SMBC swoops in to take JPMorgan’s CLO leadership
In one of the most dramatic moves the CLO market has ever seen, SMBC Nikko has swooped in and hired three of the most senior members of JPMorgan’s CLO leadership team

Diameter doubles the fun with two resets in a day
JPMorgan arranged a double helping of CLO resets for Diameter Capital Partners, reworking two US BSL deals from 2021

The middle market goes mainstream
Middle market CLOs were a niche product. Now we call them private credit CLOs — and they are growing faster than BSL CLOs

Fund performance
August returns were largely positive for credit hedge funds, as 88% of those listed in the Creditflux database reached into the black

Credit hedge funds
Credit hedge fund performance tables as of the end of August 2024

In a declining rate environment, CLO debt can still deliver strong performance
We believe investors are still better off investing in CLO debt than in high yield bonds, despite a declining rate environment

Irradiant turns to 2019-vintage deal for latest US reset
Irradiant Partners priced a reset of a late 2019-vintage US BSL CLO, with significant tightening throughout the stack

AGL prices new US BSL CLO
AGL has priced a new US BSL deal. AGL CLO 34 is the first deal to see a reinvestment period tick over into 2030

US CLO primary roundup - 14 October 2024
Another exceptionally busy for days for the US CLO market saw a wave of resets and refis, but Elmwood made sure its new CLO counted by making it a billion dollar deal

Elmwood pushes past USD 1bn to price largest US BSL CLO of 2024
Elmwood CLO 34, arranged by Citi last week, is the largest US BSL CLO to price this year at USD 1.017bn

Aristotle Pacific prices 2020-vintage CLO reset with equity upsize
Aristotle Pacific returned to the primary market last week with its fourth deal of 2024, pairing with CIBC to reset Trestles CLO III

Onex resets a 2015-vintage US CLO for the second time
Onex has priced a USD 393.05m reset of a CLO that it reworked last in 2020 via JPMorgan

Oak Hill claims tightest triple-A spread with 133bps US CLO reset
Oak Hill Advisors has priced a USD 507m reset that matched the tightest triple-A spread of 2024

BBBs tighten 335bps in another dramatic 2022 vintage US CLO reset
FS has returned to the primary market with a reset of the November 2022-vintage Bridge Street CLO III – its third deal of 2024

Ares prices USD 700m MM CLO
Ares kept it simple with a tightly priced investment grade only capital stack for its latest direct lending CLO

Carlyle reinforces tightening trend with 134 triple-A print
One week after GoldenTree breached the old triple-A floor for new-issue US BSL CLOs, Carlyle’s has underlined that tightening trend

Barings goes short to get tightest non-static US CLO print this year
Barings’ latest primary market deal has priced, a short-dated 1Y/2Y US BSL CLO with triple-As at SOFR plus 122bps

Silver Rock resets short-dated CLO
Silver Rock priced a reset of its debut Silver Rock CLO I deal, transforming the short-dated BSL CLO into a standard 2Y/5Y deal

September 2024 US Leveraged Highlights
While new money activity in the loan market reached its highest point in the last 18 months in 3Q24, it remains significantly lower than historical averages

CLO resets crowd out new issues in the US
The US CLO market is seeing a barrage of reset deals as managers furiously attempt to lower spreads on vintage transactions, with the mad rush crowding out new issuance

KKR resets US BSL CLO
KKR has priced a reset of KKR CLO 49, a US BSL CLO from May 2022, in a deal arranged by Deutsche Bank

Antares sets new triple-A tight with mid-market print
The relentless tightening of MM CLO spreads has continued with Antares pricing  a new MM CLO with triple-As paying SOFR plus 157bps

Benefit Street Partners resets 2016-vintage CLO
A reset of a 2016-vintage US BSL CLO from Benefit Street Partners has priced with a senior triple-A tranche at SOFR plus 137bps

UBS prices 12th US BSL CLO reset of 2024
UBS, currently at the top of our year-to-date league tables, priced another US BSL CLO reset, this time of a late 2022-vintage deal

AXA reissues second CLO this year
Reissues are a rarity in the current market, but AXA has just priced its second such deal - Allegro CLO VIII-S