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There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
2 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
KKR announces new co-CEOs as Kravis and Roberts step down
2 years ago
KKR has announced the appointment of its second ever pair of co-chief executive officers, effective immediately, replacing co-founders Henry Kravis and George Roberts -
Fitch cuts US leveraged loan default rate projection
2 years ago
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection -
CLOs face uncertainty as Libor rate deadline looms
2 years ago
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes -
Santander to acquire Amherst Pierpont for $600 million
2 years ago
Banco Santander says it has struck an agreement to acquire fixed income broker dealer Amherst Pierpont Securities -
Fitch lowers US loan default rates for 2021 and 2022
3 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
Sterling-heavy loan b-wic points to PGIM CLO
3 years ago
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018 -
Perhaps 2021 will be the first year of the next expansion
3 years ago
For 2021, our columnist is focused on Libor transitions, CLO flexibility and loan managers fighting among themselves -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years -
CLO market braces for another wave of loan downgrades
4 years ago
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners -
Frontier bankruptcy dials up pressure for 90 CLOs
4 years ago
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York -
S&P adds to CLO negative watch list as loan downgrades pick up
4 years ago
Standard & Poor’s has added to the list of tranches in CLOs it has on negative watch as coronavirus concerns mount. This follows the rating agency last week highlighting 22 tranches across 15 US CLOs for having big exposure to downgraded corporate borrowers across impacted industry sectors -
Fitch puts European and US CLO notes on negative watch after coronavirus stress test
4 years ago
Fitch Ratings has placed six notes from one European CLO, one US static CLO and one US middle market CLO on negative watch, following coronavirus-related stress tests placed last week -
CLOs process Internap bankruptcy as they hold $212 million
4 years ago
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday -
CVC listed credit fund 'pre-emptively' sheds covid-19 related positions
4 years ago
CVC Credit has taken a conservative approach to addressing covid-19 volatility in its listed opportunistic credit fund, with the fund divesting several credit positions to manage risk -
VIP Cinema makes uncomfortable viewing for CLOs as it's reeled into Chapter 11
4 years ago
CLOs hold $52.9 million of debt in seatmaker VIP Cinema Holdings, which has filed for Chapter 11 bankruptcy protection in the District of Delaware -
You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
4 years ago
Investors can’t afford to be too conservative as they prepare for the end of the cycle -
CBAM plans expansion with new $60 million credit facility
4 years ago
CBAM has closed a $60 million credit facility to refinance a working capital facility to its parent company Eldridge Industries -
Värde launches $2.5 billion global credit fund
4 years ago
Värde Partners has raised $2.47 billion for a new global credit fund, according to an announcement today -
CLO managers brace themselves for Acosta bankruptcy
4 years ago
CLOs hold $402.5 million exposure to Acosta, a sales and marketing agency that is looking likely to file for Chapter 11 bankruptcy soon. A total of $163.7 million of Acosta’s term loan left the hands of CLOs in 2019 -
DFG seeks secondary loans for new series of Pulsar CLOs
4 years ago
DFG Investment Advisers is launching a new line of CLOs with collateral sourced entirely in the secondary market -
Few CLOs charred by Murray bankruptcy
4 years ago
25 CLO managers hold $389.6 million exposure to the debt of coal company Murray Energy Holdings, which filed for Chapter 11 bankruptcy in the Southern District of Ohio on Tuesday, according to the latest trustee reports from CLO-i -
US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
4 years ago
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i -
Brigade moves quickly to line-up Libor replacement
4 years ago
Brigade Capital Management is engaging with its CLO investors to talk about a replacement benchmark for Libor. -
Euro loan trading: Areas caters to CLOs while managers cast away Nets
4 years ago
Global travel catering services Areas flew off the shelf after it allocated its €1.05 billion term loan B, with 50 CLO managers buying the loan
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