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

Post-COVID, companies are adroit at managing supply-chain disruptions
With plenty of capital seeking a home and high grade credits well positioned, IG spreads will stay tight, reckons Duncan Sankey

Success in a larger market requires increased discipline and innovation
As the US CLO market grows, lower quality loans and increased volatility create new challenges, writes Tetragon's Dagmara Michalczuk

Fund performance – July 2025
CLO funds dominate in early summer with clean sweep of top 10

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

Credit hedge funds – July 2025
Credit hedge fund performance

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

Trinitas prints second new Euro CLO of 2025
Both the triple A and mezz tranches priced toward the tighter end of the current market, with the triple Bs issuing at the narrowest level for a standard-duration Euro CLO since late August

Palmer Square lists its European CLO ETF on the London Stock Exchange
The Palmer Square EUR CLO Senior Debt Index UCITS ETF will now be available to UK-based institutional investors

Bridgepoint prices new Euro BBs at sub-500
Bridgepoint's second new European CLO of 2025 recorded a post-March tight for new European CLO BB spreads, of Euribor plus 490bps

Trio of Euro resets reinforce tightening trend as CVC revisits 175 AAs
CVC and Onex both printed resets with triple As at 130, while Sculptor upsized its latest print to a target par of EUR 450m

New Euro AAAs breach 130 as Oaktree prices latest deal
The transaction hit fresh new-issue market tights for the triple As, double As, double Bs and single Bs

Blackstone, State Street Investment Management launch Euro CLO ETF
The new fund will invest in floating-rate, triple A-rated European CLO tranches

CLOs attracting more investor demand, especially in Europe – JPM's Steve Baker
Creditflux catches up with JPMorgan's Steve Baker and Ed Watson as they gear up for the rest of the year

UK and France dominate European CLO collateral – Fitch Ratings
One-third of the collateral behind European CLOs is issued by UK and French companies, as Fitch warns of French downgrade risk

New Euro issuance returns with a flourish as HPS, Brigade and Palmer Square price deals
European managers are well and truly back from summer holidays, with three new CLOs printing on Wednesday – the first new European issues to price in four weeks

Price talk emerges for Royal London's first ever CLO
The asset management arm of the UK insurance and pensions group is marketing its first European deal via Goldman Sachs

Spire upsizes 2021-vintage deal with fifth print of 2025
The manager printed a reset of Aurium CLO VIII via Deutsche Bank on Tuesday, upsized to EUR 537m from EUR 443m

Tikehau issues first repricing of 2018-vintage Euro CLO
As part of the reset, the capital stack for the 2018-vintage deal was consolidated from its previous 11 debt tranches into a straight vanilla capital structure

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

European CLO optimism abounds as tariff risk appears minimal
European CLO issuance looks to break new records while the securitisation market fills with optimism as unpredictable trade policies show little impact on ratings

Proposed changes to Solvency II capital charges “remain significantly more conservative” than other jurisdictions – AFME
The Association for Financial Markets in Europe argues that a more “risk-sensitive” framework has the potential to unlock up to EUR 210bn in additional financing for the EU economy

September European pipeline bulging as warehouse creation surges
A bumper pipeline for European issuance includes at least 20 deals set to price in September, and is accompanied by a huge surge in the number of open warehouses, as the market looks to capitalise on growing investor demand

Nassau Euro issue prints at wider end of recent resets
Barclays was sole arranger on the repricing of Nassau Euro CLO III, which left the vanilla capital structure unchanged