CLO managers brace themselves for Acosta bankruptcy
CLOs hold $402.5 million exposure to Acosta, a sales and marketing agency that is looking likely to file for Chapter 11 bankruptcy soon. A total of $163.7 million of Acosta’s term loan left the hands of CLOs in 2019

Western adds 5% CLO bucket to listed US loan fund
Western Asset Management has added CLO debt and equity tranches to the investment mandate on a loan fund that is listed on the New York Stock Exchange

DFG seeks secondary loans for new series of Pulsar CLOs
DFG Investment Advisers is launching a new line of CLOs with collateral sourced entirely in the secondary market

Western to launch European loan business after hiring portfolio manager
Western Asset Management is launching a European corporate loan business after hiring an experienced credit portfolio manager with a background rooted in the CLO industry

CBOs aren’t fixated on interest rate moves

Established firms say managers new to European CLOs will struggle to attract assets
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations.

We didn’t take full advantage of volatility

The ideal home for a loan

Managers dispel myth that lenders can’t influence ESG
There’s a growing belief among credit fund managers that they can influence borrowers to take on ESG-friendly practices, contrary to the widely-accepted notion that the business practices of companies are dictated by their private equity owners.

Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation

Fund performance
A round-up of fund performance click here.

CBOs aren’t fixated on interest rate moves
The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds

Few CLOs charred by Murray bankruptcy
25 CLO managers hold  $389.6 million exposure to the debt of coal company Murray Energy Holdings, which filed for Chapter 11 bankruptcy in the Southern District of Ohio on Tuesday, according to the latest trustee reports from CLO-i   

Largescale triple C downgrades 'look inevitable' due to loan performance, says TwentyFour
US leveraged loans are underperforming and a wave of downgrades to triple C ‘looks inevitable’, according to TwentyFour Asset Management

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

US insurer to allocate $1 billion across CLO tranches, corporate loans and bonds
Managers have until Tuesday to submit proposals to New York State Insurance Fund, which is seeking CLO, bank loan and high yield corporate bond managers to invest $1 billion in separately managed accounts 

Euro loan trading: Swissport flies into CLO hands
A total of €339.9 million of Swiss airport business Swissport boarded CLOs in August, making it the most popular issuer in August

US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i 

Highland files for bankruptcy
Highland Capital Management filed for Chapter 11 bankruptcy in the Bankruptcy Court in the District of Delaware (Docket No. 19-12239)

CVC adds Alcentra official to investor relations team in London
CVC Credit Partners has appointed a managing director in its investor relations team from Alcentra 

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

Ares spots growth in Australia and forms distribution JV with Fidante
Ares has teamed up with Fidante Partners to boost its distribution capabilities in Australia and New Zealand across its credit, private equity and real estate strategies