Record gross supply but meagre risk/reward ratio for CLOs next year, says JPMorgan in 2026 outlook
The bank is forecasting a new record gross supply figure of half a trillion dollars next year for the US CLO market, but that headline figure belies the ‘recycled’ nature of much of the supply, with new origination expected to decline by around 20%

M&A and LBO activity set to accelerate next year – Moody’s 2026 levfin outlook
The increase in dealmaking activity is set to be driven by LBOs, due to rising pressure for PE shops to deploy a record level of dry powder

Concerns growing about potential turn in the credit cycle – Goldman 2026 outlook
Investors should monitor signs of late-cycle behaviours, with the possibility that pressure on leverage ratios may result in credit ratings downgrades, Goldman Sachs Asset Management said in its 2026 investment outlook

CLO managers find AI risk spreading far and wide
CLO managers are finding that the ramifications of AI are central to their business. Will the technology have a marginal effect on the companies to which they have lent money, or could it wreak havoc?

Zable returns to CLOs at Guggenheim, citing its experience and brand
CLO veteran Robert Zable always planned to return to the market. He’s now taking the reins at Guggenheim Investments to build out the manager’s CLO and liquid loan efforts

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

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

As the US courts become more involved, the number of aggressive LMEs should decrease
Loan and CLO investors would be better served by working together

Fund performance – October 2025
CLO funds struggle while other categories stay positive

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

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