Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

CLO and distressed fund recovery disparity could grow, say Barclays
CLO investors should apply a haircut to the $55-60 loan recovery range to better estimate recoveries in CLO models, as the disparity between how distressed debt funds and CLOs extract value in a loan restructuring is expected to widen

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus

Bankruptcies mount with CLOs not on level playing field
Over $2.4 billion of CLO collateral has been caught up in bankruptcies since coronavirus-related volatility began, according to CLO-i. Bankruptcies are not a level playing field for CLOs - and although documention ammendments on what a CLO can or cannot do in a restructuring are not happening yet, sources say talks may arise in the future

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

Credit funds at a glance (June 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits begin recovery phase
April returns prove positive for Ucits funds as 85% of those listed in the Creditflux database have moved into the black after a rough March

Onex hires Jaber as it launches CLO investment business
Onex Credit Partners has hired Ronnie Jaber to start a CLO investment business in New Jersey, according to an announcement today

Distressed debt managers eye CLOs' low single B loans
Opportunistic credit managers have been witnessing a heavier flow of triple C-rated assets emitting from CLOs since March, but they're finding lower single Bs to be a fresh source of deal flow

OC health check: US CLOs hit by new round of test failures
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i.

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

JC Penney bankruptcy weighs on CLO and CDX HY baskets
CLO managers hold nearly $250 million of the debt of JC Penney, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Friday

Private credit wins investor as Maryland pension introduces 5% allocation
Howard County Retirement has introduced a new bucket to the private credit asset class, reducing its core bond and hedge fund exposure to facilitate this measure, according to board documents seen by Creditflux

CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event

US retailer bankruptcy spells hit for CLOs and CDX HY tranches
US retailer Neiman Marcus's filing for chapter 11 protection opens the prospect of a fourth credit event in the CDX HY index and a sixth for on-the-run HY tranches, as well as a hit for CLOs

Credit hedge fund returns: March 2020 stats
Monthly performance across credit hedge funds

Fund performance: Index tranche investors make it work from home
March brought a drastic drop in return figures as covid-19 swept across the globe, as Orchard tops the Creditflux performance tables

Ucits at a glance: Long-short credit capitalises on coronavirus
Ucits funds were not spared from the crash in mid-March, but Pictet outperforms

Credit funds at a glance (May 2020)
A round-up of fundraising and people moves

Apollo earmarks $20 billion for dislocation fundraising over 12 months
Apollo's returns for corporate credit, structured credit and direct origination in the first quarter were down 8.3%, 14.7% and 4.8%, respectively, but the firm is looking to launch various credit strategies, including capital solutions, dislocation strategies and distressed strategies, that it “expects to accumulate $20 billion over the next year”

KKR deploys 10% of $2 billion coronavirus dislocation credit fund
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April

Angelo Gordon hires well-known credit strategist in New York
Angelo Gordon has hired an experienced credit strategist as a manging director in its investor relations team in New York

Credit Rendezvous: recovery begins, but is it U, V or even W?
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out

If history repeats itself, the best CLO play could be to hold equities
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all

Onex revamps leadership of credit business after hiring from GSO
Jason New has joined Onex Credit as co-chief executive officer in New York, according to an announcement.