CVC adds Alcentra official to investor relations team in London
CVC Credit Partners has appointed a managing director in its investor relations team from Alcentra 

ESG education top priority for 42% of institutional investors, CFA Society finds
Global Institutional investors are increasingly adopting ESG into their investment decision making – but education on the topic and quality ESG data are needed to help them progress, according to a survey conducted by CFA Society in New York

Managers have leeway even after triggering key person event, finds Ropes & Gray
Almost all credit managers offer protection to investors that key employees will continue to manage the fund’s assets throughout its life, with 95% credit funds containing such "key person clauses". But that does not mean managers have their hands completely tied

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

Wells Fargo AM makes senior marketing hire
Wells Fargo Asset Management has appointed Kelly Vives as head of marketing, according to an internal memo seen by Creditflux

Typical CLO structures can’t take advantage of dislocation in the high yield bond market – yet
High yield bond buckets in CLO 1.0s allowed managers to build par — it is time CLO 2.0s had the same opportunity

Lenders turn to quality over quantity

Beyond blacklists: the next step in ESG
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.

Brigade moves quickly to line-up Libor replacement
Brigade Capital Management is engaging with its CLO investors to talk about a replacement benchmark for Libor.

CLOs finally get green cards as ESG makes its way to US market
The rapid rise of environmental, social and governance (ESG) guidelines in financial markets has made its way across to the US CLO market, with several managers and investors last month announcing strategies geared towards ESG compliance.

Repo market bumps heads with credit to suffer SOFR doubts
The reliability of the Secured Overnight Financing Rate (SOFR) was called into question last month when it spiked to a level more than double its usual value. 

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.

Spectre of low loan recoveries fails to spook CLO market
CLO managers and equity investors are optimistic despite recent reports which suggest that future US loan recovery rates will be lower than during the financial crisis. 

CLOs take advantage of valuations to cash out of Refinitiv
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm.

Points up front: Best to price your deals between 12 and 6am
The latest addition to JP Morgan’s index suite — which aims to quantify the impact of US president Donald Trump’s tweets on the financial markets — has been so popular it has landed its own Wikipedia entry

Fund performance
A round-up of fund performance

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

Credit funds at a glance
A round-up of fundraising and people moves in credit

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

Ultra Resources loan downgrade unlikely to burn CLOs
The downgrade of Ultra Resources to triple C is not expected to have a material impact on CLO portfolios, accordng to market sources. Loan investors took the matter in their stride as the issuer's term loan Bs are being quoted today at 68.4/70.2 - up from 68.2/70.25 from Thursday, according to IHS Markit

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