Los Angeles pension fund plans $3.7 billion allocation to credit
Los Angeles City Employees' Retirement System, the $17 billion pension fund, is allocating to credit in 2019 - it's looking to put $2.44 billion to work in core-fixed income, $800 million into emerging markets debt, $235 million into high yield and a similar amount into a bond/loan hybrid fund

You don’t need a 15% default rate to make money in credit
Jeanne Manischewitz, head of North American credit at York Capital Management, takes our credit quiz

Selling at the time of the default or downgrade can often be the worst value decision for the CLO
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski

Kicking the tyres: CLOs survive examination as bankruptcies tick higher
US CLOs are weathering the turbulence triggered by a couple of bankruptcies in the broadly syndicated loan universe, namely US retailer Sears and American Tire Distributors. Those bankruptcies, filed on 15 and 4 October, respectively, have failed to dent CLO structures

Machines connect as credit managers’ new best friends
The clamour for credit funds that adhere to environmental, social and governance (ESG) criteria means the managers behind these funds are handling ever-larger and deeper data sets. This has led a growing number of fund managers to divert resources into incorporating artificial intelligence (AI) and machine learning into their investment processes

They said it: ebit-don't or ebitdaaa
Two direct lenders take turns complaining about ebitda adjustments

Points up front: Creditflux makes significant SRT call
They were once referred to as regulatory capital relief trades (or reg-cap trades), but now no one can agree on what to call them

Managers digest blockbuster deals
Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv

Without a single dollar being raised, future loan supply dwarfs current demand by as much as 10 to one
There’s plenty to be spent on mid market loans, but it’s still not enough to cover the $1 trillion of financing likely to be required, says our columnist Randy Schwimmer

Napier Park receives $50 million add-on from Texas pension fund
The $30.1 billion pension fund has topped up its separately managed account with Napier Park 

UBS AM hires PM to infra debt team as it nears final stages of fundraising
UBS Asset Management has recruited portfolio manager Viktor Kozel to its real estate and private markets business. Speficially, he will work within the infrastructure debt team as the firm goes about fundraising for Archmore Infrastructure Debt Platform II  

Ares ups its target for US senior direct lending growth to $4.7 billion
Following $5 billion of inflows into global direct lending in the third quarter, Ares has upped the target for its US direct lending strategy 

BlueMountain hires ex-Deutsche levloan and high yield analyst
The new hire will support portfolio managers responsible for the firm's investments in CLOs

Ullico makes two senior hires for its new fixed income platform
Ullico, an insurance and financial services company, has appointed two senior professionals for its newly-created fixed income investment platform, UIA Investment Management (UIA IM)  

Axa IM reveals new Ucits-compliant global credit fund
The new vehicle aims to offer investors a Ucits-compliant product that invets across the whole credit spectrum 

Akin Gump bolsters financial restructuring debt team with four partners
Akin Gump Strauss Hauer & Feld has bolstered its financial restructuring and global debt finance team with a new Connecticut office and the addition of four partners

Crescent hires former NewStar official as managing director
Crescent Capital Group has appointed NewStar Financial's former capital markets head as a managing director, the firm has announced

Ullico sets up fixed-income investment platform
Ullico has launched a US fixed income management firm, UIA Investment Management (UIA-IM), in a bid to expand its range of services and client base by including a broader range of institutional clients.  

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

OFS holds IPO for $50 million CLO fund
OFS Capital Management has held an initial public offering for its closed-end CLO fund, OFS Credit Company

Eaton Vance adds former Janus Henderson official as credit portfolio manager
Dónal Kinsella joins as institutional portfolio manager for the firm’s corporate credit strategies

TSSP launches capital solutions fund
TPG Sixth Street Partners (TSSP), the credit platform of private equity giant TPG, has launched a fund to target late stage growth companies

CLO baskets empty as Sears declares bankruptcy
Although Sears has been a prevalent name in loan trading over the years, it had been cleared from most CLO portfolios well before the event

Man Numeric launches credit platform and appoints co-heads of credit
Man Numeric, the quantitative investment business of Man Group, has launched a new credit unit and appointed two officials to lead the business

ArrowMark builds in London with big SRT hire
ArrowMark is one of the biggest investors in the SRT market, but unusually it conducts most of its business out of the US. It has now added to its presence in London with an experienced official joining its SRT business