LP round up: pension creates private credit bucket as Florida eyes 'best distressed opportunity ever'
There was no slowdown in credit allocations last week, wrapping up what has been an extremely busy July. $1.4 billion has been allocated to credit, it has emerged over the last seven days, according to board documentation seen by Creditflux.

Redding Ridge back as top CLO issuer post sell-off with new US and EU deals
Redding Ridge Asset Management has shot back to become the largest CLO issuer by volume since the sell off in March after printing a new issue apiece in the US and Europe, according to market sources

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

Apollo joins forces with Mubadala for big direct lending deals
Apollo Global Management has launched a ‘large scale direct lending’ platform, which it says is anchored by Abu Dhabi’s Mubadala Investment Company

Redding Ridge CLO trumps Volcker rule to secure 10% bond bucket
Bond buckets have made a surprise early comeback into US CLOs, with Redding Ridge Asset Management last month issuing the first new issue, RR10, with a 10% allowance for secured high yield assets

LP round-up: Champaign pension raises a glass (or bucket) to private credit
Institutional investors allocated over $600 million to 11 managers this week, according to board documentation seen by Creditflux

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

US CLO league tables: light at the end of the tunnel as primary revives
May brought a rise in US CLO primary market activity with a combined $5.55 billion in new issuance for the month

Apollo collects $1.75 billion for dislocation fund in two months
Apollo Global Management has taken eight weeks to raise $1.75 billion for a dislocation credit fund, Apollo Accord Fund III B

Candian pension allocates $250 million to dislocation credit fund
Investment Management Corporation of Ontario (Imco) has allocated $250 million to a dislocation credit fund managed by Apollo Global Management

Apollo and Barings defer equity payments on long-dated CLOs
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs.

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables

Global CLO league tables - April 2020 YTD
Global CLO league tables - April 2020 YTD

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

Texas pension allocates $100 million to Apollo credit hedge fund
Employees’ Retirement System of Texas has allocated $100 million to open-ended long-short credit fund, according to its March update 

Credit funds at a glance

A round-up of fundraising and people moves in credit

Credit managers hunker down as idiosyncratic risks persist
A slew of earnings reports from credit managers and business development companies shows that deal-making and performance are robust, but great importance is being placed on credit selection.

Apollo ups stake in Athene to 35% through stock deal
Apollo Global Management is doubling its stake in Athene Holding to around 35% by exchanging $1.2 billion of common equity and buying $350 million extra of Athene stock

US CLO league tables: $2 billion reissue fires Apollo and JP Morgan to top spots
Apollo Global Management and JP Morgan teamed up to price the largest CLO of the 2.0 era in February that helped propel both to the top of the US CLO and global CLO league tables

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

Mid market CLO league tables: Sumitomo enters the ring
Golub Capital became the first middle market CLO manager to price two deals in 2020 after partnering with first time lead arranger, Sumitomo Mitsui Banking Corporation Nikko in February

Bank's former US CLO syndication head lands at Apollo
The former head of US CLO syndication at a bank has joined Apollo Global Management for a dual role in the firm’s structured credit business

Refi wave gets bigger as Apollo and Neuberger reprice CLOs
The US CLO refi wave continues unabated with Apollo Global Management and Neuberger Berman pricing the 27^th and 28^th refis to hit the market in 2020, according to market sources, pushing volumes to $12.5 billion in the process

Apollo mid-market CLO arm prices first reset
MidCap Financial, the middle market CLO manager affiliated with Apollo, today priced its first CLO reset