FCA greenlights synthetic Libor
The UK’s Financial Conduct Authority has given the go-ahead for ‘synthetic Libor’ as it creates a bridge for Libor contracts that do not have any hard-wired language referencing Sofr. 

Antares adds to new syndicated loans unit with portfolio manager hire from Apex
Antares Capital has hired Andrew Stern as managing director and portfolio manager responsible for liquid credit

Credit Suisse/UBS deal to create $5 trillion asset manager
The emphasis is set be on wealth and asset management, according to a statement released by UBS in conjunction with its move to acquire Credit Suisse

Pimco promotes global lev fin and CLO head to managing director
Pimco's leveraged finance head is one of five senior officials promoted to managing director

Carlyle liquidates European CLO warehouse as Credit Suisse exposure drops to zero
Carlyle Group has become the latest European CLO manager to liquidate its warehouse with Credit Suisse, according to sources, leaving the bank with no European CLO warehouse exposure

Barclays won't let sleeping dogs lie after another Newfoundland CLO reset
Newfoundland CLO, the long running and world's largest balance-sheet CLO, has been given a new leash of life by upsizing in a reset yesterday, according to announcements from Moody’s and Scope Ratings.

First Eagle promotes four across syndicated loans and direct lending
First Eagle Alternative Credit has promoted four officials to senior-level roles across its direct lending and syndicated loans businesses

Carlyle appoint former Goldman executive as CEO
Carlyle Group have appointed former Goldman Sachs Co-President and CO-Chief Operating Officer Harvey Schwartz as Chief Executive Officer and a member of the board, the firm has announced.

Credit Rendezvous: Make yourself comfortable, there’s a storm coming
In our Q1 outlook, we speak to Edwin Wilches, PGIM (US CLOs), Mikkel Sckerl and Flemming Dose, Capital Four (European CLOs),  Jim Fitzpatrick, CQS (US loans), Loic Prevot, Polus (European loans), Madelaine Jones, Oaktree (global high yield), Art Penn, Pennant Park (US direct lending), Mattis Poetter, Arcmont (European direct lending), Keerthi Raghavan, Waterfall (structured credit), Ray Costa, Benefit Street (distressed), Grant Webster, Ninety One (Emerging markets), Oumar Diallo, Aeon (real assets) for their views for the upcoming quarter. 

FS and Portfolio Advisors join forces to create $73bn asset manager
FS Investments and Portfolio Advisors have announced a merger in a deal which will see Portfolio Advisors become the institutional investment arm of FS

Stunning January rally means CLOs are back in business
Longtime observers of the CLO market tell Creditflux they have “never seen the market move so quickly” after a rip-roaring January saw a spectacular rally in both loans and CLO debt.

CLO equity investors join forces to take on lowly loan CSAs
Private equity firms have held the upper-hand against US loan investors in the past few months, but the largest CLO equity investors in the business are working together to redress the imbalance between PE sponsors and creditors

Fund performance: Credit funds end difficult 2022 on a positive note
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black

Credit hedge fund returns (February 2023)
Credit hedge fund returns

Credit funds at a glance (February 2023)
A round up of people moves and fundraising

"Some CLO managers are asleep at the wheel and surrendering economics without any objection"
Some CLO managers aren’t blocking loan amendments with insufficient credit spread adjustments  

Lights go out for Heritage Power with 120 CLOs left in the dark
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs.

Serta Simmons makes its bed again with default leaving CLOs with a restless night
$172.5 million of CLO assets defaulted on Monday after Serta Simmons Bedding filed for chapter 11 bankruptcy.

CLO community pulls together to block Wellpet loan amendment
The power the CLO community can wield – if members stick together – has been underlined after a loan amendment proposed by Wellpet failed to pass

Loan amendment alert: Wellpet offers 10bp CSA
Wellpet has issued a loan amendment request with a view to including a 10 basis points credit spread adjustment (CSA), market sources say. Although this is an improvement on recent amendments it still falls short, according to CLO investors.

Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. 

Senior Investcorp official lands at wealth manager
A well-known name in the CLO industry has landed at a wealth management firm 

ICG hires former BlueMountain lev loan and HY senior analyst
Intermediate Capital Group has hired a senior analyst focusing on liquid credit

CVC plots further quasi-CLOs after landmark €400 million deal
CVC Credit closed a CLO-like’ vehicle backed by senior secured loans in December. Officials at the firm say they are in early stage discussions to launch similar vehicles after interest from equity investors"