CLOs at a glance (July 2021)
A listing of CLOs that have priced in the last month

HPS reworks Bardin Hill European CLO for first time since acquisition
HPS Investment Partners has refinanced a 2019 European CLO formerly managed by Bardin Hill

HPS inserts loan tranche in European CLO reset
European CLO loan tranches have made another appearance as HPS Investment Partners' resets a 2019 European CLO, Aqeuduct European CLO 2019-3

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

Points up front: Waterway to name and brand your CLO
When taking over a CLO launched by another firm, CLO managers face a dilemma: how do you re-brand it so it’s clear it’s one of your CLOs, but not so much that it fudges your personal track record? Well, HPS Investment Partners has found a neat balance

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

Credit fundraising: three massive European direct lending funds notch up €17.6 bn
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date

Bardin Hill sells European CLO business to HPS with head Snyder set to retire
Bardin Hill Investment Partners has sold its European CLO platform to HPS Investment Partners

European CLO portfolio manager jumps ship to HPS
A London-based European CLO portfolio manager has moved to HPS Investment Management

HPS refis European CLO triple As at 64bp with six months of reinvestment left
HPS Investment Partners has refinanced its inaugural European CLO, Aqueduct European CLO 2017-1

Goldman markets refinancing of HPS's debut European CLO
Goldman Sachs is marketing a refinancing of HPS Investment Partners’ debut European CLO 

LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson

LP round up: Monroe and Angelo Gordon beat 25 for direct lending mandate, as private credit plans brew
US public pension funds have disclosed $1.2 billion in commitments to credit focused strategies

Credit fundraising: Dubai manager gets in on the act as direct lending takes off
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds

LP round up: EIF backs four debt funds while Carlyle wins $1 billion
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings

European direct lending fundraising dropped 77% YoY in Q2
European direct lending fundraising figures plunged in Q2 2020, as the effects of the covid-19 pandemic were felt across the globe

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Double As reach 200bp as HPS prices European CLO
HPS Investment Partners has priced its inaugural European CLO of 2020 via BNP Paribas, achieving market tights across nearly all parts of the capital stack

HPS markets largest European post-covid CLO via BNPP
HPS Investment Partners has returned to the European CLO market after 14 months' hiatus, marketing the largest European post-covid CLO transaction

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

LP round up: horseshoe does the trick for Pimco and other distressed managers
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux

HPS CLO warehouse hit by downgrade as it reaches 8.34% triple C assets
CLO warehouses have been hit with an increasing number of triple C assets in their portfolio. And those in one CLO warehouse managed by HPS increased from 0.5% in March to 8.34% by May

Four managers join forces on gigantic £1.9 billion unitranche
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility