Zais ESG head to join DWS
Zais Group’s head of ESG (environmental, social, governance) and impact investing is joining DWS as group sustainability officer in New York

CLOs dodge offshore driller as restructuring credit event question posed
The Americas Determinations Committee has been asked to rule on whether UK headquartered offshore driller Valaris has triggered a restructuring credit event

Cerberus raises $779 million for direct lending fund
Cerberus Business Finance is raising a new direct lending fund, according to regulatory filings

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

Sculptor CEO Shafir to step down with CIO taking dual role
Sculptor Capital Management has announced that its chief investment officer will take also take on the role of chief executive officer, effective 1 April 2021

Neuberger launches 'flexible' global credit Ucits fund with $200 million
Neuberger Berman has launched a flexible global credit Ucits fund to expand its $150 billion fixed income platform

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Oaktree mixes defensive with opportunistic in new fund for recent hire
Oaktree Capital Management has launched a standalone absolute return fixed income fund for recent hire Brad Boyd, according to market sources

Pandemic underlines importance of the S in ESG as compliant companies outperform
For years, assessing environmental risks has been at the forefront of ESG (environmental, social, governance) investing, but there’s been a greater appreciation of the ‘S’ in ESG since the market sell-off in March

Oak Hill launches 'tactical' investment fund
Oak Hill Advisors is on the fundraising trail with regulatory filings indicating the credit specialist is launching a vehicle known as OHA Tactical Investment Fund

PGIM prepares listed credit fund
PGIM is marketing a ‘flexible’ listed fund, dubbed PGIM Strategic Credit Fund , to invest at least 80% across fixed income

Some managers calculated their CLOs were passing OC tests, only to find them failing the next day
Corporate credit downgrade storms have been weathered before, but this one has come out of season

Scale of coronavirus-linked defaults divides credit market
As governments and central banks around the world plough money into the economy in response to the coronavirus pandemic, the loan and CLO markets are nevertheless bracing themselves for a corporate downgrade wave to turn into a default cycle

CLOs face trading restrictions as bankruptcies mount
CLO managers could be handcuffed in impending bankruptcies if tranche downgrades continue and restricted trading periods kick in

Points up front: We knew it, Jon Snow
When Tripp Smith, the co-founder of GSO Capital Partners, launched asset manager Iron Park Capital Partners a year ago we guessed he might like TV series Game of Thrones

Libor fall weighs heavily on loan and CLO portfolios
Libor floors are set to return to prominence after three-month rates tumbled to 0.38% by 18 May, returning the loan market’s base rate to its lowest level since the oil and gas crisis of 2014-16

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

Onex hires Jaber as it launches CLO investment business
Onex Credit Partners has hired Ronnie Jaber to start a CLO investment business in New Jersey, according to an announcement today

Onex looks to raise up to $400 million for US loan fund
Onex Credit Partners is launching a US loan fund with a fundraising target of $300-400 million, according to market sources

HPS hires from sports and entertainment financier in Los Angeles
HPS Investment Partners has appointed two managing directors from 23 Capital to the firm's Los Angeles office

Ares fined $1 million by SEC over 'misuse of non-public information'
Ares Management has been fined $1 million by the US Securities and Exchange Commission in a settlement surrounding compliance failure relating to a portfolio company