North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

BoE highlights weaknesses in CLO market following First Brands, Tricolor
The central bank will soon begin its stress test of private markets, amid concerns around weaknesses in higher-risk credit solutions

European private credit CLOs ramp up, with Pemberton, Ares readying new deals
Pemberton to join Ares with new issues next year, while Barings looks at a reset of its initial static deal

Eurazeo to launch European CLO business, but timing is key
EXCLUSIVE: The French asset manager has been considering a CLO launch for some time and may enter the market next year with a BSL-backed deal

Concerns growing about potential turn in the credit cycle – Goldman 2026 outlook
Investors should monitor signs of late-cycle behaviours, with the possibility that pressure on leverage ratios may result in credit ratings downgrades, Goldman Sachs Asset Management said in its 2026 investment outlook

Investor demand for diversification drove multi-currency CLO
EXCLUSIVE: Geographical diversification was a driving force behind the creation of Europe’s first sterling/euro middle market CLO

First Brands and Tricolor show due diligence matters – Crescent President Chris Wright
PODCAST: There are lots of mixed signals currently in the market, which is creating uncertainty, according to Chris Wright, president of Crescent Capital Group, on the latest episode of Credit Exchange with Lisa Lee

More European multi-currency CLOs expected after Barings issuance
EXCLUSIVE: More sterling/euro private credit CLOs are expected to launch next year, following the successful pricing of Barings’ pioneering multi-currency deal

Barings prices multi-currency European mid-market CLO
The primarily euro-denominated deal included a GBP 103m triple A tranche issued in sterling

Barings to launch first European multi-currency private credit CLO
EXCLUSIVE: Sterling-euro deal will be the third European private credit CLO to hit the market

Mizuho EMEA names former BNP Paribas exec as CIB head
Matthew Ponsonby will become head of Mizuho EMEA’s corporate and investment bank, and president and CEO of Mizuho International on 1 October

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

First actively-managed direct lending CLO in Europe sets template for others to follow
Last month, Ares made history by launching Europe’s first actively-managed direct lending CLO. But unlike Barings' static issue last year, Ares chose to create a reinvesting CLO, opening up a new seam of structured credit solutions for European managers and investors

Sound Point hires former Alcentra president as CFO steps down
CFO Kevin Gerlitz is retiring from the role after 16 years

Barings moves toward second Euro private credit CLO as Blackstone, Apollo mull initial deals
EXCLUSIVE: The firm that cracked the European private credit CLO market open last year is working on its second such deal, while Blackstone and Apollo eye a market entry

News in brief
US credit returns fail to reflect risk

Ares 'bespoke' mid-market CLO unlocks UK insurance capital
Ares’ debut mid-market European CLO employs a highly unusual structure that allows it to attract investments from UK insurance firms

Europe sees first reinvesting private credit CLO as Ares prices rare sterling deal
The second private credit CLO in Europe is comprised of over 50 middle-market companies based in the UK, primarily operating in defensive industries

News in brief
Blackstone plays offense amid volatility

Clearlake launches Clearlake Credit to chase private and public credit investments
The new platform will integrate the newly acquired MV Credit and WhiteStar Asset Management

Siepe hires two from US Bank to boost CLO, private credit tools
The software and technology service provider for CLO and private credit managers is expanding its team

Dechert adds Paul Hastings partner to bolster private credit, CLO biz
Brian Whaley will bring his experience in private credit, securitization and structured products to the global finance group

European mid-market CLOs drawing investors from non-traditional buyers: Barings PM
Speaking at a conference in London this week, Oliver Harker-Smith said last year’s inaugural private credit deal attracted interest from investors new to CLOs  

CLO manager M&A driven by search for talent and scale