Bain prepares credit dislocation strategy
Bain Capital Credit looks set to raise a fund dedicated to opportunities arising from credit dislocation, just four months after collecting $3.2 billion for its latest distressed debt and special situations vehicle

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

CLO triple As tighten to 138bp as Bain prices new issue
Bain Capital Credit has priced its third new CLO of 2020 with a record-breaking 138 basis points triple A spread

CLO pipeline: Allstate looks to end 15-month new issue absence
Allstate is among those managers looking to issue a CLO as the primary market heads into September, traditionally one of the busiest months in the new issue calendar

Bain closes $3.2 billion special situations and distressed debt fund
Bain Capital Credit has closed the firm’s third dedicated distressed and special situations fund, Bain Capital Distressed & Special Situations 2019 (DSS 19), at $3.2 billion, above its $3 billion target size

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

Bain makes post-covid US CLO primary comeback
Bain Capital Credit on Friday priced its first CLO since the coronavirus pandemic, teaming up with Credit Suisse to issue the $388.3 million Bain Capital Credit 2020-2

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

European investors eye 180bp pick-up on triple B CLOs traded in April
A b-wic consisting of mostly European triple B CLOs that traded in late April is on offer at 9.30am New York time tomorrow, according to market sources, as data shows spreads for the rating band averaging 546 basis points over Euribor as of 27 May

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week

Bain uses rights offerings as unusual route to raise cash for BDC
Bain Speciality Finance is looking to raise additional capital through a rights offering to “further strengthen its balance sheet” and “provide additional flexibility to support existing portfolio companies over the coming months”, chief executive officer Michael Ewald said in an open letter to shareholders on Monday

US CLO double Bs gap out to 825bp on coronavirus volatility as Bain braves market
Spreads are blowing out on junior CLO tranches, with Bain Capital having teamed up with Jefferies to bring the first new deal since coronavirus-related volatility hit the credit market    

2020 US CLO refi volume passes $5.4 billion as Brigade and Bain price
US CLO refinancing volume this year passed $5.4 billion yesterday as Brigade Capital and Bain Capital together refinanced over $1 billion CLO paper

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

Three US CLO anchor equity positions go on sale one week after payment dates
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. 

Few CLOs charred by Murray bankruptcy
25 CLO managers hold  $389.6 million exposure to the debt of coal company Murray Energy Holdings, which filed for Chapter 11 bankruptcy in the Southern District of Ohio on Tuesday, according to the latest trustee reports from CLO-i   

Bain prices largest new US CLO of October
Bain Capital Credit returned to the CLO primary market on Friday to produce the largest US new issue of October

CLO pipeline: Sculptor begins to mould its first CBO
Silence! Artist at work: Sculptor has got its apron on and is shaping up to launch its first CBO

Bain teams up with Goldman Sachs for second consecutive new CLO
Bain Capital Credit has priced its second consecutive new issue CLO with Goldman Sachs as arranger, according to market sources

Ultra Resources loan downgrade unlikely to burn CLOs
The downgrade of Ultra Resources to triple C is not expected to have a material impact on CLO portfolios, accordng to market sources. Loan investors took the matter in their stride as the issuer's term loan Bs are being quoted today at 68.4/70.2 - up from 68.2/70.25 from Thursday, according to IHS Markit

Bain targets European investors with forthcoming US CLO
Bain Capital Credit is looking to price a new issue CLO via Goldman Sachs in the coming weeks, according to market sources

Bain garners $973 million for middle market fund
Bain Capital Credit has garnered $973.4 million its latest US direct lending mezzanine strategy, Bain Middle Market Credit 2018