Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management

Connection backs European CLO fund
Connection Capital has invested €5.2 million in the new CLO fund raised by Permira Debt Managers  

Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York

Permira launches European CLO fund and starts with secondary market investments
Permira Debt Managers has closed its fifth structured credit fund, Sigma V, which will invest in junior tranches of European CLOs

Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS

Zais revamps credit policy to reflect ESG
Zais Group has become the latest credit manager to implement an environmental, social and governance policy across its business

MacKay Shields integrates CVP's loan team while spinning out distressed debt
MacKay Shields has spun out the distressed debt business of Credit Value Partners and focus resources on CVP’s leveraged loan platform

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors

Cairn appoints CEO from Oceanwood as Campbell steps down
Cairn Capital has hired a new chief executive officer, who will take over from co-founder Paul Campbell

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Apollo fee earnings rise 9% in Q2 as structured credit boosts portfolio
Apollo Global Management’s credit portfolio increased 4% quarter-over-quarter to $201 billion, driven by growth in affiliated life insurance firm Athene, as well as corporate credit and structured credit

Mediobanca builds loan and CLO trading team with hire
Mediobanca has made a hire as it looks to grow the loan and CLO trading business in London it established last year 

Credit plays a big part as KKR increases AUM by $6.5 billion
KKR grew its assets under management by 8% over the second quarter, according to the firm’s earnings call, which took place on Thursday.

Alcentra reaches €5.5 billion close for European direct lending fund
Alcentra says that it has raised €5.5 billion for its latest European direct lending strategy

Investor requirements rather than performance is driving ESG push: Creditflux survey
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies

Calpers misses returns target despite fixed income outperformance
California Public Employees' Retirement System (Calpers) has missed its annual investment target despite strong performance from its fixed income portfolio, which was its top performer  

Another BlackRock official lands at new manager Tresidor
Tresidor was founded by CIO Michael Phelps, formerly the head of European fundamental credit at BlackRock 

Direct lender hires head of credit as it closes in on European mid market CLO
BeSpoke Capital has made a big hire as part of a reorganisation of the direct lender’s business

Arrival of five-year bespokes draws in CLO investors
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

Prospect's $500 million CLO fund merges with Stira Alcentra global credit fund
Prospect Capital Management’s $500 million closed-end CLO fund has officially merged with a global credit fund managed by Alcentra and Stira

16% of insurers plan CLO allocation increase, survey finds
Goldman Sachs Asset Management has released its annual insurance asset management survey

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