Low margins and scarcity of LBOs hurt term loan revenues
Despite a resurgence in global term loan B (TLB) volume, which grew by 30% to reach $416.6bn as of December 2023, revenue earned by arranging banks on these facilities only totalled $3.0bn

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

November 2023 US Leveraged Highlights
Debtwire today releases the November 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets

Macquarie hires head of leveraged credit
Macquarie has poached the head of European and UK fixed income at Alliance Bernstein for a role in Philadelphia

Credit hedge funds
Hedge fund performance tables

Credit funds at a glance
Fund performance; people hires; fundraising 

ESG initiatives should avoid unfavourable reactions by pursuing substance over form
By any financial measure, the collaboration of trans activist Dylan Mulvaney with Bud Light hurt the brand. What was formerly America’s best-selling beer saw its market share collapse — from over 35% in May 2023 to around 9% in June — because of a boycott by US conservatives after a 60-second TikTok video aired of Mulvaney drinking it.

State of the US Loan Market 3Q23 - Xtract Special Report
The US leveraged loan market continued to languish in 3Q23, but the average covenant score for large Sponsor loans bounced back somewhat from its precipitous decline in 2Q23 according to this special report

Lumen Technologies ad-hoc group preps competing proposal
The refinancing of Lumen Technologies, currently held by 1311 different CLOs with a combined principal balance of USD 3.8bn, took a new twist today as details of a competing proposal emerged

Millennium Advisors reveals new global head of US credit trading
New head of US credit trading is the latest in a string of senior-level new hires at the firm.

Hayfin appoints new US CLO head
Hayfin Capital Management has announced it has recruited Peter Swanson to head its High-Yield and Syndicated Loans team in New York

Fortress taps BlackRock for sponsor coverage hire
Fortress Investment Group has hired a new director to focus on sponsor coverage and origination in in Fortress’ credit business

US CLO credit Air Methods Corporation files for bankruptcy
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities.

Aquarian buys minority stake in Obra
Obra Capital revealed in Monday that it had sold a minority equity ownership stake to Aquarian Holdings

September 2023 US Leveraged Highlights
Refinancing continues to amplify leveraged debt volume in Debtwire's latest report featuring key trends in the leveraged loan and high-yield bond market

Packers’ recovery chances debated amid industry-wide child labor investigations
A popular CLO credit, Packers Sanitation Services (PSSI), made the news last week in Debtwire

Loan Highlights 3Q23: Loan volumes remain significantly lower than historical averages
Capital markets loan activity continued to struggle in the third quarter of 2023, as issuers in the Americas and Europe held off from tapping markets

Clifford Chance expands US leveraged finance group
The US leveraged finance team has hired new partner, and transfered another partner from Clifford's London office

US loan market rallies despite increasing stress and default rates
Casual observers of the US broadly syndicated loan market may be forgiven for feeling a little confused at the moment. Despite rising default rates and growing stress, loan prices continue to rally, and the primary pipeline is busy.

Fund performance
Positive August for credit sees CLO funds on top again

Credit funds at a glance
Ucits see red in a tough June for returns

Credit hedge funds
Credit hedge funds performance data

ICG taps Apollo partner as head of US liquid credit
The new head of US liquid credit has been tasked with helping grow ICG's US credit business