Continuous par build can provide a rainy-day fund for when downgrades to triple Cs pour in
If CLO managers are preparing for mass downgrades to triple C loans, then trading gains and thick OC cushions are the best defences

Carlyle and PSP join forces for mid market CLO
Middle Market Credit Fund - a joint venture between Canadian pension fund PSP Investments and Carlyle Group - priced its second middle market CLO

The Last Tranche: awards season is upon us [podcast]
A look at 2018 award offerings and finalist, plus some insight on direct lending and b-wics

Experience has taught me to be sceptical of second lien loans
Alex Jackson takes our credit quiz

CVC, Octagon and Spire vie for multiple Creditflux awards
Creditflux is pleased to unveil the finalists for the most prestigious awards dinner in the credit

Credit funds at a glance

A round-up of fundraising and people moves in credit

Finding the best managers, CLOs and direct lenders

GSO to add two North American offices in 2019
The credit manager anticipates the offices will help expand the firm’s origination efforts in North America

Churchill appoints head of underwriting
Churchill Asset Management has announced several promotions including head of underwriting and managing director, underwriting and portfolio management

Mid market CLO round-up: eyes (wide) open as mid-market CLOs re-awaken
AB returned to the middle market CLO space this week after a year out to price ABPCI V. It is the second middle market CLO of the year after Fortress Investment Group refinanced Fortress Credit Opportunities VII. 

AB returns to CLOs by pricing 2019's first mid-market new issue
AB Private Credit Investors, the middle market credit arm of AB, has become the first manager to price a new issue CLO backed by mid-market loans in 2019

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

CLO manager base to boom as four debut managers plan first-quarter launch with JP Morgan top choice of arranger
The US CLO market welcomed four new managers in 2018, but this year the same number could be launching in just the first quarter

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

NewStar rebrands to First Eagle one year after acquisition
The mid-market lender has rebranded and adopted its parent’s name First Eagle Investment Management 

Golub Capital BDC looks to become fourth largest publicy traded BDC with merger
Golub Capital is seeking approval from its shareholders to merge its Golub Capital business development company (GBDC)  with another one of its business development companies, Golub Capital Investment Corporation (GCIC)

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

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

Missouri pension plan seeks alternatives consultant
The $8.2 billion Missouri State Employees’ Retirement System (MOSERS) is seeking an alternative investment consultants

Tikehau’s private debt AUM hits €7.5 billion
Tikehau Capital, the Paris-based asset management and investment firm, has reached €7.5 billion in private debt assets under management (AUM) as of September 2018. This represents an increase of 17% for the third quarter, amounting to €1.1 billion  

October: credit funds at a glance
For the full report detailing fund trends, people moves and fund raising and launches