Private credit CLOs scaled new heights in 2025
CHART: Mid-market CLOs enjoyed their biggest issuance year ever, powered by a high number of pricings and underpinned by an especially prolific opening quarter

Lev loan guidance shift will challenge private credit CLOs, bring more new loan supply – Shenkman
EXCLUSIVE: Regulators rolling back restrictive guidance around leveraged lending could help traditional bank lenders claw back market share from US direct lenders

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

European private credit CLOs ramp up, with Pemberton, Ares readying new deals
Pemberton to join Ares with new issues next year, while Barings looks at a reset of its initial static deal

MidOcean gears up for second CLO equity fund
EXCLUSIVE: The investment manager previously raised more than USD 300m for its debut CLO Equity Fund I in 2024

Investor demand for diversification drove multi-currency CLO
EXCLUSIVE: Geographical diversification was a driving force behind the creation of Europe’s first sterling/euro middle market CLO

More European multi-currency CLOs expected after Barings issuance
EXCLUSIVE: More sterling/euro private credit CLOs are expected to launch next year, following the successful pricing of Barings’ pioneering multi-currency deal

Barings prices multi-currency European mid-market CLO
The primarily euro-denominated deal included a GBP 103m triple A tranche issued in sterling

US life insurers increase commitments to CLOs and private credit – Fitch

Alt IM-backed life insurers in the US are increasing their allocations to CLOs and private credit in the search for higher yield

Barings to launch first European multi-currency private credit CLO
EXCLUSIVE: Sterling-euro deal will be the third European private credit CLO to hit the market

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

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

Barings moves toward second Euro private credit CLO as Blackstone, Apollo mull initial deals
EXCLUSIVE: The firm that cracked the European private credit CLO market open last year is working on its second such deal, while Blackstone and Apollo eye a market entry

Monroe Capital Partners returns to primary market with first 2025 print
The deal’s upper mezz priced in line with earlier investor guidance, but the triple Bs priced notably wide, with the spread remaining unchanged from its pre-reset level

Europe sees first reinvesting private credit CLO as Ares prices rare sterling deal
The second private credit CLO in Europe is comprised of over 50 middle-market companies based in the UK, primarily operating in defensive industries

Bain tightens triple A benchmark for private credit CLOs
The USD 349.13m private credit CLO lowered the current triple A tight for mid-market CLOs by one basis point, to SOFR plus 162bps

HIG issues first new CLO in 15 months
The deal is the first new print from the manager since it priced HIG WhiteHorse Trinity CLO 2024-1 in February last year

News in brief
Blackstone plays offense amid volatility

Blackstone prices static BCRED CLO
The transaction is the first non-reinvesting deal to price under the BCRED shelf

Clearlake launches Clearlake Credit to chase private and public credit investments
The new platform will integrate the newly acquired MV Credit and WhiteStar Asset Management

Apollo Debt Solutions BDC prices its debut CLO
The private credit transaction from the fund, which is run by Apollo Credit Management, is the market’s second debut CLO pricing in three days

Mid-market PE firm becomes newest CLO manager with USD 402m print
Kohlberg & Co. priced its inaugural deal on Monday, with the market’s first new private credit CLO in three weeks

Brightwood prices first new CLO in more than 12 months
The middle market specialist's first primary market activity of 2025 was also the first new private credit deal to price in three weeks

CLO portfolio values, new issuance face tariff risk—KBRA
Market volatility and uncertainty around tariff plans have already led to some CLO deals being put on hold or delayed