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.  

Former JP Morgan credit prop trader relaunches credit hedge fund
Palm Lane Partners is relaunching – two years after the credit hedge fund manager looked to spin out of JP Morgan Asset Management

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

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

Massachusetts pension commits $200 million to structured and corporate credit
Massachusetts Pension Reserves Investment Trust has approved commitments with CKC Credit Opportunity and LMCG Serenitas  

Pretium buys Latigo to boost distressed capabilities
Pretium Partners has bought the investment management business of New York-based Latigo Partners, in a bid to expand the firm’s distressed debt and event-driven credit capabilities. Terms of the transaction were not disclosed

Eldridge promotes structured products head
Eldridge Industries has promoted its structured products head to principal

Lord Abbett preps floating rate interval fund with monthly share repurchase
Lord Abbett Enhanced Floating Rate Fund will invest at least 80% of its assets in floating rate products including senior secured or unsecured loans, second lien debt and floating rate structured credit including CLOs

VIP Cinema makes uncomfortable viewing for CLOs as it's reeled into Chapter 11
CLOs hold $52.9 million of debt in seatmaker VIP Cinema Holdings, which has filed for Chapter 11 bankruptcy protection in the District of Delaware

Apollo Global Management ends year with a bang
CLOs returned 8% while direct origination continues to be "rocket fuel", the company said

Ares buys seven CLOs from Crestline Denali
Ares Management has bought management contracts for seven Crestline Denali CLOs

California pension earmarks $190 million for IG structured credit as it goes defensive
San Mateo County Employees Retirement Association has earmarked $190 million to a securitised credit managed account

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  

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

Stockholm-based firm targets CLOs, CSOs and SRTs for new fund after stellar 2019
A fund manager, established in 2018, is said to be launching its second corporate structured credit fund, sources say, after generating 20% returns last year via its debut strategy. The new fund will invest across CLOs, CSOs, SRTs and index tranches 

Insurance companies could ramp exposure to CLOs and private credit in 2020
US-based insurers have roughly $7 trillion in assets and a small increase in allocations could have huge implications for the leveraged loan market, CLOs and private credit managers—a dynamic that could unfold in 2020

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.

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

Creditors left with sour taste as two food companies file for bankruptcy
Credit investors have been left to digest two US food company bankruptcy filings this week, with dairy producer Dean Foods triggering the first credit event to hit on-the-run series 33 of the CDX HY index, while Houlihan's Restaurants has also sought protection

BlueBay launches CLO fund with seed capital from parent RBC
Sources say the strategy launched earlier this year via an Irish fund structure with seed capital provided by BlueBay’s parent company, RBC

CLO supply set for double-digit drop in 2020, says JP Morgan
US CLO supply in 2020 will be as much as 20% down on 2019, while European issuance will fall 13% year-on-year, predict JP Morgan strategists in a research note. Even so, new CLOs should still outpace existing deal paydowns, as well as high yield primary market net new issuance

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

Värde taps growing CRE CLO market for the third time
Värde Partners closed a $627 million CRE CLO last week via Goldman Sachs

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors