Record gross supply but meagre risk/reward ratio for CLOs next year, says JPMorgan in 2026 outlook
The bank is forecasting a new record gross supply figure of half a trillion dollars next year for the US CLO market, but that headline figure belies the ‘recycled’ nature of much of the supply, with new origination expected to decline by around 20%

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

KKR resets US CLO for first time since 2017
The 12-year-old KKR Financial CLO 2013-1 recapitalised its debt tranches to the tune of around USD 243.5m in the repricing

Laura Coady takes the helm of Blackstone's global CLOs
Coady, who will also serve as head of liquid credit, steps into the role as the firm’s former head of capital formation, Jane Lee departs

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

Rob Zable returns to CLOs with global role at Guggenheim
EXCLUSIVE: Blackstone’s former global head of liquid credit strategies will now lead the New York-based firm’s CLO and liquid loan effort

CLO caution dampens the buzz at ABS East
As attendees filled the Fontainebleau Miami Beach resort hotel, CLO optimism was tempered

Monthly defaults driven by bankruptcies for first time in two years – S&P Global
Five of the eight defaults recorded in September resulted from bankruptcy filings, with three coming from the US, according to a new research report

BDC stock sell off could impact CLO BBs – BofA

BofA Securities warned of the possibility of a tactical sell off in CLO BBs in response to the BDC stock sell off

US reset issuance hits over USD 15bn for September as PGIM, Fidelity and Barings print deals
The trio of repriced transactions, together worth USD 1.4bn, featured similar sizes and capital structures

Blackstone’s Jane Lee to leave the firm
EXCLUSIVE: Blackstone's head of CLO capital formation who spearheaded its CLO issuance has resigned to take time off

Rise in BBB fixed-rate CLO tranches in US overtake AAs—Barclays
CLOs tend to prefer floating rate assets, but the percentage of fixed-rate BBBs have ticked up since January 2024

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

First Brands factoring agreements a USD 2bn variable at play in potential Chapter 11 filing – legal analysis
Factoring agreement terms determine ownership of accounts receivables in bankruptcy; fraudulent transfer claims, termination fees possible issues

Fed cutting cycle could decrease demand for CLOs—Barclays
Rate cuts present a slight headwind for nominal CLO demand but should be more neutral for spreads and supply, a recent credit strategy research report says; could be boost for CLO equity

Atlantic Avenue prices fourth CLO, first of 2025
The US CLO manager owned by Connecticut-based MC Credit Partners has returned to primary issuance after 10 months

Resets prove lynchpin of US issuance as deal flow ramps up
US CLO issuance this week was dominated by a brace of resets, with deals issuing from the likes of AGL, AMMC, PPM, Sycamore Tree and Saratoga Investment Management

Barings, Benefit Street latest to price US resets at 125
Barings reworked a two-year-old CLO, while Benefit Street Partners issued its fourth reset of a serially-repriced 2014-vintage deal

Polus plans to enter CLO mezz tranche investing
EXCLUSIVE: Polus Capital Management continues building out US CLO management business and sees opportunity in mezz tranche investing

 

Investcorp prices 2020-vintage US reset
Investcorp’s 11th CLO issue of the year has priced via CIBC, issuing its top-of-stack paper at SOFR plus 130bps

US resets price from Barings, CVC and Western Asset Management
A trio of US BSL resets from CVC, Barings and Western Asset Management toward the end of last week added over USD 1.3bn to August’s final issuance tally

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

Allstate records new AAA tight for US resets with 2015-vintage repricing
Benchmark triple A spreads for US resets have followed those for new issues in tightening to the mid-120s, with Allstate pricing a reset of AIMCO CLO, Series 2015-A

TwentyFour’s ABS co-head eyes CLOs and prime RMBS, predicts record issuance
Aza Teeuwen says European CLO and ABS issuance could hit EUR 175bn this year, while he sees value in triple A CLO tranches