CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

Ucits at a glance
A round-up of ucits fund performance

SMBC hires bank's head of US loan trading
Leveraged loan trader Ed Schuhmann has moved to Sumitomo Mitsui Banking Corporation

Franklin Templeton reorganises long-short credit fund team
Asset manager Franklin Templeton Investments will make changes to the portfolio managers for the Franklin K2 Long Short Credit funds, effective from October

Purdue Pharma bankruptcy highlights value of ESG analysis
Purdue Pharma's bankruptcy this week, and the sector wide concern over the US opioid epidemic, has highlighted the utility of environmental, social and governance (ESG) standards in credit analyses

BlueBay launches global leveraged finance fund
BlueBay Asset Management has launched a global leveraged finance fund that is able to allocate towards high yield bonds, leveraged loans, structured credit and investment grade assets

US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July

KKR adds CLO mezz and private credit to mix with opportunistic credit fund
The new interval fund will invest in opportunistic credit, including CLO mezzanine debt, as well as private debt 

MacKay Shields integrates CVP's loan team while spinning out distressed debt
MacKay Shields has spun out the distressed debt business of Credit Value Partners and focus resources on CVP’s leveraged loan platform

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors

Guidelines fail to assuage fears over loose reporting standards
The Chartered Financial Analyst (CFA) Institute’s new hedge fund reporting guidelines come into play next year, but some say they fall short of a much-needed overhaul.

Prepayments pose reinvestment dilemma for CLO managers
CLO managers globally could be left sitting on piles of cash amid an uptick in loan prepayments. Standard & Poor’s reported that institutional US loan prepayments had hit $26 billion in July, and more recently some widely-held CLO names are set to return principal to lenders, with financial data provider Refinitiv US Holdings and Italian telecom operator Wind Tre taking this route.

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Europe and US diverge on covenant lite structures
Direct lending is syphoning away traditional loan supply

Last of GSO's co-founders departs
It's the end of an era as GSO Capital Partners co-founder Bennett Goodman (the 'G' in GSO) will step down from the firm at the end of the year 

Job opportunity with ArrowMark: research analyst
ArrowMark Partners has released details of a vacancy in its Denver office

Connecticut $36 billion pension hires first chief risk officer
The Connecticut Retirement Plans and Trust Funds has hired its first-ever chief risk officer

Carval fashions 'flexible' global multi-strategy credit hedge fund
The open-ended fund will focus on non-control strategies including corporate securities, liquidations, loan portfolios and structured credit 

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

Ares credit business grows 4.4%, driven by US direct lending
US and European direct lending, alternative credit and syndicated loan funds dove growth for Ares Management Corporation in the second quarter, the firm said

Net short language could force lenders to sell at a loss
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.

Job opportunities with First Eagle: loan analysts
First Eagle Investment Management has released details of two vacancies in its loans team in Boston

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

US loan veteran MacLean to retire from Pimco
Pimco loan portfolio manager Beth MacLean will be retiring from the firm in March, a spokesperson for the company firms