen by Creditflux. Three  of these mandates are geared towards CLOs 

US loan index rises for second consecutive day
The credit markets felt some reprieve on Thursday as the S&P/LSTA index rose for the second consecutive day, rising by an unprecedented 3.33%

Investors pull $10.9 billion out of corporate IG ETFs in one week
Outflows from loan and high yield bond exchange traded funds have exacerbated the liquidity pressure facing credit investors, sources say, as market volatility intensifies after economists slashed global forecasts

Silver lining: credit investors provided with lower entry points than Q4 2018
Oil shocks and the coronavirus outbreak, along with aftermath effects such as US Federal Reserve interventions and lockdowns, is providing credit investors with lower entry points than the Q4 2018 sell-off, say sources. Furthermore, an expected U-shaped rather than V-shaped recovery could provide a greater money multiple for opportunistic investments - if they can access them 

CVC listed credit fund 'pre-emptively' sheds covid-19 related positions
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk 

Barings BDC eyes syndicated loan market opportunities
Three weeks ago, during its 2019 earnings report, Barings BDC said the company’ had rotated out of broadly syndicated loans to ramp up its middle market exposure. But with widespread market upheaval since then, most opportunities to build value for investors will come from the broadly syndicated market

Nordea's former head of sustainable loans resurfaces at Handelsbanken
The former head of sustainable loans at Nordea will join Handelsbanken debt capital markets team in May

Alcentra prepares listed credit fund
BNY Mellon Investment Advisor has teamed up with affiliate Alcentra to launch a listed fund that can invest across a range of credit strategies

PRI unveils ESG workstream for CLOs, loans and ABS
Principles for Responsible Investment has established a workstream on environmental social and governance standards in structured products

Ares hires head of ESG from Partners Group
Ares Management Corporation has appointed a head for its environmental, social and governance (ESG) practice, effective from April  

PE firms look to go it alone as credit units reach maturity
Private equity firms are starting to weigh up the merits of housing private debt businesses, with TPG Capital the latest to contemplate splitting with its credit business TPG Sixth Street. It follows EQT Capital, which announced a strategic review in January centred on parting ways with its credit unit.

Apollo ups stake in Athene to 35% through stock deal
Apollo Global Management is doubling its stake in Athene Holding to around 35% by exchanging $1.2 billion of common equity and buying $350 million extra of Athene stock

CLO and repo markets lick wounds after Fed burns its cred
In the wake of yesterday's emergency Fed rate cut, CLO investors say the spread between Libor and the overnight indexed swap indicates Libor has further to fall

Massachusetts pension commits $200 million to structured and corporate credit
Massachusetts Pension Reserves Investment Trust has approved commitments with CKC Credit Opportunity and LMCG Serenitas  

Pretium buys Latigo to boost distressed capabilities
Pretium Partners has bought the investment management business of New York-based Latigo Partners, in a bid to expand the firm’s distressed debt and event-driven credit capabilities. Terms of the transaction were not disclosed

Lord Abbett preps floating rate interval fund with monthly share repurchase
Lord Abbett Enhanced Floating Rate Fund will invest at least 80% of its assets in floating rate products including senior secured or unsecured loans, second lien debt and floating rate structured credit including CLOs

VIP Cinema makes uncomfortable viewing for CLOs as it's reeled into Chapter 11
CLOs hold $52.9 million of debt in seatmaker VIP Cinema Holdings, which has filed for Chapter 11 bankruptcy protection in the District of Delaware

Loomis Sayles loses out as US pension shifts to higher-quality credit
Dallas Police and Fire Pension System is liquidating a loan portfolio managed by Loomis Sayles, as it reallocates assets away from high yield towards investment grade

Hamilton Lane limits uncalled commitments with private market fund
Hamilton Lane has launched a private assets fund, in a strategy that will "seek to limit the exposure of uncalled commitments and shorten the duration of expected cash flows relative to a traditional portfolio”

Axa IM launches SRT fund after record-breaking 2019
Axa Investment Managers says it has held a first close on a fund that invests in significant risk transfers

Kissick and make up: Ares replaces board member
Ares Management has appointe a replacement to its board of directors as retired Ares co-founder John Kissick steps down

S&P prescribes Akorn with triple-C rating amid possible bankruptcy
Akorn, a pharmaceutical company, has been downgraded to triple-C by S&P, following the announcement that Akorn has agreed plans to sell all its assets to repay debt as part of its standstill agreement extension

Elfa partners with LMA to develop standardised ESG disclosure topics
The European Leveraged Finance Association, in partnership with the Loan Market Association, has launched an engagement programme to develop a standard set of material ESG disclosure topics on which issuers and borrowers can be expected to report publicly

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives