Bluestem bankruptcy hits $106 million of CLOs
CLOs hold $105.7 million of the debt of US retailer Bluestem which filed for Chapter 11 bankruptcy last week, according to the latest trustee reports from CLO-i. 

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

Brigade collects $100 million for 'senior tranche' SMA
Brigade Capital Management has won a $100 million mandate from Texas County & District Retirement System for a structured credit fund geared towards senior tranches

Dealers zero in on pair of managed CSO formats
The eagerly awaited introduction of ‘managed’ CSOs is getting closer, with hopes still alive for an inaugural deal before the end of March and consensus forming around two alternative approaches.

CLO and repo markets lick wounds after Fed burns its cred
In the wake of yesterday's emergency Fed rate cut, CLO investors say the spread between Libor and the overnight indexed swap indicates Libor has further to fall

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

Credit Rendezvous: the outlook in 2020 across a dozen segments of the credit market
Welcome to the Credit Rendezvous, the first instalment of a regular feature published by Creditflux that tracks credit market dynamics in a dozen segments from investment grade, liquid loans, CLOs and CSOs all the way through to distressed debt. We view this as the meeting point for credit specialists across strategies to share their perspectives

CSO arrangers take notes from success of CLOs
CSO arrangers are looking to follow the CLO template in more ways than one, with sources indicating that some dealers are looking to structure their deals in note format (as opposed to swaps).

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

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

TPG in talks to split from credit arm TSSP - media reports
Private equity firm TPG is in talks to split with its credit arm TPG Sixth Street Partners, according to media reports, with TPG considering looking to launch and build out its own internal credit platform

Job opportunities with BNY Mellon: corporate trust group
BNY Mellon has released details of six vacancies

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

US loan trading: McDermott downgrade leads to CLO outflows as managers board rail road firm
US freight railroads operator Genesee & Wyoming allocated its $2.55 billion term loan in November, making it the most popular issuer in the month. And CLO managers were sceptical of the outlook for McDermott Technology - signalled by $185.9 net outflows - after Moody's downgraded its corporate family rating from B3 to Caa2 

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  

Euro loan trading: CLO managers find a home for building specialist's downsized loan
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan