Repo market bumps heads with credit to suffer SOFR doubts
The reliability of the Secured Overnight Financing Rate (SOFR) was called into question last month when it spiked to a level more than double its usual value. 

CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

Ucits at a glance
A round-up of ucits fund performance

Highland co-founder Okada to leave the firm
Mark Okada, co-founder of Dallas-based Highland Capital Management, will retire at the end of the year

Fair Oaks launches new fund targeting senior CLO paper
Fair Oaks Capital has launched a Ucits fund targeting triple and double A CLOs, according to market sources

Thomas Cook is a lesson for CLOs on unsecured bonds, says TwentyFour AM
The liquidation of UK travel operator Thomas Cook this week has underscored that “unsecured debt has no place in CLOs,” according to a note by Aza Teeuwen, portfolio manager at TwentyFour Asset Management

Connection backs European CLO fund
Connection Capital has invested €5.2 million in the new CLO fund raised by Permira Debt Managers  

Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York

Permira launches European CLO fund and starts with secondary market investments
Permira Debt Managers has closed its fifth structured credit fund, Sigma V, which will invest in junior tranches of European CLOs

Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS

Zais revamps credit policy to reflect ESG
Zais Group has become the latest credit manager to implement an environmental, social and governance policy across its business

KKR adds CLO mezz and private credit to mix with opportunistic credit fund
The new interval fund will invest in opportunistic credit, including CLO mezzanine debt, as well as private debt 

Commonfund seeks to diversify manager pool with new portal
Commonfund will launch an online 'diverse manager portal' designed specifically to receive due diligence materials from women and minority-led managers investing in equities, fixed income and credit, real estate and hedge funds

MacKay Shields integrates CVP's loan team while spinning out distressed debt
MacKay Shields has spun out the distressed debt business of Credit Value Partners and focus resources on CVP’s leveraged loan platform

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

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

Five-year bespokes movement leads to managed CSO talks
Longer dated synthetic bespoke tranche business could soon receive new impetus, with dealers and investors ramping up talks about re-establishing managed portfolios as a common feature of the CSO market.

BlueMountain weighs up joining cluster of 2.0 CBO issuers
BlueMountain Capital Management has its eye on managing CBOs. This market has grown steadily since Anchorage Capital priced the first 2.0 CBO in May 2015 with another six firms issuing such securitisations.

Cairn appoints CEO from Oceanwood as Campbell steps down
Cairn Capital has hired a new chief executive officer, who will take over from co-founder Paul Campbell

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Janus Henderson increases position in CLO Ucits fund
The London-based manager says that, while it has cut exposure to CLO funds, this one has has a more conservative nature 

THL-managed fund expands investment mandate to include CLOs
The decision, recently approved by the board of directors, is expected to enhance the fund’s original investment strategy,

Amundi Pioneer initiates marketing for structured credit interval fund
Amundi Pioneer Asset Management, a wholly owned subsidiary of Amundi, is in the market with a structured credit interval fund

Och-Ziff revenue tumbles despite inflows to credit funds and CLOs
Och-Ziff Capital Management posted a net loss of $8.6 million in the second quarter, which it blamed on the market’s reaction to US China trade tensions and the US Federal Reserve’s twist of monetary policy