Euro CLO round-up: fluctuating spreads give mixed signals
Last week was one of the European CLO market’s busiest since the coronavirus crisis began, as four managers brought new deals to market – adding €1.35 billion

Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Credit fundraising: managers build homes for real estate credit funds
The “largest ever real estate credit fund” was one of the fundraising highlights last month as Blackstone’s Real Estate Debt Strategies IV fund reached $8 billion on its final close

Hayfin partner lands at Ares in London
Ares Management has appointed a former Hayfin official as managing director in the firm’s credit group, focused on alternative credit investments

Price talk emerges for Ares European CLO
Price talk for Ares' latest Eurpopean CLO has emerged with triple As guided around Euribor plus 110 basis points, in line with deals priced by Barings, CVC and Redding Ridge

Ares markets first European CLO of 2020
Ares Management is set to price its first European CLO of 2020 later this month, after an 11-month hiatus from the market

CLOs hold €250 million of defaulted French events organiser Comexposium
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Ares pulls in at least €6 billion for European direct lending
Ares Management is well on track for raising its largest European direct lending fund

Ares adds to European direct lending team
Ares Management has hired a London-based vice president to its European direct lending team

LP round up: managers keep fundraising hopes high as GSO targets $7.5 billion for mezz offering
Institutional investors allocated $1.6 billion into credit this week, according to documents seen by Creditflux

Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

Four managers join forces on gigantic £1.9 billion unitranche
The supersized transaction to Ardonagh Group, led by Ares, is the largest ever unitranche facility

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

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

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

Virginia pension allocates $850 million to credit in Q1
Virginia Retirement System has allocated $850 million to three credit strategies in the first quarter of the year, according to an update at its 15 April investment committee meeting

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

Credit funds at a glance

A round-up of fundraising and people moves in credit

Points up front: Credit picking follows on from investor picking
Credit picking skills will be important this year amid heightened idiosyncratic risk, so everyone seems to say. But Ares Management, one of the biggest names in direct lending, has demonstrated that asset managers can also be picky with the mandates they take on, when the firm walked away from a private debt mandate with London CIV in January.

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

Ares makes rare move by pulling out of private debt mandate
Greater London’s local government pension pool has lost one of its credit managers after Ares Management withdrew from its role as fund manager on an illiquid loan and private debt mandate  

European Direct Lending Perspectives: fundraising records shatter
Fundraising in European direct lending hit €32.2 billion in September to mark a record-breaking year for the industry, according to the latest version of European Direct Lending Perspectives