ICG opens Milan office
Intermediate Capital Group has announced the opening of an office in Milan

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

European CLO portfolio overlap increases by 3%: S&P
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

ICG plans €1 billion European special situations recovery fund
Intermediate Capital Group is targeting a €1 billion final close on its second multi-strategy special situations fund, which aims to exploit opportunities in the loan market arising from the coronavirus-induced pandemic

Secondary European CLO market kicks into gear with 38 bonds on sale today
The European secondary CLO market is revving up with 38 debt tranches up for grabs across five b-wics today. The auctions take place this morning New York time and feature about €75 million of CLOs from triple As down to single Bs

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

Investcorp hires credit portfolio manager
Investcorp Credit Management has hired a portfolio manager for its US credit team and investment committee

ICG hires two for its European real estate debt platform
Intermediate Capital Group has hired two managing directors to its European real estate debt platform, according to an announcement today

Fitch takes action on eight European CLO tranches
Fitch Ratings has revised to negative the outlook on six sub-investment grade tranches from three European CLOs, placed one triple B rated tranche on negative rating watch and downgraded its double B-rated tranche

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Fitch takes action on 29 European CLO tranches
Fitch Ratings took action on 29 European CLO tranches yesterday, placing the majority of these on rating watch negative

Who’s got the moves Europe: CLO managers enjoy climb of Everest
The European S&P/LSTA Leveraged Loan index enjoyed a strong month in April as it rose from 83 of par on 1 April to 89.2 by the end of the month. The index closed at 89.4 on 4 May to start the week 

We’ve got time to work this out
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems

Credit funds at a glance

A round-up of fundraising and people moves in credit

ICG hires European CLO portfolio manager from Barings
Barings CLO portfolio manager Rob Faulkner is joining Intermediate Capital Group as a managing director responsible for European CLOs

ICG scores tightest euro CLO print of 2020
Senior CLO spreads tightened in Europe today as Intermediate Capital Group priced its latest new issue, with triple As clearing at 92 basis points over Euribor

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

Triple As price at 137bp as ICG prices 2020's first CLO reset
Intermediate Capital Group has priced a $408 million CLO reset, becoming the first manager to reset a CLO backed by broadly syndicated loans in 2020

CLO pipeline: no rest for the wicked as new issues hit the market
CLO market participants do not have the luxury of easing their way back to work with the new issue market up and running and a pipeline that is filling up fast 

ICG hires two for new mid market strategy after raising €1 billion
Intermediate Capital Group has made senior hires to help source deals and invest through a €1 billion middle market fund launched last year

Price talk emerges as ICG markets first CLO reset of 2020
Warehouses might indicate a healthy pipeline for new issuance, but right now, managers test pricing with refis and resets

The ideal home for a loan

US pension fund earmarks $1.3 billion for credit
Teachers’ Retirement System of the State of Illinois (TRS) is set to commit $1.3 billion to credit funds, as part of its global income portfolio.  

Indiana pension hires ICG as it shakes up credit portfolios
Indiana Public Retirement System (INPRS) has shaken up its credit and fixed income allocation, either by committing to new funds, or by restructuring its portfolios, according to documents seen by Creditflux