CVC hires TPG's Sisitsky as future co-CEO as Rob Lucas plans to step back
CVC’s CEO Rob Lucas will step back from his role, to be replaced with former TPG president Todd Sisitsky and current CVC President Peter Rutland as co-CEOs, according to a company announcement

Blackstone aims to price first hybrid CLO in October
EXCLUSIVE: Blackstone is planning to price its first private credit-BSL hybrid CLO in October as an all-euro-denominated deal, according to a source familiar

AI, hybrids and staffing anxieties dominate at Dublin’s Opal conference
EXCLUSIVE: At the first Opal-hosted CLO and Private Credit Forum in Dublin, managers and investors were laser-focused on a handful of key issues

Sona hybrid deal opens up European PC CLO market to smaller players – KBRA
EXCLUSIVE: Sona’s market-first BSL/PC CLO could lead to smaller managers entering Europe’s fledgling private credit CLO market, says KBRA’s Gabriele Gramazio

Sona prices market-first hybrid European CLO
Sona has broken new ground in the European CLO market by becoming the first manager to price a hybrid BSL-private credit CLO, with Goldman Sachs serving as the arranger for the EUR 403.9m Sona Aclai CLO I

Investor demand strongest for European PC CLOs – Golub
EXCLUSIVE: Investor demand is stronger for European private credit CLOs than any other segment of the CLO market, according to Golub Capital’s Landis Wood

Barings resets first European private credit CLO as reinvesting deal
The manager's inaugural 2024 static issue was reworked on a 1.5Y/4.5Y timetable, and now includes a sterling-denominated triple A tranche, with the dual-currency format establishing itself as the standard for this type of deal

News in brief
Top stories on creditflux.com: including early summer visits to Clearlake and Nearwater

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

Gearing up private credit CLOs in Europe
Hybrid deals are the latest attempt to make private credit CLOs work in Europe. They aim to combine private credit and leveraged loans to create a vehicle that delivers yield and liquidity

Banks are piling into the CLO market – BSP
Despite negative headlines around the alternative credit space, banks are still supportive of private debt and the CLO market behind closed doors, according to Benefit Street Partners

European private credit CLO market sparks back to life
ANALYSIS: After a brisk start, the European private credit CLO market has stalled somewhat over the past year, but a new issue in the space and the expectation of incoming hybrid issues has breathed new life into the sector

Golub enters European CLO market with multi-currency private credit print

The world’s largest mid-market CLO issuer by AUM has become the third manager to issue a European private credit CLO, after Barings and Ares

First Eagle taps AlbaCore alum for alternative credit product sales
Edward Berry joins as a managing director in London and will help distribute the firm’s alternative credit products, including those under the Napier Park brand

European credit spreads remain resilient — BlackRock
Healthy fundamentals and low default risk means that European credit spreads are showing resilience, at least for now, according to BlackRock’s latest fixed-income outlook

Golub shakes up leadership with co-CEOs, co-Presidents appointments
The alternative credit manager will have three co-presidents after promoting Spyro Alexopoulos and hiring two new executives

Mapping the future together
Credit market players are getting on with business, looking through the conflict in the Persian Gulf, and dealing with the resultant rise in inflation, all while hurriedly adapting to AI, which many are labelling the greatest transformative technology in our lifetimes

Credit issuance pipeline continues to build despite temporary pause—KBRA
Issuance will be ready to resume once the market stabilises, according to Gordon Kerr, European macro strategist at KBRA

Lipton raises EUR 50m equity and EUR 160m secured loan from CVC

Guggenheim’s Zable warns on rapid pace of AI disruption
EXCLUSIVE: Most managers are not prepared for the pace of change in the software loan space, Guggenheim CLO chief Rob Zable said at the Creditflux CLO Symposium

CLO community turns out in force for 18th annual Creditflux Symposium and Awards
EXCLUSIVE: Award winners celebrated, while the stars of the CLO industry came out in force to share predictions, tips and deal making opportunities

Cautious optimism prevails at second day of Creditflux CLO Symposium
EXCLUSIVE: Hundreds of delegates gathered at the Chancery Rosewood in London to talk software, shipping, and the shifting dynamics in the global CLO market

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults

Hybrid BSL and private credit CLOs coming to Europe – KBRA
EXCLUSIVE: KBRA is in discussions with managers and arrangers about bringing hybrid BSL/PC CLOs to the European market to improve diversification for investors

Private credit still deploying despite increasing risks – head of credit at CVC
PODCAST: Andrew Davies, head of credit at CVC Capital Partners, says the present uncertainty offered opportunities to reconsider the pricing of transactions, and the ability to structure those deals more conservatively