ABL lending fund completes final close with $1.7 billion in commitments
Asset-based lending fund accepts $1.7 billion in capital commitments from a global set of institutional and retail investors. 

Wall Street veterans spin off credit fund to start their own firm
Two credit industry veterans spin off fund to start their own firm in New York. 

June loan rally signals asset class could see outsized returns as rates stay high
Leveraged loans enjoyed their second-best month of the year in June, with the asset class returning over 2% on the month as Creditflux goes to press. Loans have generated a return of 5.8% year-to-date, with only January’s 2.9% topping the numbers for June.

Bond-backed buyouts balloon as loan yields hit astronomical levels
Issuers tapping public syndication for leveraged buyouts have turned to the high-yield bond market in recent months, where levels of activity are impressive considering the current shortage of new money issuance.

Loan Highlights 2Q23: Running aground
The global loan market endured a bleak first half of the year, with the overall 1H23 volume falling 28% year-on-year (YoY) to $1.9 trillion, the lowest showing since 2012.

Capital Four adds three to US team
Capital Four's US team continues to expand, with the credit asset management firm hiring three new people in its New York office

Hedge fund Sona taps Barclays exec
Private credit manager Victory Park Capital has launched Triumph Capital Markets, a new platform that focuses on structured financing and capital markets

ICG hires new global head of credit
Asset management firm ICG has hired ScION Tech Growth Chief Executive Officer Mathew Cestar as the firm's global head of credit

May 2023 European Leveraged Highlights
High yield bond refinancing dominates a weak market according to Debtwire's May 2023 European Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets. 

May 2023 US Leveraged Highlights
Leveraged investors continue to favor bonds to loans, according to the Debtwire May 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Carlyle names future CFO
Carlyle has named John Redett its new chief financial officer and head of corporate strategy, the company has said.

Credit funds at a glance
Fund raising and people moves

Credit hedge funds
Credit hedge fund returns

US loan default rates will peak near record levels, says Deutsche Bank
A new research paper from Deutsche Bank has forecast leveraged loan default rates rising to near all-time highs by the fourth quarter of 2024.

Infrastructure investor brings in senior team to launch new sustainable credit platform
Energy Capital Partners (ECP) has announced that a new team will merge into ECP’s dedicated credit investing business and launch a sustainable credit platform named ECP ForeStar

Crédit Agricole appoints head of corporate and leveraged finance
Crédit Agricole CIB has appointed a head of corporate and leveraged finance, effective Thursday

Citibank hires MD in loans and leveraged finance
Citibank has hired from a Credit Suisse official as a managing director in loans and leveraged finance, based in Frankfurt

Fitch notches up US lev loan and HY 2023 default rate forecasts
Fitch Ratings has raised its US corporate institutional high yield bond default 2023 forecasts from 3%-3.5% to 4.5%-5%, and its leveraged loan default forecast from 2.5%-3% to 4%-4.5%

US lev fin co-head at Deutsche Bank set to join HSBC
HSBC has brought on former Deutsche Bank official as global head of leveraged and acquisition finance, following Ray Doody's retirement in March

Blackstone Credit hires Euro capital markets head in newly created role
An experienced official from Morgan Stanley has landed at Blackstone Credit to oversee capital markets origination in Europe across liquid and private strategies

Loan recoveries slump as investors bank on rebound
The average recovery rate for defaults in 2023 has declined considerably due to a combination of factors such as: cov-lite loans, priming activity in previous years, loan-only borrowers defaulting, and the sectors in which the defaults have been concentrated

Credit hedge fund returns (May 2023)
Credit hedge fund returns

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

March madness sees most funds give up gains made in Q1
After a positive start to the year, credit funds ended the quarter with a step backwards; just under 30% of those listed reached positive returns for the month.

Pimco eyes CLOs as part of new flexible credit interval fund
Pimco is preparing to launch a new closed-ended, non-listed interval fund, named Pimco Flexible Corporate Income Fund, which will invest at least 80% of assets in corporate debt across public and private credit markets