Mid-market CLO rankings – August 2025
Market leader Golub approaches USD 10bn in year-to-date issuance in our monthly mid-market rankings, while Wells Fargo leads BNP Paribas in the arranger 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

Golub prices middle-market CLO with 10-year reinvestment period
The innovative deal sees the reinvestment period set to expire in October 2035, with the non-call period running until 2033

Audax reworks 2021-vintage issue with fifth deal of the year
The triple A paper, split as part of the reset into discrete loan and note tranches, issued at SOFR plus 150bps

Antares massively upsizes 2021 mid-market CLO with USD 1.4bn reset
The reworking of Antares CLO 2021-1 priced its triple As at the tightest level for a mid-market reset since mid-March

Apollo Debt Solutions issues second direct lending CLO
The print follows the manager’s inaugural such deal at the end of April, arranged by RBC and Apollo

Guggenheim resets 2021-vintage mid-market CLO
The transaction repriced a 2021 reissue of a 2019 CLO, with the triple A paper clearing at the wider end of recent mid-market prints

New mid market issues from Ares, Deerpath total over USD 1.3bn
The two managers each priced deals worth over USD 650m on Thursday

Golub upsizes, resets first private credit fund CLO
The transaction follows the USD 868.57m print of the manager’s second private credit fund CLO last Wednesday, with both deals arranged via SocGen

Mid-market flurry continues as three private credit deals price
Private credit CLO issuance is powering ahead with three deals, together valued at USD 1.27bn, pricing in a single day from market heavyweights Golub, Carlyle and MidCap

Private credit CLOs boom to new high
The middle market is seeing record levels of issuance as the smaller corner of the CLO space draws more investor interest, while US BSL primary activity chases 2024 levels

End of week sees private credit CLO issuance rush
The mid-market saw a flurry of issues from Eldridge, Churchill, StepStone and BlackRock toward the end of last week, with the total value of the four deals across Thursday and Friday totalling over USD 1.5bn

HIG issues second new mid-market issue for 2025
The deal, which priced its senior triple A paper at SOFR plus 155bps comes as mid-market CLOs have taken a significant step tighter in spreads

Mid-market CLOs reduce premium over BSL spreads back to narrowest margin of 2025
ANALYSIS: Private credit CLO spreads are seeing rapid tightening, with the difference between BSL and mid-market triple A benchmarks having narrowed back to its tightest level seen this year

Blue Owl lowers private credit CLO spreads with USD 1bn new issue
Blue Owl has set new post-Liberation Day spread tights for mid-market issues with its latest print, a week after setting the previous low for triple As

Manulife to acquire Comvest, creating USD 18.4bn private credit platform
Manulife, through its global wealth and asset management business, will acquire a 75% stake in the private credit manager

Morgan Stanley Direct Lending debuts inaugural private credit CLO
Morgan Stanley Direct Lending Fund, a business development company, has launched its first private credit CLO 

Apollo looks elsewhere, saying CLOs suffer from commoditization
The alternative asset manager said CLOs have tightened to levels that are unsustainable

US MM CLO Rankings – Q2 2025
Golub again leads the way among mid-market managers with an almost 25% market share, as Scotia continues its rise up the arranger ranks

Blackstone prices US private credit CLO – its third static deal of 2025
The manager has issued its third non-reinvesting CLO for the year in a near-USD 600m transaction

AB upsizes new-issue private credit CLO
The manager's first new mid-market print since February priced its triple As at SOFR plus 153bps

Jefferies resets 2023 middle market CLO, cuts AAA spread by 100bps
The deal priced its senior triple As at SOFR plus 165bps

Audax sets lowest AAA tight for new mid-market CLOs in three months
The manager's latest new issue priced its triple As at SOFR plus 160bps, a low for the current market

Sound Point hires former Alcentra president as CFO steps down
CFO Kevin Gerlitz is retiring from the role after 16 years

Golub reset of middle market CLO employs complex capital structure
The reset featured six tranches for triple A coupons