Steve Cohen’s Point72 looking to enter the CLO business
EXCLUSIVE: The alternative investment firm is eyeing the CLO space, as the market experiences a boom in issuance and newcomers

Monthly defaults driven by bankruptcies for first time in two years – S&P Global
Five of the eight defaults recorded in September resulted from bankruptcy filings, with three coming from the US, according to a new research report

US Trustee seeks examiner in First Brands bankruptcy, citing USD 2.3bn of missing funds and ‘malfeasance’
The US Trustee has called First Brands' internal investigation insufficient due to the scope of the allegations, while factoring provider Raistone is also seeking an examiner, citing the need for an impartial investigation

Orrick’s CLO coup stuns market, Cadwalader reels
While the departure of David Quirolo and colleagues from Cadwalader, Wickersham & Taft was not unexpected, the scale and speed of the move has sent shockwaves through the US and European credit markets

After fall of First Brands, investors point to signs of trouble stretching back years
When First Brands attempted to tap markets in August this year to issue USD 6bn in debt, it marketed an attractive financial picture with net first lien leverage of just 1.9x, based on EBITDA of USD 2bn in the first quarter of 2025. By late September, the US auto parts company had filed for bankruptcy

Reset frenzy set to ease — for now
The majority of deals from 2022 and 2033 that could be reset have been, so activity is likely to slow. But 2024 was a busy year for issuance and deals from then may bring a new surge in 2026

Psychology was a factor in managers’ reluctance to sell out of First Brands
We may overvalue what we already hold due to an emotional attachment

After eight years of Creditflux columns, Thomas Majewski looks back at the factors that have most impacted CLO returns
Fighting to be in the winning group in an LME is a skill managers must perfect

Fund performance – August 2025
Arena takes turn in the lead as mix of funds make top 10

Credit funds at a glance – August 2025
Our roundup of top performers, fundraising and moves in credit

Credit hedge funds – August 2025
Credit hedge fund performance

CLOs at a glance – September 2025
Our list of recent CLO pricings globally

Brookfield to buy remaining Oaktree stake, becoming full owner
The USD 3bn transaction will give Brookfield full ownership of the top-40-ranked CLO manager

Orrick reveals expansion plans following arrival of new CLO team
EXCLUSIVE: David Quirolo, partner in Orrick’s London office, intends to build out the firm’s London-based structured finance team 

Cadwalader starts to rebuild with trio of partner promotions
EXCLUSIVE: Cadwalader has appointed three new partners, after losing 37 members of its CLO and asset-backed lending team to rival law firm Orrick

Orrick hires 37-lawyer team from Cadwalader, headlined by Quirolo
The experienced CLO specialist headlines a major recruitment of CLO and ABF lawyers across both European and US offices

Private credit shop Corinthia mulls entry into CLO issuance
EXCLUSIVE: The firm has begun deploying the USD 5bn of capital it raised for direct lending and eyeing next step to kick-start middle market CLO issuance 

Blackstone’s Jane Lee to leave the firm
EXCLUSIVE: Blackstone's head of CLO capital formation who spearheaded its CLO issuance has resigned to take time off

Mizuho EMEA names former BNP Paribas exec as CIB head
Matthew Ponsonby will become head of Mizuho EMEA’s corporate and investment bank, and president and CEO of Mizuho International on 1 October

Pseudo-trading plan language becoming increasingly formalised for CLOs – Dealscribe
The new report " new CLO basket is born" says that the development makes aggregation period language “nearly identical” to a traditional trading plan

CLO market braces for First Brands fallout
Auto part supplier's leveraged loan has been bid at 40 cents on the dollar, boding ill for recoveries and a hit to equity returns, as First Brands hurtles toward a restructuring

Equity funds keep CLO market active even as arb thins
CLO managers are raising equity capital to back their own issuance, and the surge is transforming the market

‘We like managers that are honest about the risks’
Investor's Corner with Elena Rinaldi, portfolio manager at TwentyFour Asset Management

Hot August sets tone for rest of 2025
Some European CLO managers still get time off in summer, but the days when the whole market shut down are long gone. So, in a busy year for CLOs, this August was the second busiest ever

News in brief
Stress in good quality companies opens up opportunities, says Oak Hill Advisors' Alan Schrager