Wild volatility drives spike in secondary market activity, as primary market hits the brakes in Europe
EU ABS weekly digest: primary ABS and CLO markets hit the brakes, while the secondary markets saw a flurry of BWICs hit the screens in Europe

Trump's tariff U-turn sparks cautious tightening in secondary
ANALYSIS: European CLO market saw little forced selling, more BWIC activity with some percentage of DNTs

Alcentra issues first repricing of 2017-era Euro CLO
The reset of Jubilee CLO 2017-XIX saw the senior triple As widen out by 44bps

Onex prices Euro refi with unusual step-up margin feature
The repricing tightens spreads on the mezz tranches until the deal exits its reinvestment period in three years’ time

Spire resets Euro CLO 18 months after initial pricing
The European manager has repriced Aurium CLO XI, a 2023-vintage deal, at the earliest opportunity

AlbaCore prices seventh CLO
The print comes 13 months after the manager’s last new issue

Pemberton picks up pace as it markets third-ever European CLO
Indigo Credit Management III is expected to price in early April

Canyon resets debut Euro CLO
The 2023-vintage deal was repriced after two years, with the overall cost of debt lowered by more than 60 basis points

HPS undertakes second reset and renaming of 2017-vintage Euro CLO
The deal takes the manager’s total European issuance for the year to over EUR 1.2bn

Nassau prices first new European issue in 10 months
The manager’s fifth new-issue Euro CLO priced via JPMorgan

Invesco slightly narrows triple A spreads with single-tranche Euro refi
The transaction repriced EUR 183m of triple A paper for the 2020-vintage CLO

European resets price from Sound Point, Polus and Anchorage
Sound Point’s deal printed as the tightest of the trio

Acer Tree prices second deal, first since 2022
The deal is the first after the manager inked a strategic partnership with Nordic CLO investor Ymer in January

SRTs aren’t exactly a new idea

Spain’s Arcano Partners debuts as a new CLO manager
Arcano has priced its first CLO transaction, making the Spanish firm the first new manager of the year

BlueBay prices its first Euro CLO for 2025 with a new issue
The transaction was the first European pricing activity for the manager in five months  

CarVal prices first Euro deal in eight months
The deal priced relatively wide in the mezz compared to other recent Euro transactions  

Elmwood signals entry into Europe with BlackRock hire
EXCLUSIVE: US-based asset manager Elmwood has hired a European CLO veteran from BlackRock 

Brigade prices first new European issue in 10 months
The latest print in the manager’s Armada series was the tightest European deal so far this month  

BlackRock shifts European CLO leadership with veteran departing
EXCLUSIVE: BlackRock is seeing changes to their CLO team in Europe after agreeing to purchase US-based alternative asset manager HPS

Nuveen prices latest new Symphony CLO
It’s the first new US BSL issue from the manager this year and its fourth deal overall in 2025  

Arcano readies to price first European CLO next week and debut as a new manager
The Madrid-based manager is currently marketing a EUR 406.5m deal via Jefferies  

European spread narrowing sees historically tight deals reset
Both CVC and Five Arrows have reset 2018-vintage transactions  

HPS, Capital Four print 2019-vintage Euro resets
Both deals widened spreads on their triple As and increased their overall cost of funding as part of the repricings  

PGIM prices first new European deal in more than two years
The deal is the fourth offering from PGIM, following three resets, since the US manager resumed printing European deals in November after an extended interregnum