‘We tend to stick with tier-one managers’

CLOs at a glance - February 2025
Our list of recent CLO pricings globally

CLO manager M&A driven by search for talent and scale
Irradiant’s star investor Maji set to depart as firm is acquired

CIFC prices new Euro CLO with delayed draw feature extended to double As
Texas Debt Capital Euro CLO 2025-I priced its triple As at Euribor plus 118bps, putting it among the tightest European new issues seen recently

European structured finance market bifurcates as ABS holds its ground, while CLOs widen
CLO secondary spreads in Europe roiled by market volatility, geopolitical uncertainty and contagion from US CLOs

First out the blocks, Arcano heading a burgeoning list of names with big plans
As Arcano successfully debuts as a European manager, a reminder of the long list of others that are seeking to do the same 

Spain’s Arcano Partners debuts as a new CLO manager
Arcano has priced its first CLO transaction, making the Spanish firm the first new manager of the year

European CLO spreads flare wider due to policy uncertainty and weaker relative value
ANALYSIS: Increased worries about policy uncertainty have started to weigh as tiering becomes more evident in the lower mezz  

BlueBay prices its first Euro CLO for 2025 with a new issue
The transaction was the first European pricing activity for the manager in five months  

Rockford Tower adds to rush of European new issues
The upsized half-billion-euro deal from the King Street Capital Management affiliate was its first Euro pricing activity for the year  

KKR prints tight with its triple As in new European issue
The manager’s first new issue of 2025 saw strong demand for its triple As, but reflected a broader widening trend in the lower mezz  

CarVal prices first Euro deal in eight months
The deal priced relatively wide in the mezz compared to other recent Euro transactions  

Bridgepoint prints first new European CLO of 2025
The vanilla deal follows an earlier reset from the manager in January  

Elmwood signals entry into Europe with BlackRock hire
EXCLUSIVE: US-based asset manager Elmwood has hired a European CLO veteran from BlackRock 

Brigade prices first new European issue in 10 months
The latest print in the manager’s Armada series was the tightest European deal so far this month  

BlackRock shifts European CLO leadership with veteran departing
EXCLUSIVE: BlackRock is seeing changes to their CLO team in Europe after agreeing to purchase US-based alternative asset manager HPS

Nuveen prices latest new Symphony CLO
It’s the first new US BSL issue from the manager this year and its fourth deal overall in 2025  

Arcano readies to price first European CLO next week and debut as a new manager
The Madrid-based manager is currently marketing a EUR 406.5m deal via Jefferies  

European spread narrowing sees historically tight deals reset
Both CVC and Five Arrows have reset 2018-vintage transactions  

The rise of LME blockers in Europe: valuable protection or an empty gesture?
A special report by Xtract Research, our sister product covenant analysis service, on LME blockers in Europe

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  

Silver Point preps for first European CLO deal, hires trader for region
Silver Point is currently preparing its first deal and actively recruiting for its European platform 

PGIM prices first new European deal in more than two years
The deal is the fourth offering from PGIM, following three resets, since the US manager resumed printing European deals in November after an extended interregnum  

Alcentra's USD 165m fundraise for own European CLO deals heralds dramatic shift for the region
EXCLUSIVE: The dedicated amount forms part of the USD 1bn fundraise announced by the firm earlier this week  

Blackstone kicks off Euro CLO issuance program for 2025 with tight new issue
Manager's Ravensdale Park CLO priced as the second-tightest European deal so far this year