Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

Ares senior official joins Vista to lead direct lending
Vista Credit Partners has appointed an experienced Ares official to lead its direct lending efforts

Calpers allocates $2.75 billion to two credit managers
US pension heavyweight California Public Employees Retirement System earmarked $3 billion to credit funds in the third quarter of 2022, according to recent board materials 

Ares prints new US CLO with 220bp senior triple A print
Ares Management priced a new CLO on Monday with a senior triple A spread of Sofr plus 220 basis points

Ares markets new $400 million CLO via Nomura
Ares Management is marketing a new CLO via Nomura, with pricing expected next week

US CLO pipeline: issuance expected to slow as blockages emerge
Only three new deals have been added this week to the list of forthcoming CLOs. The pipeline is suffering from some blockage after only four US CLOs priced last week 

Former Ares partner resurfaces at US multi-strategy asset manager
An experienced credit portfolio manager who worked at Ares and BlueBay has returned to the credit industry 

CLO managers find safety and return potential in IG
An investment grade bond might not seem the most suitable candidate for a CLO portfolio, but managers are increasingly going up the capital structure as they brace for a recession.

LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end

Identity of sellers emerges as CLO equity blocks change hands
Two majority equity positions have changed hands in the secondary market over the last two days, with details behind the cover price and sellers coming to light 

Three control CLO equity positions hit market with another to follow
Three anchor US CLO equity positions were listed on the secondary market yesterday in what was a busy day for investors

Quick! Avaya has ignited and $1 billion of CLO assets are at risk
Sparks are flying in the leveraged loan and high yield market after communications company Avaya Holdings slashed its forecasted earnings mere weeks after syndicating new debt. The rapid decline of Avaya's debt has left CLO managers little time to avoid the blaze

LP round up: private credit takes big slice of inflows as 10% portfolio share projected for 2026
Institutional investors revealed nearly $4 billion allocations to credit funds in July, with recipients including Angelo Gordon, Apollo, Ares, BlackRock, Brookfield, CarVal, Comvest, Deerpath, KKR, Schroders and Sixth Street

Credit funds at a glance (August 2022)
A round up of fundraising and people moves in credit
   

Ares plans four credit fund launches amid strong deployment
Ares Management benefitted from strong private credit deployment in the quarted and unveiled plans to raise its sixth European direct lending fund, second flagship closed-end alternative credit fund and third US junior capital direct lending fund

Large US manager closes third captive CLO equity fund
The $140 million fund is anticipated to invest in over five of US CLOs

Nuveen and Ares print fourth US CLOs of 2022
Ares' CLO feature four triple-A rated tranches and Nuveen's deal is structured to comply with European risk retention

Five credit managers win nearly $1 billion from UK pension pool
Five private credit funds emerged as winners after UK pension pool Border to Coast revealed $1 billion in a wide variety of private credit commitments

CLOs at a glance (July 2022)
A listing of CLOs that have priced in the last month
 
 

   

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

Ares prints second loan-only CLO in space of just seven days
Ares Management has priced its second new loan-only CLO in the space of a week

US managers open new CLO warehouses at rapid rate
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years

Triple A CLOs set to blow out to 183bp as Ares markets print and sprint
CLO triple A spreads could be set to blow out substantially in the coming days with Ares Management marketing a new issue with triple As understood to be subject at 183 basis points

Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely 

Global CLO league tables - April 2022 YTD
Global CLO league tables - April YTD