Carlyle, Barings market new European CLOs
The two managers are marketing new European CLOs with similar sizings and spreads – but Carlyle’s deal is set to print as a standard-duration five-year CLO, while Barings is offering a short-duration three-year reinvestment period

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%

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

AXA IM resets European CLO with 200m equity upsizing
The reset of the decade-old Adagio IV is the third repricing of the CLO and its first since 2021

Trinitas and Oaktree price European resets with AAAs at 130
Trinitas reset a 2024-vintage deal, while Oaktree repriced a nine-year-old transaction that was last reset in 2021 at historic tights

Silver Point prices debut Euro CLO
The deal, which priced via JPMorgan, is the first of what is expected to be a wave of debut issues from US CLO managers looking to expand across the pond into Europe

Expect more corporations to default – JPMorgan head of global credit financing Jake Pollack
“The idea that default rates will go up over time is not particularly difficult to get to,” says Jake Pollack, head of global credit financing and North America credit trading at JPMorgan, on the latest Credit Exchange podcast with Lisa Lee

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

KKR’s Avoca XXX resets at current Euro tight
The deal matches KKR's own triple A tight of Euribor plus 128bps, set with the reset of Avoca CLO XXIX at the end of August

Fidelity reworks Euro CLO, 18 months after reissue
The manager reset Fidelity Grand Harbour 2022-1 on Wednesday via JPMorgan

Bridgepoint prices new Euro BBs at sub-500
Bridgepoint's second new European CLO of 2025 recorded a post-March tight for new European CLO BB spreads, of Euribor plus 490bps

CLOs attracting more investor demand, especially in Europe – JPM's Steve Baker
Creditflux catches up with JPMorgan's Steve Baker and Ed Watson as they gear up for the rest of the year

New Euro issuance returns with a flourish as HPS, Brigade and Palmer Square price deals
European managers are well and truly back from summer holidays, with three new CLOs printing on Wednesday – the first new European issues to price in four weeks

JPMorgan credit research team pitches top trades at levfin conference, strategists recommend overweight BBs
Buy opportunities in AT1 debt, periphery banks, Ardagh Metal, Altice France, Ithaca; Sell ideas on Guala Closures, Nissan, Nomad Foods, Hapag Lloyd
 

Blackstone prices tightest European CLO since April
The new-issue CLO priced at the tight end of investor guidance for both the triple As and mezz, as European CLO investors clamour for new-issue paper from tier-1 and tier-2 investors

Euro pipeline remains strong with Blackstone, Voya and ICG among those readying new issues
The pipeline into the August break remains strong as a number of managers look to take advantage of a still-benign issuance environment in advance of the summer break

Arini follows up debut US print with first Euro issue for 2025
The fast-growing manager has priced its sixth European deal since its debut as a CLO issuer some 20 months ago

Sculptor prices new euro CLO amidst busy market
Sculptor European CLO XIII was the manager's first new European issue in over six months

Palmer Square resets 2021-vintage Euro CLO
The EUR 388m reset of the four-year-old CLO added almost EUR 50m to the debt tranches and some EUR 14m of additional equity

US CLO spreads to widen as uncertainty and tariffs bite – JPMorgan
Higher US tariff levels may lead to CLO spreads widening and pressure US CLO market growth, but new origination has been more resilient than expected, according to JPMorgan analysts in their mid-year CLO outlook report

Serone adds third act with newest CLO pricing
The European manager priced its third deal just a year on from its market debut

Carlyle shortens it up with first new Euro print for 2025
The 1Y/2Y transaction priced its triple A paper at Euribor plus 121bps

Are unusual deals from Clearlake and JPMorgan signs of things to come?
Deals that would have gone to public markets switched to private credit

Palmer Square prints second new static Euro CLO of 2025
The triple As priced 30bps wider compared to the previous deal in February

Trinitas prices new Euro issue with triple As at 124
The new issue priced on Monday, with deal activity expected to slow imminently