1 July

MeDirect CLO team seeks spin-off from bank

A spokesperson for MeDirect confirms plans to separate its CLO business. The changes outlined in MeDirect’s 2019 annual report stem from its strategic focus on becoming a “pan-European digital retail challenger bank serving affluent clients,” said the spokesperson.

6 july

Firms linked to CLOs borrow on Paycheck Protection Program

Three asset managers borrowed up to $1.7 million between them on the Paycheck Protection Program (PPP) — the US fiscal relief package to help small businesses impacted by the coronavirus pandemic. Canaras borrowed between $350,000 and $1 million in PPP loans, Par-Four borrowed $150,000-$350,000 and a Highland unit borrowed $150,000-$350,000.

10 July

Loans downgraded as Travelport loses its way

Just under $9 billion of CLO loans fell to triple C across 34 corporate borrowers. Travelport’s downgrade had the largest impact on the market.

9 July

CLO pipeline: break’s over — time to print deals

2 July

CEO Wriedt to part ways with DFG and launch his own business

Oliver Wriedt is stepping down from his role as chief executive officer of DFG Investment Advisers to launch his own investment venture, according to an investor letter seen by .

17 July

Global CLO trading co-head leaves JP Morgan

Shivraj Bhushan has left the bank in New York ending a 14-year stint at JP Morgan. He led the CLO trading effort alongside London-based Matthew Carpenter.

14 July

Two large managers prepare CLO funds

Alcentra is targeting $500 million for Alcentra Structured Credit Opportunities Fund IV, while GSO is launching GSO CLO Opportunity Fund.

14 July

CLO managers push for deeper triple C buckets

CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March, with requests for 10%-plus triple C buckets.

20 July

Fund manager accused of using fake CLO to run multi-million Ponzi scheme

David Hu, chief investment officer of International Investment Group, was arrested after being accused of running a Ponzi scheme linked to raising a CLO backed by fraudulent trade finance loans.

21 July

Hildene to take over trups-style CLO

Hildene is in line to take over as manager of Community Funding CLO, the first trups-style CLO issued since the financial crisis. It was launched by StoneCastle Investment Management in 2015.

22 July

Ex-LibreMax corporate credit head sets up distressed debt firm

Michael Fine is launching a distressed debt firm, A6 Capital Management, in New York.