CLOs hold $189.3 million of J Crew as coronavirus pushes firm into bankruptcy
12 CLO managers hold $189.3 million debt of US retailer and household name J Crew (parent company Chino Holdings), which filed for Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia on Monday

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

Listed CLO fund reports 45% NAV fall in March
Marble Point Loan Financing suffered a 45% drop in net asset value total return in March, according to a portfolio update from the $158.4 million listed fund

222 CLOs hold bankrupt telecom firm as its signal fades
CLOs hold $334.5 million debt of Australian telecommunications company SpeedCast International, which filed for Chapter 11 bankruptcy protection in the District of Texas on Friday

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

Frontier bankruptcy dials up pressure for 90 CLOs
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York

CLOs nurse $172 million of Quorum's debt following bankruptcy - but recovery prospects look good
CLOs hold $172.9 million of the debt of US hospital operator Qurum Health Corporation, which filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware last week

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

LSC bankruptcy leaves print marks on CLOs
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday.  

Axa IM cancels Volta dividend due to CLO equity cash flow uncertainty
Axa Investment Managers has has cancelled the 28 April dividend payment to investors in its listed credit fund Volta Finance “in light of the ongoing uncertainty caused by the covid-19 pandemic"

Structured credit dragged very wide — but CLOs stand to gain
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.

Fair Oaks suspends dividends from listed CLO fund citing covid-19 uncertainty
Fair Oaks Capital has suspended dividends on its listed CLO fund “in light of the ongoing uncertainty in economies and markets caused by covid-19 pandemic”, according to an update to investors in the $315 million fund

US loan index rises for second consecutive day
The credit markets felt some reprieve on Thursday as the S&P/LSTA index rose for the second consecutive day, rising by an unprecedented 3.33%

Bluestem bankruptcy hits $106 million of CLOs
CLOs hold $105.7 million of the debt of US retailer Bluestem which filed for Chapter 11 bankruptcy last week, according to the latest trustee reports from CLO-i. 

Fortress digests CraftWorks bankruptcy
CraftWorks Holdings filed for Chapter 11 bankruptcy yesterday, with Fortress Investments holding all of the Tennessee restaurant operator's first lien debt - of which over half is in middle market CLOs. The New York-based firm has submitted a “stalking horse” bid to buy CraftWorks' assets

CLOs show coronavirus resistance even as bonds and loans suffer
CLO managers are - so far - looking defensively positioned in relation to the coronavirus outbreak, with only two of the five largest portfolio sectors listed as very negative in latest Wells Fargo research. But investor fears have all but closed the loan and bond primary pipeline, while lower rates signalled by the US Federal Reserve could spell a fall in leveraged loan and CLO demand

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

Partners nears $100 billion in AUM as CLOs drive private debt growth
Swiss manager Partners Group has reached $94.1 billion in assets under management, with CLOs boosting the firm’s growth, according to its 2019 annual results  

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Pitching your structured credit fund: the three golden rules
Structured credit fund managers were given a lesson in how to market their strategies by a group of asset allocators at the Creditflux CLO Summit in New York.

Ucits at a glance: Ucits continue to chart a steady course

Ucits at a glance: ucits continue to chart a steady course

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

Ucits at a glance
A round-up of ucits fund performance

Janus Henderson increases position in CLO Ucits fund
The London-based manager says that, while it has cut exposure to CLO funds, this one has has a more conservative nature