Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

Capital raised for risk retention keeps struggling CLOs afloat
In a bid to turn struggling warehouses into CLOs, managers are prepared to take losses on funds raised for risk retention in order to issue new deals.

Index tranche levels spike as investors advance into equity
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

Points up front: An unethical CLO? Can’t be right, can it?
On 1 April, our new writer Faro Ipoll posted a report on Fetid Brook Capital’s plans for a CLO backed by unethical loans — counter to the trend of environmental, social and governance-friendly CLOs.

Investors back multi-asset funds for high yield gains
Multi-asset funds that include credit have become popular among institutional investors.

Fund performance
A round-up of fund performance

The resolution of narrowly tailored credit events is a leap forward for the CDS market
Isda is replacing the mechanistic determination of a failure-to-pay credit event with a more subjective rule

CLOs at a glance
A round-up of CLO performance

Credit Suisse adds special situations trading head among raft of hires
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

CLO pipeline: refinancings to make a comeback
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.

BNP Paribas Wealth appoints head of private equity and private debt investments
The appointment supports what the firm sees as "a significant pick up in clients’ appetite" for the asset classes

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

Merian drops Janus Henderson from bond fund previously managed by Bill Gross
Merian Global Investors has taken management of Merian Total Return USD Bond Fund in-house

Two CLO investors leave GSO in London
Two experienced CLO investors have parted ways with GSO Capital Partners in the last few weeks

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

Clearlake casts $1 billion net for second opportunistic fund
The Santa Monica based firm has upped the target size for its opportunistic credit, distressed and structured equity fund  

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

Jefferies subsidiary and Stonyrock plan mid-market alternative manager stake acquisitions
The new joint venture will invest in private equity, credit, hedge funds, real estate, venture, and infrastructure firms

Maryland pension carves out private debt bucket
The Baltimore pension fund has also mandated a total of $25 million to one direct lending fund and one distressed debt fund 

UBS unveils combined leveraged debt capital markets group structure
The new business will be led by Brendan Connolly, according to an internal memo 

Korean institution hunts for direct lending managers
Korea Post has launched a request for proposals in which it seeks out two managers to invest a total of $200 million into global direct lending loans  

Global b-wic round-up: focus shifts to the wings of the capital structure
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

Carmignac adds global credit Ucits strategy to its range
The fund will be co-managed by Carignac’s head of credit Pierre Verlé and fixed income fund manager Alexandre Deneuville