We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Making arb work of it

Dispersion tests hedge fund managers

Real assets are now the top picks in private credit
Direct lending is no longer the darling of the private credit market, with pension funds increasingly making space for credit strategies backed by real assets.

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

Apollo Global Management ends year with a bang
CLOs returned 8% while direct origination continues to be "rocket fuel", the company said

Double B CLO spreads drop back to 725bp as BlackRock prices US CLO
CLO double B spreads in the US have gone tumbling back to 725 basis points after BlackRock priced a new CLO yesterday via Wells Fargo

BlackRock upsizes upcoming US CLO amid overwhelming demand
BlackRock’s upcoming US CLO, Magnetite XXIV, was heavily oversubscribed last week as price talk circulated, according to two investor sources

BlackRock’s first mid-market CLO to be managed by experienced team acquired from Tennenbaum in 2018
BlackRock is on track to become the latest manager to start issuing CLOs backed by loans to middle market companies.

BlackRock joins BDCs with increased leverage approval
BlackRock Capital has become the latest business development company to adopt the higher leverage after the Small Business Credit Availability Act was amended last year

UK pension hires BNP Paribas AM for starring role in core-satellite private credit fund
UK pension fund Nest has appointed BNP Paribas Asset Management to run the core of a private credit fund, sources say, in an arrangement which sees Amundi and BlackRock manage certain satellite investments  

BlackRock brings triple A spreads back to 130bp with new US CLO
BlackRock has priced its latest new CLO named BlackRock XXIII, scoring the tightest triple A print for three months

CLO pipeline: Capital time to debut in Europe as liability spreads drop
CLO managers are showing no signs of slowing down, as a further 16 US and five European new issue CLOs, including Capital Four's CLO management debut, appear in the pipeline

Global CLO round-up: Europe mops up demand, as Euribor hits the floor
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter

BlackRock launches $2 billion coporate credit fund with special situations remit
BlackRock has closed its flagship opportunistic credit fund, Global Credit Opportunities, with $2 billion capital commitments

CLO investor looks to offload US and European anchor equity positions
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer

San Mateo pension backs BlackRock direct lending fund
San Mateo County Employees' Retirement Association is set to make a commitment of $35 million to BlackRock Direct Lending Fund IX, according to an agenda item document seen by Creditflux.

New kids on the block dominate awards

Spire scales heights as Creditflux’s Manager of the Year 2019
Spire Partners celebrated bringing home three Creditflux awards, including the coveted Manager of the Year trophy, on a night of high spirits on 8 May at London’s Landmark Hotel.

Points up front: CLO awards banter
The Creditflux Manager Awards have a history of springing surprises. This year we had journalist and TV presenter Gavin Esler host the awards dinner and regale the audience with a Dolly Parton gag (the less said about that, the better).

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II

BlackRock moves along the term curve by pricing five-year US CLO
BlackRock has followed up its three-year US CLO in February with a regular five-year reinvestment CLO. The latest deal has priced well in comparison to the short-dated transaction 

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

BlackRock names global alternatives head amid senior leadership shake-up
BlackRock has reshuffled its leadership and made several senior changes across various parts of its business, according to an internal memo seen by Creditflux