Star names join Barclays as it pushes into CLOs

Portfolio managers continue to be pessimistic on credit outlook, survey finds
A survey by the International Association of Credit Portfolio Managers states that 56% respondents believe average corporate default rates will increase over the next 12 months 

Investors eye alternative credit ahead of expected interest rate increase – report
Investments in alternative credit are set to rise among institutional investors over the next 12 months, according to an alternative credit report published by NN Investments Partners

European CLO PM rumoured to be joining CIFC from large asset manager
CIFC Asset Management looks to have made a major breakthrough in its bid to establish a European credit business with the $17 billion asset manager rumoured to be hiring the head of European performing credit at a large global credit firm

Aircraft lessors: gathering clouds lead to talk of turbulence
Aircraft leasing companies have been cruising over the past two years as passenger numbers grew, but rising interest rates and trade tariff concerns are making some bondholders nervous

Higher leverage is on the horizon - but, for now, take in the MFN sunsets
It’s clear from our analysis of most favoured nation protections and sunsets that strong demand for loans is enabling borrowers to insist on advantageous terms even as they increase leverage

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure

Drug makers: desperately seeking pain relief
With Teva’s profitable Copaxone being undermined by cheaper alternatives, the company is in need of a pick-me-up. By Euan Hagger

Capital Four fund soft closes at €350 million
Copenhagen-based Capital Four Invest has recommended a soft close for its Luxembourg-domiciled Credit Opportunities Fund following its growth to €350 million

Aberdeen Standard Investments launches global private markets fund
Aberdeen Standard Investments has launched a £138 million Global Private Markets Fund (GPMF), which will invest in a diversified mix of private credit, private equity, real estate and infrastructure

Ironshield guards against future stress in Europe
The withdrawal of quantitative easing in Europe, coupled with rising interest rates, could lead to increased volatility and improved credit selection opportunities, especially among low-grade credits

US power generators: Falling prices spark bankruptcies
As renewables and gas undercut traditional power generators, bond holders are preparing for price shocks. By Euan Hagger

Oak Hill appoints sole head of European credit as ex-partner takes on new role
One of Oak Hill Advisors’ most senior staffers has stepped into a senior advisory role

Spanish boutique launches its first Ucits credit fund
Madrid-based Arcano Asset Management has launched its first Ucits credit fund, citing demand from Ucits investors for credit fund investment opportunities based on floating assets and with low interest rate risk

Rothschild plans to raise up to €500 million for its next credit fund
Fresh from launching Oberon III last week, a market source says Rothschild is planning its follow-up credit fund

Shrinking spread cushions prove hard for CLOs
 Falling loan spreads are placing ever tighter constraints on CLO managers’ choice of investments just as the loan supply itself is declining

Payday: Investors go for broke on regulatory bet
New regulations could seriously hamper US payday lenders – but bond holders are betting the rules won’t be enacted

Natixis looks to strengthen euro CLO platform as head of origination departs
The head of European CLOs and loan fund financing at Natixis is stepping away from the industry. But this has not deterred Natixis, which is implementing plans for growth in CLOs

Macquarie hire signals push into European credit fund financing
Macquarie has signalled a push into credit fund financing in Europe by hiring a senior official involved in this activity 

Leading fund: Lupus Alpha CLO Opportunity Notes I
Single-B CLO trades boost Lupus Alpha asset Management

Fees on the line as CLO investors fight back over ramp-up failings
CLO managers globally are being chastised for failing to deliver on their model portfolios.

Loan total return swaps make their way to Europe following US success
Total return swaps have become a popular way to finance portfolios of US leveraged loans in recent years. And now the product may be about to make it big in Europe too.

Investing ethically is worth it
Managers could see less volatile returns as a result of their increasing adoption of ESG-friendly portfolios; meanwhile direct lending is spreading across Europe