DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Private credit default index shows surprise decrease in the second quarter
Proskauer’s Default Index of the US private credit market was 1.64% in the second quarter, a significant decrease from 2.15% in 1Q23.

Global investment firm closes fund with $3 billion in capital commitments

Global investment firm closes fund with $3 billion in capital commitments, focusing on opportunistic investing. 

Diebold's DIP delivers partial payout
Another day, another divergent DIP outcome as Diebold Nixdorf has its reorganization plan approved in court.

Recent US bankruptcies show non-DIP lenders wiped out
A trio of recent US bankruptcies is testing the CLO market's recovery assumptions, according to Debtwire’s Restructuring Database of recent court filings.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Credit hedge funds
Credit hedge funds performance data

Credit funds at a glance
Fund performance, fund raising and LP commitments

Credit funds at a glance
Fund raising and people moves

Credit hedge funds
Credit hedge fund returns

Fund performance
A roundup of fund performance

CLOs hit by bankruptcy of Envision as zero recovery predicted for first lien loans
Envision has joined the growing number of companies to have filed for Chapter 11 bankruptcy. The emergency medical services company, which has been owned by KKR since 2018, announced on 15 May that it was entering a restructuring support agreement.

LP round up: HPS wins $550m mandate as Ares launches third US direct lending fund
US institutional investors allocated nearly $3 billion to credit funds in April. The news comes amid a BlackRock survey in the month which showed significant investor interest in private credit

Loan recoveries slump as investors bank on rebound
The average recovery rate for defaults in 2023 has declined considerably due to a combination of factors such as: cov-lite loans, priming activity in previous years, loan-only borrowers defaulting, and the sectors in which the defaults have been concentrated

Stress ticks up in CLOs as downgrades take triple C loans to over 5% of market
The percentage of the leveraged loan market rated triple C passed 5% in April and further expected downgrades are likely to push the figure over 7.5% in the coming months

Credit hedge fund returns (May 2023)
Credit hedge fund returns

Credit funds at a glance (May 2023)
A round-up of people moves and fund raising

March madness sees most funds give up gains made in Q1
After a positive start to the year, credit funds ended the quarter with a step backwards; just under 30% of those listed reached positive returns for the month.

Diameter closes second dislocation fund at $2.2 billion hard cap
Diameter Capital Partners has closed its second dislocation fund with $2.2 billion commitments

Defaults rise yet fears of low recoveries hurt even more
Defaults and Chapter 11 filings are picking up this year amid tougher economic conditions for borrowers

CLO funds make best of a bad situation
It can’t get any worse can it? Well, it did in 2022, when credit spreads kept moving wider. Still, CLO funds were able to withstand the pressure, and they outperformed other credit strategies

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

Credit hedge fund returns (April 2023)
Credit hedge fund returns

Credit funds at a glance (April 2023)
A round up of people moves and fundraising

LP round up: opportunistic credit dominates as investors allocate $2.2 billion
US institutional investors invested at least $2.2 billion to credit funds in March, according to documents seen by Creditflux, with opportunistic credit funds dominating commitments