CLO managers laud market’s shift away from direct lending
This year’s annual SFVegas shindig had a record 8,900 registered delegates, and every CLO panel included a discussion of two key themes, including the highly publicised fight between the broadly syndicated loan space and private credit lenders.

Arrangers optimistic on prospects for CLO-like recurring revenue deals
Recurring revenue (RR) securitisations, one of the more obscure corners of the ABS market, are seeing a surge of interest, according to market sources, with at least three deals in the pipeline.

Moody’s helps European private credit CLOs move step closer to reality
Talk is again swirling in the European CLO market that this will be the year a middle market deal is priced. Many market participants remain sceptical given the long history of disappointments in this area, but concrete steps are being made, especially by the rating agencies.

Credit hedge funds
Credit hedge funds

Credit funds at a glance
Credit funds at a glance

BMO returns with first US middle market CLO since 2021
BMO Asset Management late last week priced Great Lakes CLO VII, a USD 404.87m middle market CLO

Direct lender and CLO manager expands into Japan
The US private credit and direct lending specialist has opened its first Japanese office, and hired a new senior VP to oversee the office

RR ABS returns with new Vista deal
The growing market for recurring revenue securitizations saw a boost last week with the pricing of VCP RRL ABS III

Wave of legal hires becomes a tsunami
In February alone legal heavyweights Allen & Overy, DLA Piper, Fried Frank, Kirkland & Ellis, Proskauer Rose and White & Case all announced the arrival of partners in the credit space

PennantPark goes short for latest MM CLO
The primary CLO market saw a rarity yesterday when PennantPark Investment Advisers priced the first short-dated middle market CLO of the year

News in brief
Increasingly popular credit interval funds grow by $10bn in 2023 and New arrangers gather speed in US market

Audax adds bumper MM CLO
Audax Private Debt added to this week’s parade of middle market deals, pricing the second-largest MM CLO of the year on Wednesday

HPS prices new private credit CLO
This week has seen increasing amounts of deal flow emerging in middle market CLOs, and HPS Investment Partners joined in on Wednesday, pricing its first deal of 2024

Chris Flynn announces departure plans from First Eagle
First Eagle Alternative Credit has revealed plans to shake up its C-suite with the departure of President Chris Flynn in 2025, in addition to other senior-level changes

Private credit CLO AAAs hit 190 as Ares prices new Ivy Hill deal
Ares Capital, via Ivy Hill Asset Management, added weight to middle market CLO issuance last week with a new USD 450.8m deal

Churchill adds new private credit CLO to roster
While most market attention in recent weeks has been on the BSL side of the ledger, Churchill announced the pricing of a new USD 298.06m middle market transaction on Friday, the third CLO from Nuveen Churchill Direct Lending Corp and its first of 2024

Blue Owl prices third deal this year
Blue Owl has priced its second private credit CLO of 2024, and its third deal this year overall, with a near-USD 600m transaction on Wednesday

AB adds MM CLO reset to its roster
Although most attention over the past week has been focused on the BSL market, AllianceBernstein has been active in the middle market arena, with a reset of its 2019-vintage ABPCI Direct Lending Fund CLO V

Antares resets 2019 vintage MM CLO
Antares Capital Management undertook its first primary market pricing activity of the year last week, with a middle market reset of a 2019-vintage deal arranged by SMBC Nikko

US MM CLO Rankings - January 2024
Our latest rankings for the US MM CLO market, including arranger and manager league tables

Bain goes back to its MM beginings with reset of BCC Middle Market CLO 2018-1
Bain Capital Credit delved into the archives for its latest deal, with a reset of its first-ever middle market offering, the 2018-vintage BCC Middle Market CLO 2018-1, pricing on Wednesday

Scotia continues growth with new CLO for Fortress
The middle market has continued its strong start to the year, with Fortress Investment Group yesterday setting a new benchmark for middle market pricing

New report finds 2023 a record year for alternative credit M&A
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry

Permira confirms co-heads of credit platform
European alternative credit manager Permira Credit has named David Hirschmann and Ariadna Stefanescu as co-heads, effective immediately, as parent company Permira makes plans to expand the credit business

Middle market CLO continue to roll with new Guggenheim deal
The middle market has continued its strong start to the year, with Guggenheim Investments following on from Blue Owl with its own new USD 400m offering, Guggenheim MM CLO 2024-7