News in brief
Investors are complacent despite rising recession risk, says Eagan

Six months of records and turmoil at the top
The first half of 2025 saw convulsions in the US economy and Golub setting a record with a huge reset. Meanwhile, Blackstone slipped to third in overall issuance, despite winning out in US BSL

Disappearing Dealers: How The Pullback in SP Trading Balance Sheet Has Rewired Market Structure
Over the past 10 years, CLO issuance has multiplied, while dealer holdings fell. In the first of a three-part guest essay, Daniel Ezra looks at the causes of this change — and how it affects the market

Churchill’s survey of private equity firms suggests M&A is returning to normal levels
Senior PE executives are confident in both deal activity and returns

Fund performance – June 2025
Emerging markets lead as CLOs and credit multi- strategy returns dip

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

Credit hedge funds – June 2025
Credit hedge fund performance

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

Specialised SRT investors bag healthy allocations as 'tourist money' steps back
SRT investors are receiving larger allocations when bidding for deals and banks are building closer relationships with investors, while those that run other business lines such as CLOs may find it easier to win deals

CVC raises USD 700m for CLO equity fund, plans new products
The European private credit manager also expects to hold a final close for its European Direct Lending Fund IV in late 3Q

Proskauer adds leveraged finance partner in London
The law firm has recruited Peter Mason from White & Case to join its global finance practice, the latest in a series of recruitments

New headaches for European CLO market as regulators clarify risk retention guidance
The European Commission has overturned widespread market practice regarding conditional sale agreements, with a newly-issued legislative interpretation of the ‘originator’ definition under the EU Securitisation Regulation

We are seeing a slowdown in sales and earnings growth – Carlyle’s Lauren Basmadjian
The roll out of tariffs and economic uncertainty that kicked off earlier this year is starting to take a toll on portfolio companies, and Carlyle’s head of liquid credit is taking a more conservative stance as spreads remain remarkably tight

Europe sees huge surge in July issuance as US consolidates
ANALYSIS: It was all about Europe in July, as a massive sweep of resets powered the European market to one of its strongest months ever

Credit quality of European CLOs improved since start of year – Fitch
A new report from Fitch Ratings points toward higher quality CLO portfolio credit in the year to date, despite a lower default recovery rate

Onex matches double B tight with newest Euro print
At Euribor plus 131bps, the triple As for OCP Euro CLO 2025-14 priced one basis point outside the current market benchmark

Palmer Square launches Europe’s first passive CLO ETF
The new CLO ETF, launched today, is designed to give European institutional investors exposure to triple A and double A-rated CLO debt

Five Arrows resets CLO with EUR 100m equity injection for first 2025 print
The EUR 476m transaction repriced a CLO last reset in 2018, and saw total equity boosted to EUR 142m

Global CLO law firm rankings - Q2 2025
Our global rankings for CLO law firms for the first half of 2025

Apollo looks elsewhere, saying CLOs suffer from commoditization
The alternative asset manager said CLOs have tightened to levels that are unsustainable

The top five holdings of July’s CLO ETF launches in Europe
A round of high-profile CLO ETF launches by BlackRock, PGIM and UBS in Europe and their top holdings in July

Blackstone readying to launch European CLO ETF
EXCLUSIVE: The world’s largest CLO manager is prepping an ETF that focuses on CLOs in Europe

August issuance set to fall short of last year as arb worsens
Both US and European CLO markets are expected to take a breather in August given lessening impetus to rush deals and the arb worsening

Private debt market fundraising shows shift to Europe – Goldman Sachs
Private credit market fundraising has been pivoting to Europe, while global defaults remain below historical averages, according to new research from Goldman Sachs

KKR keeps busy with new Euro print
The deal comes the day after the manager priced the tightest European reset since April, both deals issuing their triple As at Euribor plus 132bps