‘This is probably going to stimulate some interest for triple As’
The European securitisation market has come under new regulatory scrutiny this year, with a series of rules being published which have shifted manager obligations. Alexander Batchvarov, managing director, Bank of America Merrill Lynch, explains what this all means for CLO managers

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

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

European speculative-grade corporate default rates to decline in 2026 – Moody’s
The rating agency’s annual deep-dive into the refinancing risks facing EMEA non-financial corporates also found an increased urgency for refinancing as the maturity wall draws closer

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

European CLO rankings – September 2025
CVC and Jefferies maintain their lead in Creditflux's year-to-date European CLO manager and arranger rankings as the curtain comes down on the third quarter

HPS and Permira price Euro resets
HPS and Permira both returned to the market Friday with European resets, with deals that had not been repriced since 2021

Optimism the order of the day at Opal, but worries start to creep in
At the Opal Group’s European CLO Summit, the mood was positive overall among managers, but tempered by growing worries over the macro backdrop and government debt

Partners sets new Euro reset tight for single As
The reset of Penta CLO 16 also matched the current low for European triple As

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 

Blackstone matches market tight with new Euro CLO
Blackstone’s latest new European CLO, Apna Park CLO, issued via BNP Paribas on Tuesday in a EUR 405.325m transaction

This has been a year of avoiding the losers – Bain
Gauthier Reymondier, head of Bain Capital Credit Europe, says avoiding losing companies has become more important than choosing winners

Bank of America ups forecast for European CLO issuance for 2025
Bank of America research has revised upwards its estimates for 2025 Euro CLO gross issuance in light of strong YTD numbers and the expectation of continued market strength

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

Orrick hires 37-lawyer team from Cadwalader, headlined by Quirolo
The experienced CLO specialist headlines a major recruitment of CLO and ABF lawyers across both European and US offices

Private credit shop Corinthia mulls entry into CLO issuance
EXCLUSIVE: The firm has begun deploying the USD 5bn of capital it raised for direct lending and eyeing next step to kick-start middle market CLO issuance 

Pemberton prices its second CLO of 2025, fourth overall
Indigo Credit Management IV issued with a value of EUR 407m, and was arranged via Goldman Sachs, which also priced Indigo Credit Management III in May

Oaktree raises EUR 200m to fund its European CLOs
The sophomore fund has already begun deploying capital, the company said

Capital Four prices first Euro issue since February with upsized reset
The EUR 376m reset saw its top-of-stack paper price at Euribor plus 134bps

Carlyle resets decade-old Euro CLO
The manager teamed with Morgan Stanley to reprice CGMSE 2015-1, in a deal that included a EUR 195m re-sizing of the debt stack and an equity injection of almost EUR 117m

Blackstone’s Jane Lee to leave the firm
EXCLUSIVE: Blackstone's head of CLO capital formation who spearheaded its CLO issuance has resigned to take time off

European CLO rankings – August 2025
CVC heads Apollo in the latest update to Creditflux's European CLO manager rankings, while Jefferies continues to sit atop the arranger league tables

Mizuho EMEA names former BNP Paribas exec as CIB head
Matthew Ponsonby will become head of Mizuho EMEA’s corporate and investment bank, and president and CEO of Mizuho International on 1 October

Arini and Permira upsize with latest new Euro CLOs
The two deals saw comparable spreads, with the triple As for both clearing at Euribor plus 130bps

Pseudo-trading plan language becoming increasingly formalised for CLOs – Dealscribe
The new report " new CLO basket is born" says that the development makes aggregation period language “nearly identical” to a traditional trading plan