Global issuance falls 22% QoQ and 12% YoY amid tech selloff and geopolitical insecurity – 1Q26 Loan Highlights
Loan issuance in the Americas, EMEA and Asia-Pacific (APAC) regions reached USD 1.37tn in 1Q26, according to Debtwire data; this volume was 22% down compared to the previous quarter and 12% below 1Q25

News in brief
Top stories on creditflux.com: spreads widen and outflows increase as war hits credit

Texas, Massachusetts systems reveal real estate debt, direct lending investments
Texas ERS, TCDRS disclose commitments worth USD 875m; MassPRIM invests in KKR's opportunistic real estate debt fund

Sealed Air widens pricing, while Grifols sails through as insulation from Middle East volatility drives bifurcation – Europe Loan Digest
Grifols closes oversubscribed, Sealed Air widens to 95 OID; Stark, House of HR, Emeria, Asda performance in focus

Michigan, New Mexico make large bets on asset-based credit strategies
Michigan SIB commits USD 800m to Apollo, LGT credit funds; New Mexico SIC allocates USD 400m for Ares, Pemberton funds

New York, Texas among systems making opportunistic, real estate credit allocations
NYSCRF allocates USD 550m to Apollo, Kennedy Lewis; TCDRS commits USD 150m to Blue Owl real estate fund

ABS primary braves geopolitical uncertainty as spreads start to feel pressure – European ABS Weekly Digest
The European ABS primary market mostly shunned geopolitical risk this week as seven deals priced, two of which were pre-placed

News in brief
Top stories on creditflux.com: firms are planning launches and issuance despite slump

CalPERS, CalSTRS disclose large commitments to Blackstone credit vehicles
CalPERS invests USD 5.75bn in 3Q25 across seven vehicles; CalSTRS, LACERA reveal allocations totalling USD 750m each

Montana, North Carolina systems aim large allocations for real estate debt
Montana commits USD 250m to Walton Street, GoldenTree funds; North Carolina plans USD 1.7bn in commitments, with USD 1bn for real estate debt

Maine, New Mexico systems eye large bets in senior direct lending
Maine PERS plans USD 375m for Blackstone funds; New Mexico SIC allocates USD 300m to Neuberger Berman; LADWP, Ventura County pensions also disclose recent moves

NYS system commits USD 500m as Illinois plans private credit RFP
NYSCRF allocates USD 500m to BlackRock, Ares and Pearl Diver; Boston, San Joaquin pensions also reveal recent commitments; Illinois police pension plans private credit search in June

Wisconsin, Texas systems increase commitments to opportunistic credit
Wisconsin Investment Board allocates USD 650m in 4Q25; Texas system commits USD 350m to LuminArx, Ares

New Jersey, Oklahoma systems double down on private credit SMAs
New Jersey DOI commits USD 600m to Golub Capital, while Oklahoma, NY systems increase allocations to SMAs; Vermont pension could commit USD 235m in 2026

South Carolina, Texas among systems disclosing recent credit allocations
Ares Pathfinder Fund III to launch in 1Q26 with USD 5bn target, while South Carolina system allocates USD 550m to two managers and Illinois and Montana systems commit USD 150m across various funds

Giant deals, fundraising beyond US direct lending dominate 2025
While unpredictable tariff policies introduced volatility into public credit markets, direct lenders stepped up in 2025

New York State Common Retirement Fund commits USD 200m to Oak Hill's CLO fund
The pension fund has committed the funds to OHA CLO Equity Fund III, which will target investments in North America and Europe

CalPERS, LACERS among pensions disclosing recent private credit investments
CalPERS invests USD 1bn in climate-focused private credit fund by Goldman Sachs, while LACERS commits USD 170m to TPG Twin Brook, Sixth Street funds

Investors remain cautious as European CLO and ABS markets rebound after April’s tariff tantrum
Spreads in both primary and secondary markets have all but retraced to the tights seen earlier this year, even as tariff uncertainty remains – but investors remain wary of further volatility

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

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

September 2024 European Leveraged Highlights
Heading into the final quarter institutional loan volumes rose 171% year-on-year to EUR 150bn, while bond issuance doubled from last year to EUR 93bn

US CLO primary roundup - 4 October 2024
Yesterday's deals included a notable new issue from GoldenTree that priced with triple-As at 133bps, the first deal to break through the 135bps floor set almost three months ago

US CLO primary roundup - 2 October 2024
The end of the third quarter provided no relief for overworked CLO bankers, with at least four US deals pricing yesterday

European CLO primary roundup - 2 October 2024
Just one European CLO was added to the tally yesterday - a reset of a Voya deal from 2018