BlackRock prices first middle market CLO following Tennenbaum buyout
BlackRock has priced its first CLO backed by loans to middle market companies since acquiring private credit manager Tennenbaum Capital Partners in 2018

Owl Rock surpasses $1 billion 2020 CLO issuance with three-tranche deal
Owl Rock has passed $1 billion in CLO new issue volume for 2020 by printing its third CLO backed by middle market loans since the March sell-off

Cerberus takes lead in mid market CLO volume post-covid
Cerberus Business Finance has become the middle market CLO manager with the highest new issue volumes post-covid by printing its second new issue deal since April

AB returns to mid market CLOs with first new issue post-covid
AllianceBernstein has issued its second middle market CLO of 2020, and its first in the post-covid market environment

Sovereign wealth funds empower direct lenders
Sovereign wealth funds are turning toward the booming private credit market, with three massive partnerships formed this year

MidCap brings CLO resets back with largest deal since sell-off
MidCap Financial, the direct lending arm of Apollo Global, has priced the first CLO reset since February, teaming up with Wells Fargo to repurpose its 2017 vintage CLO named Woodmont 2017-1 Trust. The transaction is the largest in the CLO market post-covid, coming in at a huge $651.8 million

Cerberus ends 10-month CLO absence with tight triple-As
Cerberus Business Finance ends a 10-month absence from middle market CLO new issues by partnering with Natixis to price Cerberus Loan Funding XXVIII

Antares makes middle market CLO return with delayed-draw double Bs
Antares Capital has priced the third largest new CLO amid the coronavirus pandemic, after teaming with BNP Paribas on Friday to place its first primary market transaction of 2020

Lenders aren’t as adventurous, but they realise if they don’t act now, 2020 will be a lost year
 

Bankers, private equity firms and corporate lenders are all looking for new ways of doing business

Direct lenders turn to attractive non-sponsored deals
Non-sponsored deal flow has increased in August and lenders are grabbing the opportunity. These deals typically exhibit a premium to sponsored deals, but with plenty of cash chasing middle market M&A, lenders have previously found quality deals tough to find

First Eagle prices one-year mid market CLO
First Eagle has priced its latest CLO backed by middle market loans

Golub puts unfunded single A tranche into mid-market new issue CLO
Golub Capital has slotted an unfunded single A-rated tranche into a new middle market CLO named Golub Capital BDC CLO 4, which priced on Friday via Wells Fargo

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Owl Rock plans first lien loan-only mid market CLO
Owl Rock Capital Advisors is taking a new approach with plans for a middle market CLO formed exclusively of US first lien loans

Mid-market CLO issuance returns as Fortress prices $390 million deal
Fortress Investment Group has overcome mid-market CLO headwinds to become only the second manager to price a new issue deal since covid-19

Mid market CLOs open for business as Owl Rock prices first new issue after covid-19 shock
The primary market for CLOs backed by loans to middle market companies is open for business with Owl Rock Capital today pricing the first new issue mid market deal following the coronavirus outbreak

Lenders look at MAC clauses amid revolver demand
A plethora of revolver draws has swept through the corporate credit markets. While banks and asset managers have so far shown the capacity to meet their unfunded commitments, the material adverse change (MAC) clause in credit agreements could allow them to pushback on borrowers.

Fed unveils IG bond buying programme and direct lending plans
The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses

Raymond James scores first arranging credit with Deerpath CLO
Deerpath Capital Management has priced its second CLO backed by loans to middle market companies as Raymond James scored its first CLO arranging credit as co-placement agent

BDCs tap bond market to improve funding mix
A plethora of business development companies have turned to the institutional bond market to refinance their debt.

Mid market CLO league tables: Sumitomo enters the ring
Golub Capital became the first middle market CLO manager to price two deals in 2020 after partnering with first time lead arranger, Sumitomo Mitsui Banking Corporation Nikko in February

Audax prices first mid market CLO of the year
Audax Private Debt has priced its third CLO in a deal arranged by Wells Fargo, which so far has a monopoly as arranger for the private debt manager.

Golub and Wells Fargo open 2020 CLO primary market
Golub Capital Partners has priced the first transaction in the CLO market this year

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

Mid market deal flow picks up as Antares prices $400 million CLO
Middle market CLO formation has picked up with Antares Capital pricing a $400.8 million yesterday to mark the ninth transaction since the start of November