US CLO issuance may slow despite favorable NAIC guidance
EXCLUSIVE: New guidance is favorable to US insurers buying triple-A, double-A and single-A tranches, but will not beat the current supply-demand dynamics and poor arb, BofA CLO research chief says

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

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

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

US private credit CLO performance shows resilience—S&P
A new report from S&P Global Ratings shows US private credit CLO performance continued to show resilience in April, despite negative headlines

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

Bank loan growth driven by lending to private credit and other funds—S&P
Total loan growth in the US banking system was driven by lending to nonbank financial institutions like investment funds from 2024 to 2025, the ratings agency found

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

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

BDC outlook turns negative as inflows, yields decline—Moody’s
Perpetual nontraded BDCs experiencing redemption pressure may see market volatility temporarily hurt net asset value, Heron Finance Chief Credit Officer Khang Nguyen told Creditflux

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

Maturity wall threatens high-risk AI private credit names – KBRA
Direct lenders are showing an unwillingness to extend maturities for companies that are vulnerable to artificial intelligence or underperforming already 

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 

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

Early 2026 US CLO equity data does not point to improved performance over 2025 – Deutsche Bank
The median quarterly distribution for US CLO equity in 1Q across all deals reporting fell to 2.4%, the lowest number in three years and the seventh consecutive quarterly decline, according to new research from the bank

Software selloff hits CLO equity, BB MVOCs – Barclays
The percentage of US loans trading above par has tumbled to 27%, introducing mark-to-market risk for CLO tranche investors

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

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

SEC clarification encourages banks to invest in CLOs
ANALYSIS: US banks could comprise a larger portion of triple-A tranche demand in both the US and European CLO markets and help bring stability

TwentyFour AM favours European CLO equity going into 2026
In comparison, US CLO equity faces more challenges related to LMEs and refinancing activity, the asset manager said