European CLO primary picks up as Partners reset prices
After an August in which only three deals priced in the European market, things appear to be ramping up once more with the reset of Penta CLO 14

KBRA hires Scott Duggal as it raids buy-side, sell-side, and journalism
Ratings agency KBRA has turned to the buy-side, sell-side, and journalism for a raft of senior hires in Europe

European BSL CLO Rankings - August 2024
Our latest rankings for the European CLO market, including arranger and manager league tables

Blackstone’s head of liquid credit Rob Zable set to leave firm
One of the biggest names in the CLO world is making a change, with Rob Zable leaving Blackstone by the end of the year

CLO round-up: Market braces for a busy September
The US and European CLO markets are bracing for a flood of deal activity from market participants as the fall season kicks off

Jefferies markets 2023 European CLO reset
Following a quiet period in August the European CLO market appears poised for activity once more as Jefferies markets a reset of a Penta CLO

Clearlake Capital agrees to buy MV Credit
Clearlake Capital has agreed to purchase European credit manager MV Credit Partners from Natixis Investment Managers

Fair Oaks wins approval to launch industry’s first European CLO ETF
Fair Oaks Capital has received approval from Luxembourg-based regulator CSSF to launch the industry’s first European CLO ETF 

Onex prints reset of European CLO deal from 2017 vintage
Onex Credt Partners resets a European BSL CLO first inked in 2017 via BNP

Rockford Tower prints a new European CLO in late August
Rockford Tower Capital Management priced a new EUR 405.90m CLO in the second to last week of August in Europe

CLO market wrangles over direction of liability spreads after August volatility
Investors are seeking to get wider spreads on CLO primary deals, but Blackstone and other managers are trying to keep firm on US triple-As at 135bps

What August slowdown? Blackstone prices new CLO in Europe
Blackstone prints new European CLO with triple-A spreads at 135bps via BNP

CLO round-up: CLO market sees slight pressure to widen new issue spreads
CLO market saw robust deal activity with some pressure on liability spreads last week

Apollo prices first CLO seen in Europe in a week
Apollo broke the August quiet in Europe with the first CLO seen in a week in the region 

European CLO issuance rides high but some managers remain on the sidelines
Although European CLO issuance is close to a record pace almost a fifth of managers with at least one active European CLO have not priced a deal this year

Managers seek to raise captive funds as enthusiasm for CLO equity increases
One of the factors underpinning the record pace of CLO issuance this year has been a growing enthusiasm for equity tranches, and an increasing number of managers are raising captive equity funds

Investors voice concern over Euro mezz spreads despite strong CLO performance
The spread contraction in European CLOs over the first half of 2024 showcases one of the market’s strongest performances in years but that rapid tightening has brought concerns

Past returns; Points up front
Past returns - PIMCO back and growing; Points up front - Avoiding catching the CLO bug & The bells ring out for public listings

CLO strategies outperform again
In 2023, our index of funds investing in CLO tranches and equity returned 22.9%. In the first six months of this year, the index reached 9.9%, as these funds again delivered outstanding results

Reset focus shifts to pre-COVID deals
As spreads tighten, managers are looking to reset CLOs that priced before the onset of the COVID pandemic — even if this slightly increases the deals’ weighted average cost of capital.

Fund performance
Prytania grabs gold; Spire and Sound Point take silver and bronze after June fund returns come in

Credit hedge funds
Our credit hedge fund performance tables for June

Credit funds at a glance
Top performers, recent hires and recent fundraising

CLOs at a glance
CLO issuance table for July 2024

A trusted brand is no longer enough — CLO manager tiering is now based on a range of data
Investors now pay close attention to the characteristics of each CLO, rather than relying solely on the collateral manager’s overall reputation or size