Flood of new US CLOs print before long weekend as market wraps up busy week
A hectic day saw new issues pricing from Antares, Barings, CQS and Polus

Invesco prices first new issue for 2025
The US deal is the first new CLO from Invesco since November last year

Warwick returns to primary market with first deal in six months
The new US issue priced its triple As in line with the current market average

Obra prints its second US CLO
The USD 504m deal comes six months after the manager’s debut offering

MJX refinances award-winning CLO from 2023
The US BSL deal was named Best New US CLO in last year’s Creditflux awards

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

AB opts for short duration with latest BSL issue
The USD 402.1m deal comes three months after the manager's last new issue, a mid-market CLO

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