Western adds 5% CLO bucket to listed US loan fund
Western Asset Management has added CLO debt and equity tranches to the investment mandate on a loan fund that is listed on the New York Stock Exchange

Creditors left with sour taste as two food companies file for bankruptcy
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection

Garrison BDC needs to liquidate, argues shareholder Clear Harbor
In a letter delivered to the board on Thursday, Clear Harbor emphasised several concerns and demanded a new independent investment advisor with liquidation expertise 

Crestline targets $1.75 billion for 'all weather' fund but investor questions fund size
Crestline Investors is seeking $1.5 billion capital ($1.75 billion hard cap) for its next 'all weather' global special situations fund, Crestline Opportunity Fund IV, with the Fort Worth-based firm looking to hold a final close in October 2019. But one institutional investor has raised concerns about the size of Crestline's latest fundraise.

NEPC sees bias toward private markets despite lower return expectations
NEPC sees private markets in 2020 as a way for institutional investors to withstand volatility, said its director of asset allocation, Phillip Nelson, during a Q3 update yesterday

US pension backs Pimco to reach private credit target
Ventura County Employees’ Retirement Association (VCERA) is set to commit an additional $25 million to Pimco Private Income Fund

Texas pension awards $150 million to real estate debt fund
Texas County and District Retirement System has awarded $150 million for a global real estate debt fund managed by Blackstone

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

US pension allocates to Golub in bid to boost 'non-core fixed income' bucket
The State of New Mexico Investment Council has awarded $100 million to a senior debt fund managed by Golub Capital Partners, as part of a plan to bolster its non-core fixed income bucket

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

ESG education top priority for 42% of institutional investors, CFA Society finds
Global Institutional investors are increasingly adopting ESG into their investment decision making – but education on the topic and quality ESG data are needed to help them progress, according to a survey conducted by CFA Society in New York

Värde taps growing CRE CLO market for the third time
Värde Partners closed a $627 million CRE CLO last week via Goldman Sachs

Portfolio Advisors wins $75 million for third mezzanine credit fund
Connecticut-based Portfolio Advisors has been backed by a US pension scheme and has plans to launch a senior debt initiative focused on first lien senior secured loans

Pimco's evergreen private debt fund attracts another US pension
Seattle City Employees’ Retirement System has become the latest manager to commit to Pimco's open-ended private credit fund 

Maryland pension allocates $25 million to evergreen private debt fund
Anne Arundel County Retirement and Pension System has allocated $25 million to an evergreen private credit fund managed by Pimco

US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July

Draghi sends European credit to 2019 tights, as Trump demands Fed response
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

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

Oaktree BDC appoints CLO specialist as CEO and CIO
Oaktree Speciality Lending Corporation has appointed its new chief executive officer and chief investment officer, following the resignation of the incumbent CEO and CIO Edgar Lee

Credit traders’ kickstand: it’s a tough time to go short
Credit derivative indices are ending the week back at very tight levels, with a re-convergence of spreads, with little appetite to bet against presumed central bank dovishness or the upcoming CDS rolls in September

Minnesota pension slates $100 million for private credit
The pension fund has so far allocated $2.4 billion to private credit across 12 managers and 25 funds

CDX EM undergoes second rules overhaul in as many rolls
The CDX EM index will increase from 15 constituents to 18 at the next roll in September, while criteria for name inclusion and weightings are also to change

Crescent BDC buys Alcentra BDC in $141.9 million transaction
As part of the deal, the combined business development company will go public and charge lower management fees