Portfolio managers wary of US default rates, IACPM survey reveals
Portfolio managers are more pessimistic about North American corporate defaults in the next 12 months than other global regions, according to the latest survey by the International Association of Credit Portfolio Managers

Direct lending strategies grow by 32% in Luxembourg, report finds
Direct lending strategies domiciled in Luxembourg have almost doubled to comprise 32% of the private loan market, up from 18% last year, according to a joint private debt fund survey conducted by KPMG and Association of the Luxembourg Fund Industry

US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July

UK transitions to post-Libor era with array of Sonia-linked deals
The UK’s structured finance market has moved to swiftly embrace the daily compounded benchmark Sonia (Sterling overnight index average) ahead of the 2021 phase out of Libor.

Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary

Trump tariffs and oil slip dent Europe vs US credit decompression trades
Underperformance of US credit derivative indices at the end of last week has created a trading entry point for those still convinced that Europe has more problems. But bearish factors continue to coalesce on both sides of the Atlantic

AT1s should be highly valued, not feared
Additional tier one (AT1) bonds stand out as a rich source of value this year, say portfolio managers, despite the shock headlines generated mid-February by Santander’s decision not to call a €1.5 billion note

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

Danish pension fund's CEO steps down
Christian Hyldahl, the CEO of Arbejdsmarkedets Tillægspension (ATP), has given his resignation to the pension fund’s chairman of the board Torben Andersen.  

Market rout drives US/Europe credit convergence, as Brazil leads Latin widening
Credit spreads have sharply widened globally as financial markets are being rocked by concerns for a trade war and rising US rates. An equity-led rout in the US yesterday afternoon

Pimco raises nearly $700 million for new real estate debt fund
The vehicle will invest in private and public real estate debt opportunities, including senior mortgages, mezzanine financing, CMBS, and other real estate debt related investments

65% of distressed managers plan new funds over the next year, survey finds
Distressed debt is proving to be a popular strategy for managers, with 65% intending to launch a distressed strategy in the next 12 months, according to a report by Creditflux’s sister publication Debtwire and law firm Ropes & Gray.     

Massachusetts pension fund invests $75 million with TowerBrook
Mass PRIM) has made a $75 million commitment to New-York based TowerBrook Capital Partners for its second structured opportunities fund, according to 15 May board documentation

Ares emerges as favourite to take over troubled direct lending fund
Following Oaktree’s wind-down request, the board of the Ranger Direct Lending Fund has chosen Ares as replacement manager - moves which could see the fund change its focus from peer-to-peer loan investments to asset-backed loans

Ares switches to C-Corp structure as it announces "record year" in earnings release
Ares has announced a change to its corporate tax status in an earnings release that described 2017 as “a record year” for the firm

Blackstone's credit AUM up 48% YoY as firm announces "exceptional" results
The firm's credit business enjoyed composite gross returns of 11.2% for performing credit and 7.7% for distressed strategies in 2017

Axa IM holds €1.1 billion final close on European infrastructure debt fund
Axa Investment Managers – Real Assets (AXA IM) held a final close on its co-mingled pan-European infrastructure debt fund at over €1.1 billion, a spokesperson has confirmed

European direct lending up 34% in recent quarter: Deloitte report
Direct lending in Europe continues to boom, according to the latest Deloitte deal tracker, which found a 34% growth of direct lending deals in third quarter 2017 alone compared to third quarter 2016

Private debt performance shines in institutional investing study
A quarter of institutional investors say private debt outperformed their expectations over 12 months to 28 August 2017

Managers line up behind tighter guidelines for drawdown funds
Six months after new guidelines were released over the use of subscription lines of credit for private equity-style funds, the aftershocks have been less dramatic than some credit managers expected

Balance of power shifts away from direct lenders
Mid-sized corporations are getting their way at the expense of direct lenders at the negotiation table, recent research suggests.

Angel Oak CMV plants seed for newly risen CLO market
Atlanta-based manager Angel Oak Capital is looking to fertilise the budding market for CLOs backed by subordinated bank debt

Deutsche Bank prices UK marketplace lending securitisation
P2P Global Investments has priced its second securitisation of marketplace lending assets from the Zopa platform, Marketplace Originated Consumer Assets 2017-1, according to a source 

Price talk circulates on new Moca marketplace lending securitisation
P2P Global Investments has announced initial price thoughts for its second securitisation of marketplace lending loans from the Zopa platform

Axa IM puts money to work in the US as it closes global real estate debt fund
AXA’s real estate investments arm has closed its 10^th commercial real estate senior debt fund after achieving its capped target of €1.5 billion