Palmer Square resets four-year-old Euro CLO with increased cost of funding
The repricing of Palmer Square European CLO 2021-2 also saw a significant equity increase accompanying the deal’s EUR 48m debt tranche upsizing

Euro AAAs tighten to mid-120s with new KKR issue
Avoca CLO XXXIV lowered the existing market tight by two bps, to Euribor plus 126bps

Monthly defaults driven by bankruptcies for first time in two years – S&P Global
Five of the eight defaults recorded in September resulted from bankruptcy filings, with three coming from the US, according to a new research report

US Trustee seeks examiner in First Brands bankruptcy, citing USD 2.3bn of missing funds and ‘malfeasance’
The US Trustee has called First Brands' internal investigation insufficient due to the scope of the allegations, while factoring provider Raistone is also seeking an examiner, citing the need for an impartial investigation

Euro new issue AAAs match reset tight with latest Benefit Street Partners print
Jubilee 2025-XXXII priced as a EUR 514m issue via Citi, with its senior triple As clearing at Euribor plus 128bps

Orrick’s CLO coup stuns market, Cadwalader reels
While the departure of David Quirolo and colleagues from Cadwalader, Wickersham & Taft was not unexpected, the scale and speed of the move has sent shockwaves through the US and European credit markets

‘CLO equity isn’t very attractive at the moment’
Investor's Corner with David Altenhofen, Head of Investments at Accunia Credit Management

‘This is probably going to stimulate some interest for triple As’
The European securitisation market has come under new regulatory scrutiny this year, with a series of rules being published which have shifted manager obligations. Alexander Batchvarov, managing director, Bank of America Merrill Lynch, explains what this all means for CLO managers

After fall of First Brands, investors point to signs of trouble stretching back years
When First Brands attempted to tap markets in August this year to issue USD 6bn in debt, it marketed an attractive financial picture with net first lien leverage of just 1.9x, based on EBITDA of USD 2bn in the first quarter of 2025. By late September, the US auto parts company had filed for bankruptcy

Reset frenzy set to ease — for now
The majority of deals from 2022 and 2033 that could be reset have been, so activity is likely to slow. But 2024 was a busy year for issuance and deals from then may bring a new surge in 2026

Psychology was a factor in managers’ reluctance to sell out of First Brands
We may overvalue what we already hold due to an emotional attachment

After eight years of Creditflux columns, Thomas Majewski looks back at the factors that have most impacted CLO returns
Fighting to be in the winning group in an LME is a skill managers must perfect

Fund performance – August 2025
Arena takes turn in the lead as mix of funds make top 10

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

Credit hedge funds – August 2025
Credit hedge fund performance

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

European speculative-grade corporate default rates to decline in 2026 – Moody’s
The rating agency’s annual deep-dive into the refinancing risks facing EMEA non-financial corporates also found an increased urgency for refinancing as the maturity wall draws closer

Brookfield to buy remaining Oaktree stake, becoming full owner
The USD 3bn transaction will give Brookfield full ownership of the top-40-ranked CLO manager

European CLO rankings – September 2025
CVC and Jefferies maintain their lead in Creditflux's year-to-date European CLO manager and arranger rankings as the curtain comes down on the third quarter

HPS and Permira price Euro resets
HPS and Permira both returned to the market Friday with European resets, with deals that had not been repriced since 2021

Optimism the order of the day at Opal, but worries start to creep in
At the Opal Group’s European CLO Summit, the mood was positive overall among managers, but tempered by growing worries over the macro backdrop and government debt

Partners sets new Euro reset tight for single As
The reset of Penta CLO 16 also matched the current low for European triple As

Orrick reveals expansion plans following arrival of new CLO team
EXCLUSIVE: David Quirolo, partner in Orrick’s London office, intends to build out the firm’s London-based structured finance team 

Blackstone matches market tight with new Euro CLO
Blackstone’s latest new European CLO, Apna Park CLO, issued via BNP Paribas on Tuesday in a EUR 405.325m transaction

This has been a year of avoiding the losers – Bain
Gauthier Reymondier, head of Bain Capital Credit Europe, says avoiding losing companies has become more important than choosing winners