European financials outperform corporates as coronavirus spreads
Financial CDS is outperforming corporate credit today, and Europe outperforming the US, as the market jumps wider on rising alarm at the spread of China’s novel coronavirus

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. 

CLO pipeline: Medalist ascends podium as new issues pace themselves
CLO managers are biding their time before re-entering the primary CLO market, but this week Investcorp Credit Management, KKR and Medalist Partners are marketing new issue US CLOs

Portfolio managers wary of US default rates, IACPM survey reveals
Portfolio managers are more pessimistic about North American corporate defaults in the next 12 months than other global regions, according to the latest survey by the International Association of Credit Portfolio Managers

Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market
Over $230 million of US CLO equity went on sale last week via bid lists, the first time these assets have made their way to the secondary market in 2020. It also marks the most US CLO equity listed in a week since at least 2018, according to CLO-i

Four days left to join narrowly tailored credit event protocol
Those market participants yet to sign up to the International Swaps & Derivatives Association’s protocol on narrowly tailored credit events have until Friday to do so

Deutsche Bank's global CLO head moves to big US manager
The head of Deutsche Bank's global CLO business has left after working at the firm for 16 years, with sources indicating he has taken a buy-side structuring job at one of the most prolific issuers in the business

CLO pipeline: no rest for the wicked as new issues hit the market
CLO market participants do not have the luxury of easing their way back to work with the new issue market up and running and a pipeline that is filling up fast 

Apollo CLO and CSO specialists earn promotion to partner
Apollo Global Management has promoted two members of its global structured credit team, according to market sources

Global CLO b-wic round-up: junior mezz rebounds with busiest week since June
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week

This is not just wider: M&S stands apart as CDS picks new tights
As credit spreads head back into post-crisis record tight territory amid a softening of tone between the US and Iran, retailer Marks & Spencer is bucking the rally having issued a profit warning today

Portfolio Advisors hits first close as it targets $1.5 billion for secondaries fund
Private markets specialist Portfolio Advisors has completed a first close on its latest secondaries fund at the end of December 2019, having raised between $600m to $700m, a source told Creditflux  

Global 2019 CLO league tables at a glance
Global 2019 CLO league tables at a glance

Global mid market CLO league tables: Golub and Natixis lead by a distance
Golub Capital and Natixis dominated the mid market CLO space in 2019 in the manager and arranger league tables, respectively

Private debt tops the private markets agenda for insurers, finds Schroders
Insurers currently allocate the largest proportion of their private assets’ portfolio to private debt, followed by real estate, according to study published by asset manager Schroders  

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Pitching your structured credit fund: the three golden rules
Structured credit fund managers were given a lesson in how to market their strategies by a group of asset allocators at the Creditflux CLO Summit in New York.

Deep dive trade is on, but single name risks still abound
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

UK pension partnership launches maiden private credit offering at £581 million
Border to Coast Pensions Partnership (BCPP) is set to commit £581 million in private credit, as part of its maiden offering in this asset class  

Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market 

Norinchukin's CLO portfolio decreases for first time in years
Japanese CLO heavyweight Norinchukin posted its financial statements yesterday, where it reported a 1.42% drop from its statements at the end of the second quarter

Arizona pension to deploy up to $700 million a year in private credit
Arizona Public Safety Employee System is looking to deploy $600-700 million in private credit strategies per year in order to meet its target allocation, according to board documents seen by Creditflux.