Generali subsidiary Conning to acquire MGG Investment Group
Conning & Company will acquire a majority stake in US direct lending firm MGG Investment Group

Montana commits to Deerpath, Stellus and Goldentree credit funds
The Montana Board of Investments disclosed commitments to funds managed by Deerpath, Stellus, and GoldenTree during a board meeting last week.

Apollo and Mubadala extend capital solutions originations partnership
Apollo and Mubadala Investment Company have extended a private debt partnership established in 2022 that focuses on finding larger deals that require bespoke capital solutions

Aquarian prints first new CLO in Gallatin series in more than year
A USD 399.80m US BSL CLO is the first new issue from Aquarian since the print of Gallatin X in August of last year

Citi and Apollo launch USD 25bn direct lending program
Apollo Global Management and Citigroup have agreed to form a USD 25bn private credit, direct lending program, involving Athene and Mubadala Investment Company

Guardian transfers USD 30bn of assets to HPS as partnership deepens
Insurance company Guardian will increase its minority equity stake in HPS and transfer USD 30bn of assets as part of expanded strategic partnership 

Blue Owl scoops up Atalaya Capital for USD 450m
Private credit manager Blue Owl Capital is raising the stakes on its place in the USD 1.7trn global market with the purchase of asset-based credit specialist Atalaya Capital

Vermont pension system commits USD 125m to private credit
The Vermont Pension Investment Commission recently approved two separate allocations to private credit, totaling USD 125m

Manulife holds final close for USD 752m private credit fund
Toronto-headquartered Manulife Investment Management held the final close of its Manulife Capital Partners VII at USD 752m

Proskauer poaches pair of credit partners from Milbank
Proskauer Rose continues to build out its team with the addition of Eric Reimer and Gayle Berne as partners in the global finance practice

Greensledge arranges new private credit CFO
Churchill Asset Management, an investment-specialist affiliate of Nuveen, announced on Monday it had closed its second collateralised fund obligation, or CFO

CLOs at a glance (May 2023)
A round up of recent CLOs

CLOs at a glance
A round-up of recently priced CLOs

CLO managers to jump into action as Covanta loan proposal omits spread adjustment
Covanta Holdings is the latest example of a US loan issuer looking to switch benchmark from Libor to Sofr, but without an accompanying credit spread adjustment

Up to 40% more US loan supply will hit primary market next year: Barclays
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index

Nassau launches CFO backed by fund LP interests
Nassau Alternative Investments has launched its second collateralised fund obligation

Investors caught out by vanishing spread adjustments
Lenders are being warned to stay on top of loan amendments or risk US loans switching benchmark from Libor to Sofr without an accompanying credit spread adjustment (CSA).

CFOs stage comeback as fundraising tool for managers
Collateralised fund obligations are coming back into fashion, with Churchill Asset Management the latest firm to launch such an offering after announcing a $700 million deal last month.

Euro loans with FX hedging offer better value than US: Barclays
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that

Duration, decompression and dispersion disconnects grow
Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect

Wide yields mean high times again for corporate hybrids
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022

Macro drivers set to give lift to CDS tranche trading
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far