16% of insurers plan CLO allocation increase, survey finds
Goldman Sachs Asset Management has released its annual insurance asset management survey

Japanese investors must confirm assets are appropriate... CLO managers can provide assurances
The stipulation that Japanese banks invest in appropriately formed assets is unlikely to hurt the CLO industry

Mizuho looks to make return to CLO management
Mizuho is shaking up its credit business in Europe and is pushing into CLOs as both manager and arranger, according to several sources

Past Returns: Repacking in land of the rising sun
Five years ago in Creditflux, we reported that Bank of Tokyo Mitsubishi UFJ was embarking on a strategy of buying repackaged CLO triple A notes denominated in Japanese yen

Japan regulation affords CLOs breathing room
Japan’s regulators have avoided disruption of the global CLO market by softening the impact of their risk retention rules that came into effect in March

Japanese regulator makes CLOs exempt from risk retention - if loans are appropriately originated
The Japan Financial Services Agency (FSA) has said that CLOs can sit outside the remits of its securitisation regulation, if investors in the country can provide ‘in-depth analysis’ showing the underlying assets were appropriately originated

US dollar three-month is focus point for benchmarks, finds Ice Libor survey
One-, three- and six-month US dollar and sterling are the focus points for Ice Benchmark Administration to seek agreement with banks, according to the results of IBA’s survey on uses of Libor

Japan Post registers more than JPY 1 trillion in CLO holdings for first time
Japanese banks continue to devour a bigger slice of the CLO market, with Japan Post Bank’s latest financial statements for the end of 2018 showing holdings of over JPY 1 trillion ($9.17 billion) for the first time

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

CLO market holds breath as Japan risk retention looms
Risk retention compliant US CLOs could make a comeback after the Japan Financial Services Authority (JFSA) unveiled its proposed new risk retention framework, which could tie the hands of the world’s biggest buyers of US CLOs

Norinchukin increases CLO holdings to $62 billion
Norinchukin’s CLO holdings increased again last quarter, with the bank’s exposure to the asset class standing at JPY 6.8 trillion ($62.2 billion) on 31 December

CLO market waits on Asia deals to set year-opening benchmark
Three weeks into the new year, and the CLO primary market is still waiting for its first deal. And, in particular, the market is waiting on the Asian buy-and-hold investor base to reveal their hands.

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Norinchukin's CLO holdings jump by over 50% since March
Norinchukin’s appetite for CLOs shows no signs of relenting

September: credit funds at a glance
White Oak Global Advisors held a $2.1 billion final close on a new direct lending fund, while Phil Raciti's move from CVC Credit Partners to Halcyon Capital Management was one of the biggest moves in the credit industry

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

Clifford prices Asian infrastructure loan CLO and plans follow-up, reports Inframation
Clifford Capital has priced Asia's first infrastructure project CLO and is planning a follow up within the next 18 months, according to a report by Creditflux's sister intelligence service Inframation

Sovereign investors' allocation to alternative credit increase rapidly, finds survey
Sovereign investors are increasing their exposure to CLOs, direct lending and bank loans, according to a 2018 Global Sovereign Asset Management Study published by Invesco this week

Evolving strategy takes Norinchukin close to top spot in CLO investment
Over the years, Nochu has tweaked its cov-lite stipulations, and added mid market and European CLO exposure to its CLO investments. It’s now nearly the market’s biggest investor  

BlackRock seeks $1 billion for new multi-strat opportunities fund
The new trust will invest at least 80% of its assets in fixed income securities and up to 40% in special situations, SEC filings reveal 

Singapore central bank looks to launch infrastructure-backed CLO
The new vehicle was announced by Ravi Menon, managing director at Monetary Authority of Singapore, at the Nomura Investment Forum Asia 2018

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure

Past returns: pension scheme gets stung after regulators rewrite CLO rules
Five years ago, we reported that US pension funds were boosting their allocation to euro-denominated credit. One institution in particular led the way by supporting the first European CLO to be issued since the global financial crisis

Up-and-coming fund manager Revolution makes big structured credit hire
Sydney’s Revolution Asset Management has made a big hire, signalling its intent in the global structured credit markets