Calpers misses returns target despite fixed income outperformance
California Public Employees' Retirement System (Calpers) has missed its annual investment target despite strong performance from its fixed income portfolio, which was its top performer  

CLOs are pricing with an acronym premium rather than an illiquidity premium

John Popp of Credit Suisse Asset Management takes our credit quiz

Fund performance

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

Credit funds at a glance

Fund performance

Ares hires Natixis deputy CEO for the Americas to credit investing role
Ares Management has poached the Americas deputy chief executive officer from Natixis's investment banking business

New investments drive Canada Pension Plan’s credit returns to 8.7%
Canada Pension Plan Investment Board (CPPIB)’s credit portfolio has delivered good returns during the 2019 fiscal year, despite the market volatility, according to the institution’s annual financial report  

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

16% of insurers plan CLO allocation increase, survey finds
Goldman Sachs Asset Management has released its annual insurance asset management survey

Moving on from the late 2018 hangover
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues

Brookfield strikes deal to buy 62% stake in Oaktree
Brookfield Asset Management has agreed to buy a 62% stake in Oaktree Capital Management in a move which will lead to the creation of one of the largest asset managers in the business.

Palmer Square shows it's not afraid of experimenting as it prices debut CBO
Palmer Square - the market leader for static CLOs - has tried its hand at a new structure by pricing its first CBO

Anchorage prices 2019's first CBO with seniors at 4.62%, halving basis with CLOs
Anchorage Capital Group priced 2019’s first CBO yesterday, naming the $300 million deal Anchorage Credit Funding 7

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

Past returns: Bond buckets are pipedreams, right?
Five years ago in Creditflux we reported that Webster Bank’s CLO tranche investor Francis Mitchell had created a working group in response to the Volcker rule determining that regional banks could no longer invest in CLOs with bond buckets

Loomis Sayles plans alternatives interval fund
Loomis Sayles is looking to launch an interval fund focused on alternative asset-based opportunities, according to 4 December US regulatory filings

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform

Till debt us do part: CLOs have and hold David's Bridal loans as they plummet 10.87%
CLOs hold $26.63 million exposure to David’s Bridal, which filed for Chapter 11 bankruptcy on Monday

September: Ucits at a glance
Ucits funds continue to post mixed returns

Ares ups its target for US senior direct lending growth to $4.7 billion
Following $5 billion of inflows into global direct lending in the third quarter, Ares has upped the target for its US direct lending strategy 

On cloud nine: GSO prices $616 million Cirrus deal in debut CBO
The world’s largest CLO manager entered the collateralized bond obligation market on Friday

Pimco generates listed opportunistic energy credit fund
Pimco is eyeing the energy sector for a new opportunistic credit fund, according to US regulatory filings.