Loan managers need an equity-like mindset instead of relying on docs
Octagon's Lauren Basmadjian takes our credit quiz and talks about buying CLO equity in 2009, the impact of technology on the retail sector and Eddie Murphy's 1980s heyday

If the loan was not cov-lite, it is likely that Weight Watchers would have defaulted
Cov-lite loans have negative connotations, but they will enable some companies to trade through a bad patch and return to health  

CLO market gauges counterparty risk as it predicts economic cycle will turn
Credit is showing symptoms of a cycle in its latter stages, according to CLO market participants. While this makes loan and manager selection important, participants are increasingly focusing on counterparty risk.

August: fund performance
CLO spreads jumped wider in August, but funds that invest in these assets have been able to outperform

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

Symphony CEO Stein steps down after 19 years
Symphony Asset Management's CEO and CIO has resigned, with four colleagues assuming his responsibilities

Halcyon poaches CVC's US performing credit head Raciti
Halcyon Capital Management has poached CVC Credit Partners’ Philip Raciti and appointed him head of US performing credit and portfolio manager

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

American Beacon teams up with Apollo for credit interval fund
Regulatory filings reveal that Apollo will allocate assets across four main areas: US corporate credit, global corporate credit, structured credit and real estate credit

The perception of liquidity is often not the same as the reality
Investec Asset Management's Jeff Boswell takes our credit quiz and discusses liquidity in Europe, the former "darling of the European debt market" Vivarte and the Matrix

Star names join Barclays as it pushes into CLOs

Borrowers who made the one-month Libor election at the beginning of the year saved only a bit of money
The spread between one-month Libor and three-month Libor has garnered a significant amount of attention in the CLO market this year. Indeed, some market prognosticators suggested that the difference between the two rates could have such an impact that it would shut down the primary CLO market. 

Xtract: CLOs may be further squeezed by one-week Libor Election
There are 30 loans which could, at the drop of a hat, switch to one-week Libor benchmarks, according to a report by Xtract Research

BNP Paribas reorganises US credit business and appoints leveraged finance head
BNP Paribas has integrated its existing US primary and secondary credit units under a single new entity known as global credit markets Americas

Crestline Denali announces new structure following CEO departure
Crestline Denali has announced its new organisational structure, following the retirement of its chief executive officer David Killion

Experienced CLO specialist joins Pretium
Pretium Partners moved into CLO management a year ago and now has $2 billion in AUM in this space thanks to a couple of acquisitions. It has now hired a portfolio manager to deal with the additional AUM

Investors debate merits of bond buckets as regulators revisit Volcker rule
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule

Investors fight to stop assets being pulled into black holes
US loan investors are fighting back against terms which they believe are effectively turning supposedly senior secured loans into unsecured agreements

Neuberger's Dyal acquires minority stake in HPS
Dyal Partners, a division of Neuberger Berman, has acquired a minority equity stake in global credit manager HPS Investment Partners

Sound Point and American Beacon team up for credit interval fund
American Beacon Sound Point Enhanced Income Fund will invest in a variety of credit-related instruments - with at least 40% bank loans exposure

The expanding middle
Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5%

BlackRock seeks $1 billion for new multi-strat opportunities fund
The new trust will invest at least 80% of its assets in fixed income securities and up to 40% in special situations, SEC filings reveal 

Flat Rock prepares $100 million CLO equity-focused fund after big hire
Flat Rock will launch the new interval fund to primarily invest in CLO equity, with newly hired anchor CLO investor Shiloh Bates acting as one of the portfolio managers

Credit interval funds thrive as investors value liquidity profile
“The interval fund structure’s time has come," says BlueBay's Blair Reid

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure