CLO strategies outperform again
In 2023, our index of funds investing in CLO tranches and equity returned 22.9%. In the first six months of this year, the index reached 9.9%, as these funds again delivered outstanding results

CLOs at a glance
CLO issuance table for July 2024

Bain hits the trigger on early-22 vintage Euro CLO reset
Bain has reset a deal from the first half of 2022, another European CLO that have benefited from tightening market conditions in 2024

CLO round-up: Wild week leaves CLOs in a better place
Last week saw spiking volatility, the collapse of the yen carry trade and shelved loan repricings. For CLOs, however, it was business as usual with the market musing that the gyrations may have left the CLOs better off.

CVC prices delayed double-B CLO tranche but withdraws single-B
HSBC has followed up its lead arranging return by pricing one of the two deferred tranches from the refinancing of CVC Cordatus XXII

European BSL CLO Rankings - July 2024
Our latest rankings for the European CLO market, including arranger and manager league tables

Palmer Square prices first static European CLO refi of 2024
Static deal specialist Palmer Square has priced a full refinancing of a static 2023-vintage deal – the first static European refi seen this year

Polus breaks 2024 drought with new issue Euro CLO
Polus Capital Management partnered with Deutsche Bank for its first primary market deal of 2024, a new European CLO

HSBC makes a splash with first lead-arranger credit
HSBC has teamed up with CVC Credit Partners to print a EUR 102.5m partial refinancing of a 2022 vintage CLO in the bank's first lead arranger credit in many years

Napier Park prints tightest Euro refi of the year
Last week saw Napier Park refinance a European CLO from the first half of 2022, recording the tightest print for such a deal in 2024

JP Morgan revises CLO spread target upwards as recession fears mount
Off the back of renewed recession fears JP Morgan has revised its end-of-year AAA CLO spread target upwards to 150bps for both the US and Europe

Sona impresses with tight spreads on third CLO
Sona Asset Management, which debuted as a European CLO manager last year, returned to the primary market with its third new issue since inception

Second 2019 European reset from Alcentra gets priced
Alcentra has priced a European reset of a 2019-vintage CLO – its second restructuring of a pre-2022 deal within a month

Oak Hill seeks to raise new CLO equity fund with mammoth cap
Alternative credit manager Oak Hill is raising a huge new captive CLO equity fund to support global deal activity

Hayfin agrees to Arctos-backed management buyout
The management team at Hayfin Capital Management is taking over the company in a management buyout backed by Arctos Partners

New KKR CLO sees European triple-As hit 125
While the overall pace of European CLO spread tightening has flattened out somewhat the latest print saw another new tight for triple-As from KKR

Trinitas Euro CLO reset shows evidence of mezz wobbles
Trinitas yesterday priced a reset of its Euro CLO II, showing evidence of some weaker-than-expected demand in the middle of the mezz

2023-vintage Euro CLO reset sees major tightening
HPS Investment Partners returned to the market yesterday with its seventh deal of 2024, a reset of an early 2023-vintage European CLO

1H22 CLOs join the European reset show
The European CLO market is seeing an unexpected batch of resets driven by the rapid tightening of mezzanine spreads.

Trinitas markets 2020 Euro reset that capitalizes on mezz tightening
Trinitas is marketing a reset of its 2020-vintage Euro CLO II that is anticipated to benefit from a lower mezz spread

Brigade prices unusual reset on rapidly-amortising CLO
The end of last week saw Brigade Capital Management price an unusual 2018-vintage reset that widened the deal’s overall cost of funding

Morningstar rates first European CLO
Morningstar DBRS has confirmed its first step into rating European CLOs, with the public release of its ratings for Palmer Square European Loan Funding 2024-2

Global investor interest at heart of rapid European CLO tightening
Driven by demands from global investors who are flush with cash, the pace of European spread tightening continues to surprise market observers

Blackstone reports 18% return from private credit over last 12 months
Blackstone's private credit and liquid credit returns outperform private equity investments in the last 12 months

Pearl Diver to list new CLO equity fund
Pearl Diver is listing a new CLO equity fund on New York Stock Exchange under "PDCC" ticker