BlackRock returns to European issuance with first CLO in 19 months
BlackRock has priced its first European CLO since April of last year arranged via Goldman Sachs  

Palmer Square hits 10 Euro deals for the year with latest reset
Palmer Square has reset a 2023-vintage that priced notably tight in the lower mezz   

Sculptor continues flow of European dealmaking with new CLO
Sculptor has priced its second new European issue of the year via BNP Paribas  

Moody’s forecasts robust economic performance underpinning continued strength in CLOs
The ratings agency’s outlook for 2025 is upbeat about the prospects for both the US and European CLO markets, helped by declining leveraged loan defaults

Rockford Tower prices Euro and US resets on same day
King Street Capital Management affiliate Rockford Tower echoed KKR and Permira in pricing dual European and US CLOs at the end of last week

KKR resets European CLO with increased cost of funding
KKR has priced a second reset of Avoca CLO XVI, a 2016 deal reset in 2018, in a transaction that priced tightly but still saw the overall cost of funding jump out

M&G resets comeback European CLO
The reset of Margay CLO I slashed the weighted cost of funding to Euribor plus 211.55bps, a tightening of just over 74bps from the previous level

Permira prices European new CLO as it debuts as a manager in the US
Permira has priced its second new European issue of the year in line with market as it makes waves overseas with new debut deal  

2023-vintage UBS reset slashes cost of debt by over 100bps
Deal saw a mix of spreads coming in both wider and narrower than guidance 

Mezz tiering takes hold in Europe as investors take their pick of deals
Manager performance in elevated rate environment is coming under more scrutiny from investors   

New Invesco Euro CLO prices wide of recent market levels
Invesco’s first new European deal in six months saw its triple-As priced at Euribor plus 134bps   

Barings prices Europe’s first ever private credit CLO
Barings and BNP Paribas have priced Europe’s first ever private credit CLO, achieving a historical feat that had eluded the region so far

Deutsche Bank forecasts record new issuance for European CLOs in 2025
Deutsche Bank Research is forecasting a record EUR 50bn in gross new issue CLO supply for the European CLO market in 2025, with net issuance projected to increase to EUR 25bn

Altice France reminds creditors that unrestricted subsidiaries can be freely spun-off
Altice France's debt documents permit the XpFibre spin-off, and most credit agreements and high yield bond indentures permit the distribution of the equity in unrestricted subsidiaries

European CLOs hit another BB tight with latest Trinitas print
Trinitas’ latest European deal recorded a new year-to-date low for European double-B spreads, slicing 10bps off the previous tight

KKR joins CLO captive equity rush
Investment giant KKR is fundraising for a new CLO captive equity fund with an impressive target size, joining managers like Bain, Beach Point and Brigade who all hit the news this week 

The Last Tranche with Oaktree's Jones: why CLO equity is attractive again
In this episode of the Last Tranche, Oaktree's Madelaine Jones discusses why investors are finding CLO equity more attractive

Partners prices new European CLO
The new deal from Partners Group adds to an increasing number of European transactions pricing triple-As at 128bps over Euribor

JPMorgan fights back after raft of shock departures
The news that JPMorgan had lost three of its most senior bankers sent shockwaves through the CLO world. But in the weeks since, JPMorgan has been fighting to hold the fort with some success.

Open CLO warehouses in Europe approach record high as confidence grows
European CLO issuance is running at record pace and the number of warehouses set up as precursors to new deals are spiking

Long lock-ups and quick entry tempt three new firms into CLO management
Regardless of the ebbs and flows of the market, and whether times are volatile or calm, the CLO market can count on more shops wanting to enter the space

CLOs ‘enjoy’ yet another crazy month
Strong CLO deal flow continued in October. The month came in as easily the busiest so far this year.

Triple C assets and capital preservation
In the US and Europe, better performing CLOs tend to hold fewer triple C assets. But even so, a third of top performing CLOs in the US have more than 6% of their assets in the triple C bucket.

Fund performance - Emerging markets index takes top spot in solid month for credit overall
September was another positive month for credit funds. In almost every category our indices were positive, and four strategies showed solid average returns of 1% or more. 

Credit hedge funds
Credit hedge fund performance data for September YTD