Permira hit by downgrades in direct lending portfolio but maintains leverage facility ratings
Permira Credit Solutions II's largest asset holding, which represents 17% of the fund, was downgraded from B to D, according to Arc Ratings. Another was downgraded from CCC+ to CCC

West coast pension looks to step up direct lending allocations
The City of Fresno Retirement System will commit $140-160 million to private credit for the next two years, according to board documentation seen by Creditflux. This comes amid a pause in direct lending commitments for the pension fund, which has not committed any capital to this market in 2019

CLO managers brace themselves for Acosta bankruptcy
CLOs hold $402.5 million exposure to Acosta, a sales and marketing agency that is looking likely to file for Chapter 11 bankruptcy soon. A total of $163.7 million of Acosta’s term loan left the hands of CLOs in 2019

Canadian pension awards €300 million to middle market real estate debt
Canada Pension Plan Investment Board (CPPIB) has awarded €300 million to a separately managed account focused on real estate across Spain and Portugal. The pension fund did not name who this partnership was with 

The manager, not the market, decides value in direct lending
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash

Analysts have interpreted the IG credit risk premium in various ways — but the point is to harvest it
Selling CDS protection could be the most effective way of capturing excess premiums in investment grade credit

Established firms say managers new to European CLOs will struggle to attract assets
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations.

We didn’t take full advantage of volatility

The ideal home for a loan

They said it: "Risky unmarked things are not not-risky. It will end in tears"

Inflows boost structured credit mutual funds
Low rates have seen loan mutual funds battle $42 billion of outflows this year, but structured credit funds have been able to grow while capitalising on this volatility, according to sources.

Fund performance
A round-up of fund performance click here.

CLOs at a glance
A round-up of CLO performance

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

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   

CLOs' risk to Japanese banks 'subdued' despite ratings and mark-to-market risk, says Bank of Japan
The risk to Japanese banks posed by their investments in CLOs is ‘subdued’, according to the Bank of Japan Financial System Report

NEPC sees bias toward private markets despite lower return expectations
NEPC sees private markets in 2020 as a way for institutional investors to withstand volatility, said its director of asset allocation, Phillip Nelson, during a Q3 update yesterday

US CLO's anchor equity on sale for first time
The 23^rd anchor equity position in a US CLO has been listed on the secondary market today, with $36.875 million of Anchorage Capital 6,up for sale at 1.30pm New York time.

Kroll fires back at ‘factual errors’ in WSJ CLO rating report
Kroll Bond Rating Agency has hit back at the Wall Street Journal article that suggested the firm gives higher ratings to CLOs than its competitors

BlueMountain starts new chapter as co-founder leaves and it winds down hedge fund
There are sweeping changes taking place at BlueMountain Capital Management, with the firm announcing that co-founder Stephen Siderow is leaving and that it is winding down its flagship hedge fund, BlueMountain Credit Alternatives Fund

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

For a while, it seemed like every private equity fund was launching a credit fund

Fund performance
A round-up of fund performance