Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Silence is not golden: loan investors fret over terms in Apollo-sponsored deals
Leveraged loan investors have expressed concern over terms in some Apollo-sponsored deals, which allow the borrower to incur additional first lien debt that not only matures earlier than the existing debt, but also does not trigger “most favoured nations” (MFN) protection for the outstanding debt

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

JP Morgan makes big hire to its global credit trading desk
An experienced banker who has covered CLOs, CSOs, loan TRS and credit derivatives, has joined JP Morgan after leaving BNP Paribas 

CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch

CLOs can survive defaults, but it could be death by triple Cs
Covenant deterioration in the leveraged loan market has caused sleepless nights for CLO managers who worry that when defaults start to rise, recovery rates will be lower than in past downturns. But market participants are expressing concern that ratings, rather than defaults, pose a greater risk to the market

Loan rout gifts CLOs a par-building Christmas present
Correction time is here, as Charlie Brown once (almost) sang, building par and cheer. Fun for all that managers call their favourite time to... deal

Deutsche Bank refinances CLO backed with trade finance assets
Deutsche Bank has brought a $3.5 billion CLO backed by trade finance that includes a first-loss piece issued at par

Loomis Sayles plans alternatives interval fund
Loomis Sayles is looking to launch an interval fund focused on alternative asset-based opportunities, according to 4 December US regulatory filings

Neiman Marcus loan slumps amid debt restructuring talks
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit 

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Pro Mach packs biggest punch for CLOs as lev loan index takes a tumble
 The US manufacturer's $819 million Term Loan B, due March 2025, dropped 0.76% on Monday from Friday’s close

Till debt us do part: CLOs have and hold David's Bridal loans as they plummet 10.87%
CLOs hold $26.63 million exposure to David’s Bridal, which filed for Chapter 11 bankruptcy on Monday

24 CLO managers hold J Crew loan as it drops 4.62%
A total of 109 CLOs hold $219.4 million exposure to J Crew, whose Term Loan B traded down 4.62% from yesterday 

Recent CLO debutant Vista brings in GSO official to lead credit team
Vista Credit Partners has hired a former GSO official to lead its credit team

US clothing brand default leaves CLOs exposed
As many as 100 CLOs are among the holders of debt issued by FullBeauty, which defaulted on 31 October on an interest payment to its $345 million second lien loans  

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

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 

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

Axonic unveils plans for credit interval fund
New York-based Axonic Capital has registered its income producing offering Axonic Alternative Income Fund with US regulators