North America

DigitalBridge closes first credit fund at $1.1bn

The firm has a long history in equity investments but has now entered the credit world with its focus on digital infrastructure.

KORE Wireless deal sees big cut in first lien leverage

The deal is part of a broad trend of refinancings for US mid-market businesses.

A roadmap to crypto bankruptcies?

The approval of Celsius’s reorganisation allows for the release of some $2bn in cryptocurrency, and frowns on a creditor’s reliance on AI.

Manulife agrees to buy CQS for an undisclosed sum

Asset managers see synergy in CQS’ investment process and Manulife’s broader footprint.

The credit crunch that private credit should be focused on

Regulatory pressure is curtailing banks’ willingness to lend and playing into the hands of non-banks, says Charlie Perer of SG Credit Partners.

Carlyle reports 3Q results, and $17bn fair value of credit funds

CEO Schwartz says the firm is focusing on private credit, and notes that the global credit business has nearly tripled in the past three years.

Ares earnings call highlights private credit

CEO Arougheti and CFO Phillips strike optimistic notes of scaling ‘vintage after vintage’.

The default picture: The devil is in the details

In a split-screen moment, defaults are down but speculative defaults are up. Moody’s forecasts spec default rate will peak at 4.7% in early 2024.

Private debt’s inexorable rise

Predictions of doom and gloom are not proving correct as 2023 draws to a close, and there are reasons for expecting the deals market to be prolific next year.

Schroders Capital on why parts of CLOs are well protected

Recovery rates may be lower, but CLOs will provide plenty of opportunity through the credit cycle, according to Anthony Breaks, head of investments, securitised products and asset-based finance, Schroders Capital.