US leveraged loan issuance drops 35% year on year
Debtwire 's new July 2023 US Leveraged Highlights report sees a striking 70% year-on-year decrease in new money institutional activity as lack of supply from the M&A market weighs on issuance

CLO double Bs offer 700bp premium versus high yield bonds, says Oaktree
The yield premium offered by double B CLO paper compared to corporate high yield bonds with the same rating has exploded to 700 basis points, according to a new episode of Oaktree Capital Management's podcast series The Insight

Envision Healthcare draws lawsuit from fourth out lenders
A group of “fourth out” lenders to Envision Healthcare have lodged an adversary complaint over its 2022 drop-down recapitalization and subsequent ‘uptier’ exchange

New York Life Investments taps member of Jefferies credit team

New York Life Investments has hired a member of the Jefferies Credit Partners loans team as director of high yield and leveraged loans

Funds round-up: its still all about private credit
Our summary of all the news about credit funds in the last seven days as private credit again dominated fundraising 

DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Primary loan and bond markets shows signs of revival, but at a cost
Activity in the US junk debt market has picked up after the 4th of July and the momentum is expected to continue through 2H23, but at a cost for issuers.

Obra completes acquisition of KDP assets following bankruptcy filing
Obra Capital has acquired the assets of KDP Investment Advisors following the latter firm's chapter 11 bankruptcy filing in May of this year

Loan market breathes sigh of relief as SEC declines to comment on Kirschner case
The SEC decided not to intervene in an ongoing court case about whether US leveraged loans are securities last week in an important win for the loan market.

US sponsor-led loans show sharp deterioration in covenant quality
Credit underwriting standards in the US continued to fall in the second quarter of 2023, according to a new special report from Xtract Research.

Arini continues expansion with Credit Suisse hire

Credit hedge fund Arini taps former senior-level Credit Suisse executive. 

Columbia names new loan and CLO head as Howard announces retirement
Columbia Threadneedle Investments has appointed the next head of its US bank loan team after current head Jerry Howard announced his retirement effective in January next year

Diebold's DIP delivers partial payout
Another day, another divergent DIP outcome as Diebold Nixdorf has its reorganization plan approved in court.

Veteran lawyer moves from buyside to law firm

A seasoned private funds lawyer will join Gowling WLG's investment funds team in London.  

June 2023 US Leveraged Highlights
Debtwire has released the June 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Antares closes second senior loan fund with $6 billion
Private credit manager closes second round of senior loan fund with roughly $6 billions in commitments. 

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. 

Recent US bankruptcies show non-DIP lenders wiped out
A trio of recent US bankruptcies is testing the CLO market's recovery assumptions, according to Debtwire’s Restructuring Database of recent court filings.

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.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Credit hedge funds
Credit hedge funds performance data

Credit funds at a glance
Fund performance, fund raising and LP commitments

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.