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

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

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

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

CLO manager rankings by AUM – Q2 2025
After a flurry of issuance, AGL is the big mover in the latest Creditflux CLO manager rankings by AUM

PGIM launches UCITS global AAA CLO fund
Offering intermediaries, wealth channel and institutional investors access to the CLO market, the triple A-focused fund will also allow up to 20% exposure in double A-rated tranches across both the US and Europe

Capital Four raises around USD 120m for first global captive CLO equity fund
EXCLUSIVE: The firm has held a first close for its latest CLO equity fund, which will fund the firm’s future CLOs in both the US and Europe

Mid-year market summary – challenges abound but CLO resilience shines through
ANALYSIS: The first half of the year saw CLOs whip-sawing between historical tights and the after-effects of the Trump administration's tariff policies – but the market remains on course for another potentially record year

Fitch warns of dimmer credit outlook for rest of year
The rating agency’s mid-year updates cites deteriorating economic growth from US policy uncertainty, tariffs and geopolitical risk

Rich fees help pull in growing crowd of CLO debutants
US financial giant State Street, private equity shop Abry Partners, the Princely family of Liechtenstein’s LGT Capital Partners, and even India’s Vivriti Asset Management are among a burgeoning list of asset managers looking to get into the CLO management business

‘CLOs are strategic, all-weather investments’
CIO and managing partner Pearl Diver Capital, Chandrajit Chakraborty, says it's important not to chase yield at the expense of fundamental credit quality

US challenges keep number of CLO hopefuls similar across Atlantic
Both the US and European CLO markets have a long list of financial firms looking to start management businesses, but the smaller European market’s list is longer, relative to its size

News in brief
.

Opportunity in CLO double B tranches
Given their low default rates, double B CLO tranches offer much higher coupons than might be expected — suggesting they offer some of the best risk/return trade-offs in all of fixed income

‘It’s rare something is both issuer and investor friendly’
In 2015, Apollo’s Albert Huntington invented CLO resets. But the most important thing he learned back then was how flexible CLOs can be if you get consent from all equity holders

Differences in scale and sector exposure mean US and European CLOs offer different risks and rewards
European CLOs offer more sustainable arbitrage opportunities than US CLOs

Credit hedge funds – May 2025
Credit hedge fund performance

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

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

Nascent European CLO ETF market could catch up to US—S&P
Positive European sentiment will help drive European ETF adoption, according to a new report

Former Investcorp Credit CEO Jeremy Ghose joins The Chatterjee Group
Ghose told Creditflux that his role as President would be a strategic one that “looked to enhance the enterprise value” of the overall group, with the aim of boosting cash flow to develop the firm’s philanthropic operations

State Street Investment Management eyes CLO entrance
The traditional asset manager is planning to launch a new CLO business, sources familiar tell Creditflux.