Creditflux

California pension fund seeks opportunistic credit manager
Merced County Employees’ Retirement Association is on the search for an opportunistic credit manager, according to board minutes seen by Creditflux

Los Angeles pension fund plans $3.7 billion allocation to credit
Los Angeles City Employees' Retirement System, the $17 billion pension fund, is allocating to credit in 2019 - it's looking to put $2.44 billion to work in core-fixed income, $800 million into emerging markets debt, $235 million into high yield and a similar amount into a bond/loan hybrid fund

European loan issuance set to decline in 2019, says Moody's
The outlook for European leveraged loan issuance remains strong for next year, according to report by Moody’s, although levels will depend on M&A activity

Selling at the time of the default or downgrade can often be the worst value decision for the CLO
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski

Kicking the tyres: CLOs survive examination as bankruptcies tick higher
US CLOs are weathering the turbulence triggered by a couple of bankruptcies in the broadly syndicated loan universe, namely US retailer Sears and American Tire Distributors. Those bankruptcies, filed on 15 and 4 October, respectively, have failed to dent CLO structures

Machines connect as credit managers’ new best friends
The clamour for credit funds that adhere to environmental, social and governance (ESG) criteria means the managers behind these funds are handling ever-larger and deeper data sets. This has led a growing number of fund managers to divert resources into incorporating artificial intelligence (AI) and machine learning into their investment processes

Regulators suggest clampdown on UK loans
The Bank of England recently raised alarms about the state of the UK leveraged loan market, drawing parallels to the growth of the US sub-prime mortgage market

They said it: ebit-don't or ebitdaaa
Two direct lenders take turns complaining about ebitda adjustments

Points up front: Creditflux makes significant SRT call
They were once referred to as regulatory capital relief trades (or reg-cap trades), but now no one can agree on what to call them

Managers digest blockbuster deals
Third quarter loan and bond volumes tend to be small — but this year corporate credit fund managers have swallowed huge deals from AkzoNobel, Altice and Refinitiv

Without a single dollar being raised, future loan supply dwarfs current demand by as much as 10 to one
There’s plenty to be spent on mid market loans, but it’s still not enough to cover the $1 trillion of financing likely to be required, says our columnist Randy Schwimmer

You don’t need a 15% default rate to make money in credit
Jeanne Manischewitz, head of North American credit at York Capital Management, takes our credit quiz

Blockchain technology powers breakthrough €150 million syndicated loan
Three banks have marked another landmark for the syndicated loans world: the first syndicated loan deal on blockchain  

Napier Park receives $50 million add-on from Texas pension fund
The $30.1 billion pension fund has topped up its separately managed account with Napier Park 

Ares ups its target for US senior direct lending growth to $4.7 billion
Following $5 billion of inflows into global direct lending in the third quarter, Ares has upped the target for its US direct lending strategy 

Fixed income heads join forces to launch macro credit fund manager in London
Resco Asset Management, a new asset manager based in London, has launched and set about marketing its debut fund: Resco Macro Credit Fund

BlueMountain hires ex-Deutsche levloan and high yield analyst
The new hire will support portfolio managers responsible for the firm's investments in CLOs

Danish penion fund's credit portfolio returns to growth
ATP, the Danish pension fund, has generated a return of DKK 799m from its credit portfolio for the first three quarters of 2018, marking a recovery compared to the H1 negative return of DKK200m.  

Axa IM reveals new Ucits-compliant global credit fund
The new vehicle aims to offer investors a Ucits-compliant product that invets across the whole credit spectrum 

Akin Gump bolsters financial restructuring debt team with four partners
Akin Gump Strauss Hauer & Feld has bolstered its financial restructuring and global debt finance team with a new Connecticut office and the addition of four partners

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

OFS holds IPO for $50 million CLO fund
OFS Capital Management has held an initial public offering for its closed-end CLO fund, OFS Credit Company

Eaton Vance adds former Janus Henderson official as credit portfolio manager
Dónal Kinsella joins as institutional portfolio manager for the firm’s corporate credit strategies

TSSP launches capital solutions fund
TPG Sixth Street Partners (TSSP), the credit platform of private equity giant TPG, has launched a fund to target late stage growth companies

DWS and Tikehau unveil strategic alliance
The alliance will see the pair collaborate on several different alternative investment initiatives and cross-invest in respective funds