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McDermott slips into bankruptcy with CLOs holding almost $1 billion
4 years ago
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement -
Attack is the best form of defence
4 years ago
Yes, idiosyncratic risks are creeping into corporate credit. But speakers at Creditflux’s CLO Summit were convinced that the most creative firms will be able to thrive without taking on additional risk -
Deluxe decline leaves CLOs feeling deflated
4 years ago
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events. -
Fund performance: Long-short funds rule in October as CLO funds struggle
4 years ago
A round-up of fund performance -
CLOs at a glance: innovations arrive as year draws to close
A round-up of CLO performance4 years ago -
Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events4 years ago -
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 -
Fund performance
4 years ago
A round-up of fund performance click here. -
CarVal’s independence backed by five-year Cargill loan
4 years ago
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal. -
Fund performance
4 years ago
A round-up of fund performance -
Ucits at a glance
4 years ago
A round-up of ucits fund performance -
Credit funds at a glance
4 years ago
A round-up of fundraising and people moves in credit -
MacKay Shields integrates CVP's loan team while spinning out distressed debt
4 years ago
MacKay Shields has spun out the distressed debt business of Credit Value Partners and focus resources on CVP’s leveraged loan platform -
Credit funds at a glance
4 years ago
A round-up of fundraising and people moves in credit -
Fund performance
4 years ago
A round-up of fund performance -
Fund performance: Mercury rises as does credit fund performance
A round-up of fund performance4 years ago -
Investor requirements rather than performance is driving ESG push: Creditflux survey
4 years ago
Only 14% of respondents to Creditflux's global credit ESG survey said performance was the main reason they were adopting envoronmental, social and governance-themed strategies -
Clover Tech cov-lite loan blots CLOs after spilling a third of its value
4 years ago
The past week’s biggest declining loan by some way, for printing cartridge maker Clover Technologies (aka 4L Technology), is a worry for CLO portfolios as some 21 managers hold the name, according to CLO-i -
CLO managers lick their wounds with Joerns bankruptcy
4 years ago
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday -
A round-up of fund performance4 years ago
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Brookfield strikes deal to buy 62% stake in Oaktree
5 years ago
Brookfield Asset Management has agreed to buy a 62% stake in Oaktree Capital Management in a move which will lead to the creation of one of the largest asset managers in the business. -
It’s going to be a credit picker’s market
5 years ago
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches -
Past returns: Columbia wins at long game
5 years ago
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009 -
CLOs can survive defaults, but it could be death by triple Cs
5 years ago
Covenant deterioration in the leveraged loan market has caused sleepless nights for CLO managers who worry that when defaults start to rise, recovery rates will be lower than in past downturns. But market participants are expressing concern that ratings, rather than defaults, pose a greater risk to the market -
Blackstone builds on multi-asset approach with fifth fund
5 years ago
The new vehicle will invest directly into Blackstone deals across its alternatives platform
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