First Brands adequate protection fight with Evolution yields appellate court ruling friendly to allegedly secured lenders – Legal Analysis
District Court remands dispute back to Bankruptcy Court for further findings and corrected analysis; District Court sets precedent for Chapter 11 cases in Southern District of Texas that prima facie showing of security interest entitles creditors to adequate protection

Software sell-off leads to improved CLO equity arb – BNPP
BNP Paribas is currently bullish on H2 2024 CLO equity in the US, largely due to its low NAV and low software exposure

Abry plans programmatic BSL CLO issuance, eyeing expansion to private credit CLOs
EXCLUSIVE: The alternative investment firm, which made its debut last year, is planning for two to three CLOs for 2026

Private credit manager Varagon prices second CLO
Arranged by BNP Paribas, the USD 592m MDL Structured Notes II is the manager’s first CLO issue since its market debut in October 2024

First BCRED deal for 2026 lowers AAA tight for private credit CLOs
The deal issued its top-of-stack paper at SOFR plus 137bps

Former Ares CLO leader Boris Okuliar joins Corinthia
London-based Okuliar is now Corinthia’s chief strategy officer and head of global diversified credit, signalling the private credit firm’s expansion into public credit

CLO equity payments decline for US and Europe
Reinvesting US BSL CLOs saw median equity payments slip 16bps from the fourth quarter of 2025

KKR prices second deal in programmatic private credit CLO strategy
The transaction is the second in the manager’s series of private credit CLO issues under the KIMM (KKR Institutional Middle Market CLO) banner, following the pricing of KIMM CLO I in October 2024

PennantPark resets 2024-vintage private credit CLO
PennantPark has reset a 2024-vintage private credit CLO, tightening its senior triple A spreads by 87bps from the level they issued at two years ago

Benchmark US CLO AAAs narrow again with Oak Hill reissue
The market’s triple-A spread has now tightened 5bps since the end of last year

Global CLO law firm rankings – FY 2025
Milbank and Paul Hastings again top Creditflux’s global legal manager and arranger counsel rankings for 2025 – but the shifting legal landscape drove changes further down

CLO platform M&A sees green shoots
ANALYSIS: CVC’s recent agreement to acquire Marathon Asset Management in a deal that sees the top European CLO player double-down on its US CLO presence may prove the start of trend 

GoldenTree US CLO reset sees AAAs tighten in to 115bps
GoldenTree’s triple-A spread has the market approaching the tights last seen 12 months ago, before growing supply and US tariff policies saw spreads widen significantly 

CLO manager rankings by AUM – FY 2025
Blackstone once again ended the year on top, but Apollo broke through to secure the second spot

CLO ETFs attracted USD 14.8bn of investor cash in 2025 – Morningstar
Total net inflows for US-domiciled CLO ETFs fell short of the highs seen in 2024

Onex and CIFC price tightest resets of 2026 so far
Onex 2021-23 was arranged via CIBC as a USD 372m offering, while CIFC engaged Bank of America for its reworking of CIFC 2023-III

2026 kicks off with a lot of thunder and not much lightning
ANALYSIS: A lot of noise around geopolitics, Fed interference and market volatility has had little effect on the global CLO market, for now  

US BSL CLO rankings – full-year 2025
EXCLUSIVE: Blackstone returns to the top of the tree as the leading US BSL CLO issuer in 2025 in Creditflux's full-year manager rankings, while Bank of America comfortably topped the arranger tables. Behind them though, there was plenty of movement

Anchorage re-rates AA debt to AAA in 2024 US CLO refi
The full refinancing of the 2024-vintage deal was arranged by Morgan Stanley

Former Tikehau US CLO leaders reappear at Serone
Erika Morris and Wes Seifer join Serone Capital Management to build a US performing credit business

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

Jefferies kicks off US BSL issuance activity with repricings for Five Arrows and Bain
The reset for Five Arrows and a refinancing for Bain totalled to a value of just under USD 788.5m

US CLO pipeline in Q1 gears for strong start
ANALYSIS: The market is expecting healthy first quarter CLO issuance that will likely match the high bar set last year 

US BSL CLOs in 2025 saw strong year despite macro upheavals
Notwithstanding the upheaval caused by tariffs, technicals and investor demand contributed to an issuance total not far off 2024's record level

Barings prices inaugural infrastructure CLO
Co-arranged via MUFG and Morgan Stanley, Barings Infrastructure CLO 2025-I is the manager's first-ever CLO backed by infrastructure loans