LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein

Elements work against CLO managers in Q3
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

ICG issues first new US CLO in over 12 months
Intermediate Capital Group has printed its first new US CLO in over 12 months, teaming up with Bank of America on the $401.8 million ICG US CLO 2020-1

OC health check: August reports slow torrent of fresh breaches to a trickle
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i  

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

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

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 

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 

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

ICG tightens triple A spread in refi of 2017 CLO
ICG has brought its second US CLO of 2019, having focused on European business in the first half of the year 

Credit funds at a glance
A round-up of fundraising and people moves in credit

Euro CLO round-up: debt investors own the floor as tempo picks up
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter.