CLOs at a glance – October 2025
Our list of recent CLO pricings globally

Global CLO law firm rankings – Q3 2025
Creditflux’s latest global CLO law firm league tables sees A&O Shearman sliding down the rankings following some high-profile departures, while in the arranger tables, Paul Hastings has opened up its lead over second-placed Cadwalader to a mammoth USD 100bn

BlackRock launches securitised fund investing up to 30% in CLOs
The BGF Securitised Fund has a remit to invest in AAA to BBB tranches of European and US CLOs 

Octaura appoints new CFO as it prepares for next growth phase
The electronic trading platform named former JPMorgan Chase managing director Cristina Kim as its new Chief Financial Officer

Prepayment headwinds should diminish after CLO purchase reduction – Apollo
The firm also said that it is preaching risk reduction after previously noting on its last earnings call that CLO spreads had tightened to unsustainable levels

Laura Coady takes the helm of Blackstone's global CLOs
Coady, who will also serve as head of liquid credit, steps into the role as the firm’s former head of capital formation, Jane Lee departs

First Brands and Tricolor show due diligence matters – Crescent President Chris Wright
PODCAST: There are lots of mixed signals currently in the market, which is creating uncertainty, according to Chris Wright, president of Crescent Capital Group, on the latest episode of Credit Exchange with Lisa Lee

CLO manager rankings by AUM – Q3 2025
Blackstone, Carlyle and Apollo continue to lead the way in Creditflux's latest quarterly CLO manager rankings by global AUM, while BlackRock's acquisition of HPS has catapaulted it into the ranks of the top five managers globally

Rob Zable returns to CLOs with global role at Guggenheim
EXCLUSIVE: Blackstone’s former global head of liquid credit strategies will now lead the New York-based firm’s CLO and liquid loan effort

Further lawyer moves predicted as competition for legal CLO talent intensifies

EXCLUSIVE: Shortage of talent amongst legal CLO specialists has fuelled speculation of more moves unless law firms prioritise staff retention

Steve Cohen’s Point72 looking to enter the CLO business
EXCLUSIVE: The alternative investment firm is eyeing the CLO space, as the market experiences a boom in issuance and newcomers

Monthly defaults driven by bankruptcies for first time in two years – S&P Global
Five of the eight defaults recorded in September resulted from bankruptcy filings, with three coming from the US, according to a new research report

US Trustee seeks examiner in First Brands bankruptcy, citing USD 2.3bn of missing funds and ‘malfeasance’
The US Trustee has called First Brands' internal investigation insufficient due to the scope of the allegations, while factoring provider Raistone is also seeking an examiner, citing the need for an impartial investigation

Orrick’s CLO coup stuns market, Cadwalader reels
While the departure of David Quirolo and colleagues from Cadwalader, Wickersham & Taft was not unexpected, the scale and speed of the move has sent shockwaves through the US and European credit markets

After fall of First Brands, investors point to signs of trouble stretching back years
When First Brands attempted to tap markets in August this year to issue USD 6bn in debt, it marketed an attractive financial picture with net first lien leverage of just 1.9x, based on EBITDA of USD 2bn in the first quarter of 2025. By late September, the US auto parts company had filed for bankruptcy

Reset frenzy set to ease — for now
The majority of deals from 2022 and 2033 that could be reset have been, so activity is likely to slow. But 2024 was a busy year for issuance and deals from then may bring a new surge in 2026

Psychology was a factor in managers’ reluctance to sell out of First Brands
We may overvalue what we already hold due to an emotional attachment

After eight years of Creditflux columns, Thomas Majewski looks back at the factors that have most impacted CLO returns
Fighting to be in the winning group in an LME is a skill managers must perfect

Fund performance – August 2025
Arena takes turn in the lead as mix of funds make top 10

Credit funds at a glance – August 2025
Our roundup of top performers, fundraising and moves in credit

Credit hedge funds – August 2025
Credit hedge fund performance

CLOs at a glance – September 2025
Our list of recent CLO pricings globally

Brookfield to buy remaining Oaktree stake, becoming full owner
The USD 3bn transaction will give Brookfield full ownership of the top-40-ranked CLO manager

Orrick reveals expansion plans following arrival of new CLO team
EXCLUSIVE: David Quirolo, partner in Orrick’s London office, intends to build out the firm’s London-based structured finance team 

Cadwalader starts to rebuild with trio of partner promotions
EXCLUSIVE: Cadwalader has appointed three new partners, after losing 37 members of its CLO and asset-backed lending team to rival law firm Orrick