Investors say CLO market is hot but caution remains
Optimism is returning to the CLO market in both the US and Europe and momentum is rapidly rebuilding, as investors acclimatise to the policy vagaries of the second Trump administration

‘Opportunities will present themselves’
Investor's Corner with Kathy Sutherland, GoldenTree CEO

News in brief
US credit returns fail to reflect risk

GoldenTree snaps up global award... again
Last year, GoldenTree was named Creditflux Global Manager of the Year. This year it repeated that achievement — but it also swooped for our US manager of the year and closed-end fund awards

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

Global investors pile into European CLOs as consensus on US ‘exceptionalism’ erodes
European credit, including CLOs and other ABS products, is attracting international investor interest as geopolitical uncertainty prompts a reach for geographic diversity

Sona issues mezz-only refi of debut deal
Citi arranged the EUR 111.6m repricing of Sona Fios CLO 1, which will see the refinanced coupons ‘step up' in December 2025 back to their pre-refi spread levels

Signal prices second new CLO for the year
Signal Capital Partners has printed its fifth new European issue and its second of the year

Benefit Street Partners raises USD 500m for captive US CLO equity fund
BSP will use the capital to fund as many as 20 US CLOs during the next four years

Cautious optimism over ABS and CLO markets – Global ABS 2025
A hazy geopolitical backdrop is not deterring investors and arrangers in the structured finance market, as delegates attending the Global ABS 2025 conference in Barcelona appeared upbeat about the prospects of both CLO and ABS markets

Ares 'bespoke' mid-market CLO unlocks UK insurance capital
Ares’ debut mid-market European CLO employs a highly unusual structure that allows it to attract investments from UK insurance firms

US-based Diameter Capital moves to enter Europe as a CLO manager
EXCLUSIVE: The credit-focused alternative asset manager has made hires in Europe to issue CLOs in the region, according to sources

European CLOs back on track for record year, but caution remains – Global ABS panellists
Panellists at this year’s Global ABS conference in Barcelona say European CLO issuance has recovered from its April hiatus – but concerns remain, especially over lack of leveraged loan supply and deteriorating credit quality

The M&A market is normalising – Ares’ Matt Theodorakis
PODCAST: “People are looking to do deals going forward” after taking a pause following ‘Liberation Day’, Theodorakis told Lisa Lee, managing editor at Creditflux, on the latest Credit Exchange podcast

Hayfin hires Man's former CLO PM for European high yield, loans research
Jason Late will serve as a co-portfolio manager for the European high yield and syndicated loan strategy

Bridgepoint resets 2023 Euro CLO
The reset of Bridgepoint CLO V narowed the total cost of funding by over 50bps

Fair Oaks returns to European CLO primary with tight new issue
The European manager priced its first deal in over 12 months with relatively tight pricing throughout the stack

Permira upsizes two-year-old Euro reset
The repricing of Providus CLO IX also included a small equity injection of EUR 2.7m

CLO markets enter “new regime of volatility” – BNP Paribas research

Donald Trump’s tariffs could make CLOs more volatile, while potential oversupply and weakening fundamentals could hit spreads. Primary triple-As, IG mezz, and quality long-dated CLO equity “attractive”

Investors remain cautious as European CLO and ABS markets rebound after April’s tariff tantrum
Spreads in both primary and secondary markets have all but retraced to the tights seen earlier this year, even as tariff uncertainty remains – but investors remain wary of further volatility

Europe sees first reinvesting private credit CLO as Ares prices rare sterling deal
The second private credit CLO in Europe is comprised of over 50 middle-market companies based in the UK, primarily operating in defensive industries

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

Investcorp harvests another new European CLO
The half-billion-euro deal is the first primary market activity from the manager since tariff-induced volatility hit capital markets

Apollo’s Redding Ridge equals current Euro tights with new-issue CLO
The deal matched market benchmarks for the triple A and double A tranches

Spire adds to market’s run of Euro issuance with second new CLO for 2025
The deal saw its triple As clear at Euribor plus 135bps, just outside the current market tight