Ares launches direct lending fund for European wealth investors
The firm’s first ELTIF product will give individual investors access to its existing European direct lending strategy

Onex prices Euro refi with unusual step-up margin feature
The repricing tightens spreads on the mezz tranches until the deal exits its reinvestment period in three years’ time

HPS, Capital Four print 2019-vintage Euro resets
Both deals widened spreads on their triple As and increased their overall cost of funding as part of the repricings  

Capital Four markets reset of inaugural European CLO
The attempted reworking of the 2019-vintage deal is guiding its triple A paper at between 120bps-123bps over Euribor  

Hayfin prints short-dated Euro deal to round out the year
Hayfin has priced a CLO that marks the first short-dated primary market activity in Europe since early November  

Onex prints reset of European CLO deal from 2017 vintage
Onex Credt Partners resets a European BSL CLO first inked in 2017 via BNP

Napier Park prints tightest Euro refi of the year
Last week saw Napier Park refinance a European CLO from the first half of 2022, recording the tightest print for such a deal in 2024

Permira prices tenth European Providus CLO
Permira Credit threw their hat into the increasingly crowded European ring with their first deal of 2024

CLO round-up: blinded by the tights
Secondary CLO spreads continued to grind tighter this week and, at last, the primary market began to follow in both the US and Europe

New CLO from Rockford Tower scores tightest spreads in Europe since Q1
Rockford Tower Capital Management priced a new €375.5 million European CLO on Friday and saw the tightest capital structure since the first quarter of this year

Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

Fitch raises European default rate assumptions with loans in tougher spot than bonds
Analysts at Fitch Ratings have raised their base-case leveraged loan default rate for end-2023 in Europe to 4.5% from 3.5%, and their severe-case rate to 6%

Oaktree rejigs cap stack and cuts reinvestment on upcoming European CLO
Jefferies is targeting next week to price Arbour CLO IX, with changes to the reinvestment period and a smaller overall deal. As expected, price talk has widened since September marketing 

Oaktree targets next week for Euro CLO
Oaktree Capital Management plans to price a European CLO named Arbour CLO XI next week

Investcorp prints Nochu-anchored Euro CLO with triple As at 160bp
The deal marks the return of Japanese bank Norinchukin to the European CLO new issue market

European CLO market set to reap rewards from Harvest as Nochu returns
Prolific CLO triple A investor Norinchukin is set to make its grand return to European CLOs with the Japanese bank providing anchor triple A investment in Investcorp’s forthcoming new issue

LP round up: Apollo and Silver Rock win over $1 billion as pensions plough into private debt
Institutional investors allocated at least $2 billion to credit funds in April, according to Creditflux data, with Apollo and Silver Rock emerging as big winners

Napier prints short-dated Euro CLO with low ramped warehouse
Standard Chartered picked up another co-placement agent role, while Jefferies was lead arranger on the upsized Henley CLO VII

Voya takes 2021 Euro CLO volume past €1 billion as it injects equity in 2020 reset
Voya Investment Management has taken its European CLO volume to just over €1 billion, pairing with Goldman Sachs to reset its 2020 vintage deal Voya Euro CLO IV

Napier Park features highest 2021 triple A par sub in new European CLO
Napier Park has opted for a high par subordination on Henley CLO VI's triple As

Retailer jumps on PE rumours while markets stay rooted in Jackson Hole
UK supermarket retailer Sainsbury's has been a notable mover in credit this week, as the wider market waits tentatively on Friday's Jackson Hole movement in the US and fund outflows signal nervousness about US Federal Reserve policy and escalating turmoil in Afghanistan

CLOs cushioned as regulators get more comfortable on Sofr
The quest to find a suitable Libor replacement looks to have taken a big step forward in recent weeks, with hopes rekindled that securitised products such as CLOs and ABS could soon make use of a term Secured Overnight Financing Rate (Sofr)

AlbaCore features capped triple A tranches on ESG-branded CLO
Nine months after making its CLO debut the manager has priced AlbaCore Euro CLO II, splitting the triple A tranches into three

Bain saves 19.2bp on European CLO funding costs with partial refi
Bain Capital has partially refinanced the three most senior tranches of its European CLO, Bain Capital Euro CLO 2018-2

Carlyle adds equity and seeks tight pricing with 2016 European CLO reset
Carlyle Group is looking to add equity and price triple A debt tight to the primary CLO market with a €434.3 million reset of its 2016 transaction, Carlyle Global Market Strategies Euro CLO 2016-2