Credit markets brush off government bond fears
The world is playing one big game of chicken, and it’s hard to say who will break first as the pressure builds. The US Treasury Secretary has challenged the market to bet against him as Treasury yields spike — but financial markets are still chugging along, unable to decide who is bluffing

CLO ETFs achieve milestone moment
CLO ETFs are surging past USD 50bn, opening the asset class to a much broader investor base and accelerating growth in Europe, but changing market conditions could test performance

Robust 1H shows resilience of CLOs
Europe has just posted its best half-year of CLO issuance, while a record wave of repricings in the US helped boost overall issuance in 1H 2026 to around the highest levels ever recorded

The right moment to take a chance
Stephen Ketchum founded Sound Point during the global financial crisis with seed funding of USD 35m. He moved into CLOs in 2012. Today, the firm has many arms and AUM of USD 46bn

Direct lending: a history of resilience
They said defaults would get it, then redemptions, then fraud, AI and redemptions (again!). But direct lending has been with us for over a decade — and it keeps proving its staying power

Welcoming in new CLO equity investors
New investors are committing capital to captive equity funds because they see value beyond pure IRR. But the old guard aren’t happy because projected returns for CLO equity have fallen

Eldridge revamps for future growth
Todd Boehly and Tony Minella’s freshly restructured Eldridge is focusing on diversified credit and attracting third-party capital under the leadership of Minella and old colleague Jeff Forlizzi

Orrick wins out in legal reshuffle
Comparing our law firm rankings for the first quarter of 2026 with those from 2024 gives a clear picture of the damage done by staff departures. Meanwhile, Paul Hastings and Milbank stayed top

‘The enthusiasm has been great’
Why are so many new managers launching? Creditflux spoke to 10 who started a CLO business and found that, while it may sometimes be fraught, it’s a rewarding and enjoyable challenge

Debt options proliferate as lenders back data centres
The AI boom has set off a rush to construct USD 7tn of data centres. The ABS and CMBS markets are being tapped, and direct lenders are creating novel solutions to fund developments

All aboard the legal merry-go-round
A series of high-profile movements among CLO law firms have underscored the importance of top-tier counsels. With partners in place, the focus is now shifting to the next generation

Apollo takes crown as 2025’s top issuer
For the first time, the combined issuance of Apollo Global Management’s three CLO brands has secured it top spot in the Creditflux ranking. The firm beat second-placed Blackstone by USD 1bn

Hey Google, can AI chatbots replace investment bankers?
Is artificial intelligence coming for investment banking jobs and mandates? Some experts see it as inevitable – but others say the technology cannot replace the power of bankers’ people skills and nuanced market knowledge

BlackRock rockets up after HPS buyout
After its acquisition of HPS, BlackRock has risen from 18th place to seventh in the US BSL AUM table. The highest-profile faller is UBS, which dropped out of the top 10. It was top in 2024

Watch out for the cockroaches
After the collapse of First Brands, some of the biggest hitters in global finance have been quick to argue that any bugs in the system won’t affect them — but are bad news for everyone else

Liquidity Ladder: Scale may bring attention, but visibility is emerging as the currency of market liquidity
In his third and final article, Daniel Ezra looks at how a CLO manager’s visibility can impact deal pricing

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

Venture debt lenders gear up for growth
Lending to venture capital-backed companies is hitting an all-time high in the US and Europe, with AI, enterprise software, fintech, sustainability and biotech among the busiest sectors

Hot August sets tone for rest of 2025
Some European CLO managers still get time off in summer, but the days when the whole market shut down are long gone. So, in a busy year for CLOs, this August was the second busiest ever

Six months of records and turmoil at the top
The first half of 2025 saw convulsions in the US economy and Golub setting a record with a huge reset. Meanwhile, Blackstone slipped to third in overall issuance, despite winning out in US BSL

Disappearing Dealers: How The Pullback in SP Trading Balance Sheet Has Rewired Market Structure
Over the past 10 years, CLO issuance has multiplied, while dealer holdings fell. In the first of a three-part guest essay, Daniel Ezra looks at the causes of this change — and how it affects the market

NAV Financing and GP/LP Solutions: supercharging value creation with flexible financial technology
NAV loans are not new, but the adoption rate by sponsors is growing rapidly. What’s all the fuss about?

Opportunity in CLO double B tranches
Given their low default rates, double B CLO tranches offer much higher coupons than might be expected — suggesting they offer some of the best risk/return trade-offs in all of fixed income

‘It’s rare something is both issuer and investor friendly’
In 2015, Apollo’s Albert Huntington invented CLO resets. But the most important thing he learned back then was how flexible CLOs can be if you get consent from all equity holders

Mapping the present and future of credit
Keynote speakers at this year’s Creditflux Symposium highlighted the success of credit markets during recent volatility and argued that a wave of securitisation could drive growth in Europe