Eagle Point adds head of CLO issuance and originations
The CLO equity investor promoted principal Daniel Wohlberg to the new position

First Brands Bankruptcy: financial tune up raised red flags that Wall Street overlooked
First Brands files for chapter 11 bankruptcy protection; Stakeholders anticipate significant discovery into company's practices

Morgan Stanley loses head of direct lending and co-head of North America private credit
EXCLUSIVE: the head of direct lending had also served as co-head of North America Private Credit at Morgan Stanley Investment Management; bank assigns new head  

Man Group to acquire CLO and private credit manager Bardin Hill
The USD 3bn credit manager, now named Bardin Hill, is a private credit and US CLO shop based in New York

Investcorp passes halfway mark on second GP stakes fund
EXCLUSIVE: USD 600m raised to date against USD 1bn target of a strategy that was launched in 2019 and focuses on mid-market

CLO industry marks 10-year anniversary of the first reset
Apollo Global Management pulled off the very first reset in June 2015, which extended the life of a 2012 CLO

Blackstone hires ex-Lazard co-head of US financial institutions
Joseph Cassanelli will work on the team behind Blackstone’s Tactical Opportunities strategy, which allows Blackstone to invest across asset classes, industries and geographies

CVC prints fourth repricing of long-running 2012 US CLO

The transaction, which was last reworked in 2021, has already been through a refinancing and two resets

The powers behind the loan
Thought that Wall Street still pulled the shots in LBO financing? Meet the real power brokers of the new world order — the people who run buy-side capital markets desks at private equity firms

Carlyle reworks 2012-vintage US CLO for fourth time
Carlyle reworked its US BSL deal Carlyle 2012-4 for the fourth time on Friday, when it priced a USD 494m partial refinancing

Doug Cruikshank, Managing Partner & Founder at Hark Capital, on opportunities in NAV Financing
In a recent Fireside Chat, Giovanni Amodeo sat down with Doug Cruikshank of Harc Capital, to explore alternative financing strategies

By raising billions, private credit funds are causing a seismic shift in leveraged finance
Private credit funds are amassing a huge war chest that’s permanently changing the complexion of the leveraged finance market

Distress rises in US CLO double Bs — but most have been in trouble for years
Despite the limited impact of the Altice debacle on the European market (as explored in our cover story), stress is building in some older US CLOs. The robustness of the CLO 2.0 structure has carried the market through a variety of crises, but now a number of junior tranches in US BSL CLOs are either defaulted or impaired.

Sculptor launches CLO captive equity platform
Sculptor Capital Management launched its new CLO captive equity platform today, anchored by a commitment from Rithm Capital

CLO managers laud market’s shift away from direct lending
This year’s annual SFVegas shindig had a record 8,900 registered delegates, and every CLO panel included a discussion of two key themes, including the highly publicised fight between the broadly syndicated loan space and private credit lenders.

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

How many CLOs will be called this year?
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption

Ask the market where spreads are heading
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. 

Santander continues push into CLO structuring with new refi
Sculptor Capital Management last week priced its first deal of 2024, continuing Santander's rapid growth as an arranger, coming just days after its first lead arranger credit on Z Capital Credit Partners BSL CLO 2024-1

How worried should we be about defaults?
As defaults in the US loan market continue to stack up, we investigate the fallout for CLO investors by focusing on the OC tests of double B tranches across 10 years of US CLO vintages

What CLO investors really need to know
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know

Capital Four named new sub manager of high yield bond fund
Danish boutique asset manager Capital Four revealed on Tuesday that it will take over sub-management of the Nordea 1 - International High Yield Bond Fund, as the firm continues to build out its investment capabilities in the US

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

Point72 hires credit investment veteran for portfolio manager role
The new hire will join the firm's macro business team

Do resets help CLOs perform better?
As the market for CLO resets opens, we look at the performance of deals that were previously reset, and find they soon deliver higher distributions than those deals that were not reset