US-China negotiations complete puzzle to get CLO market back to business
Investors have plenty of cash to invest and there are tailwinds to help spreads tighten again.

Tariffs will push up default rates for several years, say agencies and managers
After an uptick in leveraged loan defaults culled weaker credits in 2024, many expected default rates to fall in 2025. But the uncertainty stemming from the Trump administration’s tariffs means those assumptions are now under threat

News in brief
Blackstone plays offense amid volatility

CLOs that refinanced in 2024 are set to take advantage of market turbulence
There are opportunities for CLOs to build par through discounted purchases

Former Barclays CLO head John Clements joins MUFG
The Japanese bank has appointed him as their head of CLOs, based in New York

Trinitas resets short-dated US deal on five-year timeline
The deal saw the triple As on the late 2023-vintage transaction tighten by 24bps

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

Macquarie issues first deal, marking its debut into US CLO management
The Australian-headquartered firm has entered the CLO management space under the leadership of Vivek Bommi

Hertz extends revolver to 2028, some international banks exit facility
Mizuho and Natixis exit facility, while core banks remain committed

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

Decline in loan supply from tariff uncertainty poses CLO underwriting risks—Oaktree
Oaktree warns a growing supply-demand imbalance for US leveraged loans could pressure CLO managers to pick up low quality paper

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

Northwestern Mutual resets second-ever CLO
The reworking of the two-year-old US BSL deal largely maintained the size and structure of the initial issue

CLO Symposium 2025
The Creditflux CLO Symposium will be held at the Nobu Hotel, London on 14-15 May 2025

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

Janus Henderson CLO ETF sees USD 1bn outflow since tariff-induced volatility
The fund saw a drop of over USD 585m on Monday, the largest single-day withdrawal ever, as markets are roiled by tariff uncertainty  

Mid-market CLO refis price from Cerberus and PennantPark
The two deals both priced their senior triple As at SOFR plus 135bps

Black Diamond's first 2025 CLO sees mezz price well outside guidance
The USD 407m deal was the manager’s first primary market issue since September

Permira prints its second US CLO as new manager in the region
The USD 404.2m deal follows the European manager’s debut US deal in November  

Generate prints its first new US BSL CLO of the year
The USD 408.0m short-dated deal features a complex structure  

Dechert adds Paul Hastings partner to bolster private credit, CLO biz
Brian Whaley will bring his experience in private credit, securitization and structured products to the global finance group