Rise in BBB fixed-rate CLO tranches in US overtake AAs—Barclays
CLOs tend to prefer floating rate assets, but the percentage of fixed-rate BBBs have ticked up since January 2024

UK and France dominate European CLO collateral – Fitch Ratings
One-third of the collateral behind European CLOs is issued by UK and French companies, as Fitch warns of French downgrade risk

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

European BB CLO tranches most susceptible to downgrade – S&P Global
Triple-A tranches demonstrate “significant stability,” according to the ratings agency

Credit quality of European CLOs improved since start of year – Fitch
A new report from Fitch Ratings points toward higher quality CLO portfolio credit in the year to date, despite a lower default recovery rate

Upgrades outpace downgrades in triple C tranches of CLOs in July – BofA
Despite July's reversal, the pace of triple C downgrades remains significant, BofA said, and is expected to reach 8% for triple Cs

Private debt market fundraising shows shift to Europe – Goldman Sachs
Private credit market fundraising has been pivoting to Europe, while global defaults remain below historical averages, according to new research from Goldman Sachs

US CLO spreads to widen as uncertainty and tariffs bite – JPMorgan
Higher US tariff levels may lead to CLO spreads widening and pressure US CLO market growth, but new origination has been more resilient than expected, according to JPMorgan analysts in their mid-year CLO outlook report

Mid-market CLO rally unlikely to endure — S&P Global
The positive start to the year has been undercut by uncertainty stemming from the Trump administration’s new tariff regime

European CLO resets expected to continue throughout 2025 – Fitch Ratings
A report from the ratings agency indicates as many as 80 European CLOs from 2022 and after could be viable reset candidates this year 

Euro CLOs' largest single B- credits have little direct tariff exposure but face varying indirect pressures – S&P Global
The wave of global tariffs will have little direct impact on the top 'B-' European CLO holdings, but these credits remain vulnerable to secondary effects, according to research from S&P Global

Moody’s forecasts robust economic performance underpinning continued strength in CLOs
The ratings agency’s outlook for 2025 is upbeat about the prospects for both the US and European CLO markets, helped by declining leveraged loan defaults

Deutsche Bank forecasts record new issuance for European CLOs in 2025
Deutsche Bank Research is forecasting a record EUR 50bn in gross new issue CLO supply for the European CLO market in 2025, with net issuance projected to increase to EUR 25bn

BNP Paribas develops 'call score' for US CLOs
The new feature, dubbed ‘Call Score’, rates deals on a scale between 0 and 100, with the aim of identifying CLO deals that are imminent call candidates

European CLOs see jump in triple-C exposure, says Fitch
European CLOs have seen their exposure to assets rated triple-C or below increase sharply, reaching an average of 5.0%

JP Morgan revises CLO spread target upwards as recession fears mount
Off the back of renewed recession fears JP Morgan has revised its end-of-year AAA CLO spread target upwards to 150bps for both the US and Europe

New survey explores middle-market CLO operations
S&P Global Market Intelligence, in collaboration with Creditflux, conducted a study of middle-market CLO managers to assess how specialists are adapting their operations to tap this burgeoning opportunity

Barclays sees record European CLOs for 2024
Barclays expects a record year for CLO deals in Europe, raising its issuance forecast to EUR 40-45bn in a report released this week

Bank holdings of CLOs drop by nearly 3% in first quarter
US bank holdings of CLOs fell 2.93% to USD 199bn in the first quarter, as repayments outweighed purchases of the securities

Technical strength drives primary US CLOs spreads below historical norms
Triple As are now pricing on top of historical levels, and other investment-grade CLO tranches are already pricing much tighter than historical trends, thanks to the technical strength observed in the primary US BSL CLO market

Middle market portfolios aren't immune to rate stress, according to new research
Two research reports published this week highlighted ongoing risks in middle market structured credit portfolios

European WAL test language is getting a little looser finds Dealscribe
The latest quarter has seen some loosening of WAL test laguage for European CLOs, according to document analysts Dealscribe

Thirty years strong - new S&P report highlights resilience of CLO structures
If you’re feeling battered by the relentless Altice coverage, S&P Global Ratings has come out with a timely reminder that dealing with distress is something CLOs do exceptionally well

Deutsche Bank and PSL launch index for European CLOs
Deutsche Bank has launched a total-return benchmark index for euro-denominated CLO debt.

Barclays raises 2024 US BSL CLO new issue forecast
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast