Bespoke gains pull CLO buyers as market tipped to hit $100bn
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists

New manager Resco lands ex-credit head to found advisory board
Resco Asset Management, a London based asset manager set up last year, has appointed the first of an anticipated three advisory board members

Montana pension considers direct lending fund
Montana Board of Investments, the US pension fund, is planning to discuss on new private equity commitments on its board meeting on 2 April, according to the agenda documents seen by Creditflux.  

GSO makes senior hire to lead distressed trading
GSO Capital Partners has bolstered its distressed trading desk with two hires 

US pension backs Vista credit fund
Illinois Municipal Retirement Fund (IMRF) has approved a $50 million commitment to Vista Credit Partners Fund III, according to documents from the March board of trustees meeting  

Triple B fightback has begun, says BNP Paribas
Fallen angel risk – the possibility that a wave of triple B credits could be cut by rating agencies to sub-investment grade – should begin to decline, according to strategists at BNP Paribas

Fiera buys private credit and real estate specialist in $74 million deal
The transaction will add $3.1 billion of assets under management to Fiera Capital Corporation 

Medley BDC loses compliance with NYSE as two directors depart
The Medley marathon continues after two "independent" directors offered their resignations. The pair were named in a lawsuit last month with activist shareholders FrontFour 

Credit manager Post unveils new leadership structure
The reshuffle follows the departure of Post Advisory's chief investment officer   

Alcentra's co-head of US direct lending switches focus to Europe - Debtwire report
Alcentra has appointed Peter Glaser as co-head of European direct lending, according to Creditflux’s sister publication Debtwire

US pension fund earmarks $375 million for various credit strategies
Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has committed $125 million to distressed, $100 million to aviation investments, while earmarking $150 million for structured credit    

Los Angeles pension to shortlist managers for private credit mandate
Los Angeles City Employees’ Retirement System (LACERS) is set to short-listed six firms as semi-finalists as part of a $670 million private credit mandate.  

Owl Rock opens Silicon Valley office focused on technology origination
The $12 billion direct lender anticipates the office will better serve financial sponsors operating in the technology sector

Regulation stifles SRTs, but banks and investors revel in quarter-four outperformance
Over the course of 2018 there was roughly €6.5 billion of issuance in the market for significant risk transfer (SRT) deals, sources say, with the last three months understood to be the busiest quarter on record

CDS relative value traders shift their bets as Europe trades inside US
Credit derivative markets have hit a point of position cutting and resetting, with the iTraxx Europe index having dipped inside its US counterpart CDX IG for the first time since December even as the European Central Bank’s new funding programme underwhelmed financials traders

Isda tables plans to rid CDS market of narrowly tailored credit events
After lengthy deliberation, a working group of major firms is today set to publish proposals aimed at ridding the market of ‘narrowly tailored credit events’, whereby borrowers are persuaded to default on debt payments in order to trigger pay-outs for CDS holders

Oklahoma pension backs Pimco's evergreen credit fund
Oklahoma Firefighters Pension & Retirement System has decided to commit $75 million to Pimco Private Income Investment Strategy, according to minutes from the US pension fund’s board meeting in January.  

"It makes no sense in a one-to-one world": Goldman BDC dissolves JV with pension fund
Goldman Sachs BDC (GSBD) has dissolved its joint venture partnership with Regents of the University of California as the Senior Credit Fund “no longer makes sense in a one-to-one world”, according to the business development company's Q4 2018 earnings call.

Capitala BDC forms $150 million mid-market JV with Kempner
Capitala Finance Corporation and Kemper subsidiary Trinity Universal Insurance Company have teamed up to launch another direct lending joint venture, following a loan-focused JV in 2015

Los Angeles pension seeks high yield managers
Los Angeles City Employees’ Retirement System has launched a request for proposals, searching for firms to manage up to $216 million each in a mix of high yield strategies, through separately managed accounts  

Californian pension eyes commitment to THL direct lending fund
RVK, the general investment consultant of the Santa Barbara County Employees’ Retirement System (SBCERS), has recommended the $2.8 billion US pension fund commit up to $25 million to THL Credit Direct Lending Fund IV

Ares grows credit 34% with direct lending boost, but high yield takes rough ride in Q4
Ares Management Corporation reported strong returns for its European direct lending strategies in the fourth quarter of 2018. But the firm's overall revenues slumped and its US loan funds and high yield strategies were hit by the volatile credit market 

CIFC launches CLO fund with investment grade mandate
CIFC Asset Management is back in the market with yet another CLO-focused fund – this time, aimed at investment grade opportunities

Silver Point brings in $1.57 billion for distressed debt fund
The credit hedge fund manager, founded by ex-Goldman Sachs partners’ Edward Mulé and Robert O’Shea, has locked down $1.57 billion capital for its distressed debt fund