Moody’s forecasts robust economic performance underpinning continued strength in CLOs
The ratings agency’s outlook for 2025 is upbeat about the prospects for both the US and European CLO markets, helped by declining leveraged loan defaults

KKR resets European CLO with increased cost of funding
KKR has priced a second reset of Avoca CLO XVI, a 2016 deal reset in 2018, in a transaction that priced tightly but still saw the overall cost of funding jump out

M&G resets comeback European CLO
The reset of Margay CLO I slashed the weighted cost of funding to Euribor plus 211.55bps, a tightening of just over 74bps from the previous level

Permira prices European new CLO as it debuts as a manager in the US
Permira has priced its second new European issue of the year in line with market as it makes waves overseas with new debut deal  

2023-vintage UBS reset slashes cost of debt by over 100bps
Deal saw a mix of spreads coming in both wider and narrower than guidance 

Mezz tiering takes hold in Europe as investors take their pick of deals
Manager performance in elevated rate environment is coming under more scrutiny from investors   

New Invesco Euro CLO prices wide of recent market levels
Invesco’s first new European deal in six months saw its triple-As priced at Euribor plus 134bps   

Barings prices Europe’s first ever private credit CLO
Barings and BNP Paribas have priced Europe’s first ever private credit CLO, achieving a historical feat that had eluded the region so far

Deutsche Bank forecasts record new issuance for European CLOs in 2025
Deutsche Bank Research is forecasting a record EUR 50bn in gross new issue CLO supply for the European CLO market in 2025, with net issuance projected to increase to EUR 25bn

European CLOs hit another BB tight with latest Trinitas print
Trinitas’ latest European deal recorded a new year-to-date low for European double-B spreads, slicing 10bps off the previous tight

KKR joins CLO captive equity rush
Investment giant KKR is fundraising for a new CLO captive equity fund with an impressive target size, joining managers like Bain, Beach Point and Brigade who all hit the news this week 

Partners prices new European CLO
The new deal from Partners Group adds to an increasing number of European transactions pricing triple-As at 128bps over Euribor

Triple C assets and capital preservation
In the US and Europe, better performing CLOs tend to hold fewer triple C assets. But even so, a third of top performing CLOs in the US have more than 6% of their assets in the triple C bucket.

Fund performance - Emerging markets index takes top spot in solid month for credit overall
September was another positive month for credit funds. In almost every category our indices were positive, and four strategies showed solid average returns of 1% or more. 

Bain Capital fundraising for third captive CLO equity vehicle
Bain Capital Credit has become the latest CLO manager to start fundraising for a new captive equity fund

Onex completes post-pricing upsize in European market first
In a first for the European CLO market, Onex has completed a post-pricing upsizing of its latest European deal, Onex Credit Partners Euro CLO 2024-11

UBS looks for significant tightening as it markets 2023-vintage Euro reset
UBS is currently marketing its second European CLO in two months, a reset of Madison Park Euro Funding XIX, a 2023-vintage issue

Voya leaves it late to price first new Euro issue of 2024
The steady flow of European CLO dealmaking continued with the pricing of Voya Euro CLO VIII, arranged by Jefferies and HSBC

PGIM prices wide of mezz guidance in return to European primary issuance
The US manager’s first European deal in two years followed the recent trend and showed some weakness in the mezz compared to initial price talk

Fidelity Investments buys Fidelity International’s European CLO platform
Life has become a little simpler for CLO investors, as the two different Fidelity CLO platforms combine into one manager

CLO fundraising round-up - November 2024
CLO funds have had a stand-out year, and both fundraising and fund returns have soared, with managers out in the market with both third-party and captive CLO funds

Euro reset sees KKR extend one of its longest-running deals
The latest reset of a 2014 vintage CLO by KKR saw a hefty cost-of-debt increase, as a prior partial refi in 2019 had locked in extremely tight spreads 

European BSL CLO Rankings - October 2024
Palmer Square and Jefferies remain on top our latest YTD rankings for the European CLO market

Carlyle returns to European primary market with second new print of 2024
Carlyle's first European CLO since April priced with the senior triple-As at the current market tight of Euribor plus 128bps

Accunia launches new investment-grade US CLO fund
The Danish asset manager Accunia has launched an IG CLO fund and is currently looking for investors