Year-to-date US CLO performance tops global fixed income products – Janus Henderson
US CLO triple Bs have outperformed all other fixed income sectors in the year-to-date and will likely continue to perform well in a higher interest rate landscape, according to new research from Janus Henderson

Private credit and direct lending to grow their share of the loan market—LMA report
A new LMA survey of 234 loan market professionals found that 43% believe private credit and direct lending will grow their share of the EMEA loan market by 2040

Private credit vulnerable amid tightening financing conditions – Bank of England
The central bank is also keeping a close eye on AI-related companies’ increasing use of debt, including private credit

AI outlook one of several key macro calls for investors – BlackRock midyear forecast
‘Scarcity versus abundance’ forms the key theme for the BlackRock Investment Institute midyear global outlook, which was published on Tuesday following the institute’s two-day forum earlier in June

Structural advantages of CLO equity make it more valuable—Sona
Despite recent investor anxiety about falling CLO equity returns, the asset class still holds value, according to a new report by Sona

BDC portfolio stress may be overstated – Moody’s
BDC portfolios may be exhibiting less stress than recent headlines might suggest, as a Moody’s analysis finds that many discounted positions do not represent significant valuation deterioration

Fitch warns on credit risks for European CLOs coming out of RPs
Fitch has warned that European CLOs coming out of their reinvestment period could be vulnerable to market shocks due to asset depreciation and an inability to sell out of the lower mezz tranches

ECB warns of private credit cross-border risks, opacity
Private credit in isolation poses limited risks to financial stability, but the European Central Bank says it is still concerned about spillover

CLO managers push for index-linked discount obligation thresholds
European and US CLO managers are changing their discount obligation language, according to a new report by Dealscribe 

Leveraged loan price bifurcation widening — S&P
A growing distressed tail is trading below 80, while other loans are trading above par, pressuring CLO investors and managers

European credit spreads remain resilient — BlackRock
Healthy fundamentals and low default risk means that European credit spreads are showing resilience, at least for now, according to BlackRock’s latest fixed-income outlook

Credit issuance pipeline continues to build despite temporary pause—KBRA
Issuance will be ready to resume once the market stabilises, according to Gordon Kerr, European macro strategist at KBRA

NAV lending concerns abate, borrowing costs decline – survey
Survey respondents in the Haynes Boones fund financing report said pricing for net-asset-value loans and subscription lines has come down in 2025 compared to 2024 

European CLO equity returns under pressure—BofA report
A challenging situation in the loan market means CLO managers may have to reinvest recoveries at unfavourable cash prices

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults

CLO equity price decline represents compelling buying opportunity — CIFC
Over the next 12 to 24 months, CLO equity could generate returns comparable to those seen in 2023-2024, CIFC believes

Majority of LPs expect to mix public and private credit despite liquidity challenges – BSP survey
Within the next five years, 59% of global institutional investors expect to take an integrated approach to public and private credit investments, new research from Benefit Street Partners shows 

European CLO default rate remained stable in 2025 — Fitch
The annual default rate remained largely stable for EMEA CLO portfolios in 2025, while defaults decreased among issuers rated CC or below, according to new data from Fitch 

Unitranche deals take off in Europe, setting new record – Houlihan
The European private credit market completed 570 unitranche deals in 2025, marking an all-time high since Houlihan Lokey started publishing its quarterly report

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

Credit risk lingers in junior European CLO notes outside reinvestment – Fitch Ratings
Under the assumptions of the stress test, 83% of double B and single B rated tranches in transactions past their reinvestment expiry show model-implied ratings below their current ratings

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

European BSL market upped risk to win deals in 2025 – White & Case
The BSL market issued a higher percentage of loans rated below BB against a backdrop of patchy M&A flow

Prepare for a swift credit pullback when the bullish run ends – Deutsche Bank
The likely new US Federal Reserve chair may be more hawkish, and the progress made in artificial intelligence could disrupt credits in the software sector, DB analysts warn

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market