Investcorp hires ex-Medley structured credit head as John Fraser retires
Investcorp has appointed a CLO specialist as co-head of US credit, following the retirement of the firm’s previous sole US credit head

Industry veteran joins B Riley's new credit unit to manage CDOs
B. Riley Capital Management has established a new credit platform 

Brookfield strikes deal to buy 62% stake in Oaktree
Brookfield Asset Management has agreed to buy a 62% stake in Oaktree Capital Management in a move which will lead to the creation of one of the largest asset managers in the business.

Affinion skipped interest payment impacts small number of CLOs
Only two CLO managers could be affected by the debt of Affinion Group, who skipped its scheduled 19 Feb interest payment ($22.2 million) to its first-lien 2022 term loan holders 

Loan sell-off leaves some CLO warehouses out of the money
The December sell-off in the loan market may have been good for CLO equity but it left many warehouses out of the money, according to several sources

Tail wags dog as European CLOs' 108bp benchmark drags loans
European CLOs usually price on the back of where underlying loans are printing, but this year the reverse looks to be true

CLOs are not like CDOs, says Barclays, but warns of loan quality impact
CLOs are far removed from the kinds of structured products that contributed to the 2008/09 global financial crisis, Barclays has argued in a wide-ranging research piece this week

Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
Creditflux, Debtwire and Xtract discuss the current state of the market  

Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Silence is not golden: loan investors fret over terms in Apollo-sponsored deals
Leveraged loan investors have expressed concern over terms in some Apollo-sponsored deals, which allow the borrower to incur additional first lien debt that not only matures earlier than the existing debt, but also does not trigger “most favoured nations” (MFN) protection for the outstanding debt

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Carlyle performance dips in Q4, but credit teams ride global volatility
Credit fund performance dipped for the Carlyle Group in the fourth quarter, as market volatility and fund outflows put a dent in the industry’s much stronger performance of the previous three quarters

Cairn Capital hires portfolio manager for CLO investments
Cairn Capital has hired a portfolio manager with sell-side and ratings agency experience to be responsible for CLO tranche investments

JP Morgan makes big hire to its global credit trading desk
An experienced banker who has covered CLOs, CSOs, loan TRS and credit derivatives, has joined JP Morgan after leaving BNP Paribas 

CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch

CLOs can survive defaults, but it could be death by triple Cs
Covenant deterioration in the leveraged loan market has caused sleepless nights for CLO managers who worry that when defaults start to rise, recovery rates will be lower than in past downturns. But market participants are expressing concern that ratings, rather than defaults, pose a greater risk to the market

Loan rout gifts CLOs a par-building Christmas present
Correction time is here, as Charlie Brown once (almost) sang, building par and cheer. Fun for all that managers call their favourite time to... deal

European CLO volumes to drop in 2019, but mezz could benefit, says BNP Paribas
Demand for European leveraged loans will be lower in 2019 due to lower CLO issuance, predicts BNP Paribas

Deutsche Bank refinances CLO backed with trade finance assets
Deutsche Bank has brought a $3.5 billion CLO backed by trade finance that includes a first-loss piece issued at par

Loomis Sayles plans alternatives interval fund
Loomis Sayles is looking to launch an interval fund focused on alternative asset-based opportunities, according to 4 December US regulatory filings

KKR promotes three European credit specialists to managing directors
KKR has promoted several members of its team to managing directors - including a former US CLO portfolio manager

Neiman Marcus loan slumps amid debt restructuring talks
The luxury fashion retailer’s $2.95 billion cov-lite term loan B, due October 2020, traded down 1.65%, according to IHS Markit 

Blackstone builds on multi-asset approach with fifth fund
The new vehicle will invest directly into Blackstone deals across its alternatives platform