Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. 

CBAM plans expansion with new $60 million credit facility
CBAM has closed a $60 million credit facility to refinance a working capital facility to its parent company Eldridge Industries

Attack is the best form of defence
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Fund performance: Long-short funds rule in October as CLO funds struggle
A round-up of fund performance

CLOs at a glance: innovations arrive as year draws to close

Big firms better prepped for Libor change and less operationally exposed, survey finds
The largest financial organisations are further ahead with their Libor transition efforts, and are likelier to move into 2020 with 'greater confidence' than small and mid-size firms, according to a market survey

We didn’t take full advantage of volatility

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.

Fund performance
A round-up of fund performance click here.

CLO supply set for double-digit drop in 2020, says JP Morgan
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance

Beyond blacklists: the next step in ESG
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.

Fund performance
A round-up of fund performance

Ucits at a glance
A round-up of ucits fund performance

Credit funds at a glance
A round-up of fundraising and people moves in credit

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

Axa IM promotes global head of loans and private debt following Levilain departure
Axa Investment Managers has promoted a new global head of leveraged loans and private debt to fill the vacancy left by Jean-Philippe Levilain, who has left to join CBAM

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

US hedge funds use leverage to buy European CLOs
Boca Raton-based hedge fund manager III Capital Management is leading the charge as US hedge funds employ leverage to buy European triple A-rated CLOs.

Credit funds at a glance
A round-up of fundraising and people moves in credit

Fund performance
A round-up of fund performance