Credit traders’ kickstand: roll nightmares haunt CDS market as indices whiplash
It’s Friday 13^th, but CDS traders will be hoping the worst of the horror shows are behind them as they try to regather their shredded nerves in time for next week’s biannual index rolls

Curve inversion for airlines and freight as Trump travel ban sparks sell-off
Airlines, travel firms and shipping companies are among some of the credits hit hardest by US president Donald Trump’s imposition of a ban on travel from mainland Europe, a move that sent the iTraxx Crossover index back to its widest level since October 2012

Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Credit breakdown as one-day volatility outstrips financial crisis
Credit default swap markets have surpassed the record one-day volatility of the global financial crisis, with indices surging to new wide prints as the spiralling impact of the coronavirus outbreak brings government lockdowns on travel while wreaking havoc on oil prices and supply chains

Two CLO researchers leave Nomura in New York
Two CLO researchers have departed Nomura Securities this month, Creditflux has learned

Portfolio manager returns to BlueCrest after four years
The former head of BlueCrest Capital Management's US multi-strategy credit group has returned four years after his departure from the firm

Past returns: Would-be CLO buyers turn sellers
Five years ago in Creditflux, we reported that the new generation of US 2.0 CLO managers were striving to grow their CLO AUM through manager acquisitions; namely, Benefit Street Partners and Triumph Capital Advisors, the pair having issued their debut CLOs in 2012 and 2014, respectively.

US CRE CLO growth spurt encourages Europeans
The US CRE CLO market hit a record $19.2 billion in 2019 and sources say that a first ever European deal will be issued this year. They cite the growing commercial mortgage direct lending market on the continent as laying the foundations for a European CRE CLO.

CLO giant casts eye on CSOs with plans to hire credit derivatives trader
An asset manager with almost $40 billion in CLO investments is looking to hire a credit derivatives trader in Newark in a role which would include coverage of index tranches and CSOs

Amundi joins forces with French bank to launch midcap loan fund
Amundi has partnered with French bank LCL to launch a mid-cap direct lending fund - and the fund has collected €130 million on its first close, just over half its target size 

Global CLO b-wic round-up: equity, equity everywhere, but trading volumes sink
For the second week in a row, over $230 million of US CLO equity went on sale and multiple control equity positions were listed in the CLO secondary market

Experienced CLO PM Bowers launches asset manager with private equity backing
Jonathan Bowers, a former partner and senior portfolio manager at CVC Credit Partners, has established an asset manager in partnership with a private equity firm

EQT undertakes strategic review of credit business
EQT has announced a review of its credit business with the firm appointing JP Morgan to evaluate its 'strategic options', according to the firm’s Q4 2019 report

Morgan Stanley IM hires from Carlyle again as it makes direct lending "strategic priority"
The new hire rejoins former colleague Jeff Levin, who Morgan Stanley Investment Management added in February last year to establish a direct lending business as a "strategic priority"

Deutsche Bank's global CLO head moves to big US manager
The head of Deutsche Bank's global CLO business has left after working at the firm for 16 years, with sources indicating he has taken a buy-side structuring job at one of the most prolific issuers in the business

Apollo CLO and CSO specialists earn promotion to partner
Apollo Global Management has promoted two members of its global structured credit team, according to market sources

BlueBay adds senior portfolio manager as it targets EM fund launches
BlueBay Asset Management has hired for a newly created senior portfolio manager job 

CRE CLO volume grew 40% in 2019, says Kroll, as Bridge preps first 2020 deal
$19.2 billion of CRE CLOs were issued last year - a 40% increase from 2018 figures. The first deal of 2020 is underway

If you’re worried, you should be investing in higher rated companies
Gretchen Bergstresser of CVC takes our credit quiz

Hong Kong manager bolsters team ahead of Asian private credit fund launch
Sammasan Capital has appointed former GE Capital colleague to its team as partner, as the Hong Kong-based firm prepares to launch its first Asian private credit opportunities fund

First Eagle buys US CLO manager THL Credit
Two years after establishing its credit business with the acquisition of NewStar Financial, First Eagle Investment Management is aiming big again after striking a deal to buy THL Credit Advisors

Euro CLO league tables: GSO turbos charges its lead over CVC
GSO Capital Partners kept hold of the lead in the European CLO manager league tables thanks to its turbo charged reset of Holland Park

Flexible CLOs grow in popularity as two managers eye triple C-heavy deals
Two credit managers - Anchorage Capital Group and Gateway Credit Partners - are in the market with their inaugural CLOs featuring high allowance for triple C assets

Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market 

European CLO round-up: new look turbos power up junior CLO tranches
Junior CLO debt investors are getting more defensive and this has resulted in the emergence of new-look CLO turbo tranches