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Creditflux newsletter delivered to your door
The last few weeks have affected the way everyone goes about their daily routine. To make things slightly easier for our readership, subcribers can receive the April Creditflux newsletter at their home addresses

Managers seeking bond buckets will need high yield track record
US CLOs could soon be permitted to buy corporate bonds amid an overhaul of the Volcker rule, but market sources say that in the short term bond flexibility is a luxury that will only be afforded to a select group of CLO managers.

European CLO managers with big bond buckets do best, finds Bank of America
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research

Anchorage lands first bond-flex CLO after Volcker u-turn
Anchorage Capital Group has priced its first new issue bond-flex CLO of 2020

Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo
Proposed changes to the Volcker rule announced last week by the Federal Reserve, which would allow CLO managers to hold 5% bond buckets, are positive for CLO equity and ‘marginally negative’ for CLO debtholders, according to a research paper from Wells Fargo

High yield pioneer Shenkman joins roster of bond-flex CLO issuers
Romark Credit Advisors, the CLO manager linked with Shenkman Capital, has joined the exclusive but growing group of bond-flex CLO managers

Fed gives green light to CLO bond buckets
The Federal Reserve has published a reproposal to the covered funds definition in the Volcker rule that should give a green light to the return of 5% bond buckets in US CLOs

Anchorage prices second-ever reset in bond securitisation market
Anchorage Capital Group priced a reset of 2015-vintage bond-flex CLO Anchorage Credit Funding 2 on Friday, completing just the second CBO reset in this market’s history

MUFG adds to US leveraged finance unit with senior hire from Deutsche Bank
A senior credit specialist has left Deutsche bank in New York after 10 years in order to join MUFG

We need to talk about high triple C/bond-heavy CLOs
It’s tranched, has exposure to corporate credit and looks and behaves a lot like a CLO – only it’s slightly different. There is so much variety in the CLO market that the industry is faced with a dicey problem: how do we differentiate between the different flavours of CLOs?

Fortress prices its first CBO of the year
Fortress Investment Group priced its first new issue CBO of the year on Friday via GreensLedge, the lead arranger on the deal, and Natixis

Former DFG CLO head resurfaces at Silver Rock
CLO specialist Tim Milton has landed at Silver Rock Financial, it has emerged

CBOs aren’t fixated on interest rate moves
The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds

US insurer to allocate $1 billion across CLO tranches, corporate loans and bonds
Managers have until Tuesday to submit proposals to New York State Insurance Fund, which is seeking CLO, bank loan and high yield corporate bond managers to invest $1 billion in separately managed accounts 

Diameter circles back to CBO market with its second transaction
Diameter Capital Partners yesterday priced its second CBO, just five months after issuing its first, according to market sources

Capital structure emerges for forthcoming debut CBO from Sculptor
Sculptor Capital Management is set to join the ranks of the world’s CBO managers, according to market sources

Highland files for bankruptcy
Highland Capital Management filed for Chapter 11 bankruptcy in the Bankruptcy Court in the District of Delaware (Docket No. 19-12239)

Anchorage prices new issue CBO via GreensLedge
Anchorage Capital Group has priced a $405 million CBO named Anchorage Credit Funding 9, according to market sources

BlueMountain buyout to bring CLO equity shift, funding pledge and Feldstein payout
BlueMountain Capital Management’s co-founder Andrew Feldstein looks set to receive a substantial pay-out in common shares of Assured Guaranty, which has agreed to buy the manager for around $160 million and has outlined a three-year plan for its CLOs

Upward flexes, CLOs gather speed and 'net-short' language develops [podcast]
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.    

Former Apollo co-head of credit lands at MidOcean as credit CIO
MidOcean Credit Partners has hired Dana Carey as chief investment officer

Diameter becomes first firm to jump into CBOs without taking a step in CLOs
Diameter Capital Partners has joined the small group of firms who manage CBOs, it has emerged

Gateway sees an opening for CDOs with flexible mandates
Gateway Credit Partners is taking an unconventional route towards building a corporate credit management platform by creating its business around CDOs