European CLO default rate remained stable in 2025 — Fitch
The annual default rate remained largely stable for EMEA CLO portfolios in 2025, while defaults decreased among issuers rated CC or below, according to new data from Fitch 

Spreads widen and issuances pause as CLO managers react to market volatility
EXCLUSIVE: Triple-A tranches are widening by up to 10bps amid a slowdown in CLO reset and issuance activity, according to multiple sources

Macquarie expands CLO ambitions with acquisition of Euro platform Spire
The deal sees Macquarie expanding its CLO management presence across the Atlantic, as competition for a slice of the European market hots up

European CLO issuance restarts after brief lull as Bain prints new issue
European CLO issuance kicked into gear on Wednesday morning after a short lull, as Bain Capital priced its first new Euro print for the year with a EUR 403m print via BNP Paribas

Optimism and pessimism hand-in-hand
In this issue, we address the credit markets’ shift to a negative tone. But there’s still much optimism. More CLO managers are launching. We spoke to 10 at various stages of starting up a business. Large investors like CalPERS and Singapore’s GIC are taking a flexible approach that may drive capital to private markets

‘We are trying to discern who has a moat and who doesn’t’
Investor's Corner with Laila Kollmorgen, portfolio manager at PineBridge Investments

News in brief
Top stories on creditflux.com: firms are planning launches and issuance despite slump

CLOs at a glance – January 2026
Our list of recent CLO pricings globally

CLO Symposium 2026
The Creditflux CLO Symposium will be held at the The Chancery Rosewood, London on 20-21 April 2026

CLO primary market in Europe to go quiet amid oil price upheaval – Acer Tree
EXCLUSIVE: No new issues are expected to reach the market this week as investors and managers take a wait-and-see approach following new geopolitical pressures 

Creditflux showcases contributions, achievements and observations of outstanding leaders – Trailblazing Women
EXCLUSIVE: For International Women's Day, Creditflux speaks to Octagon's Lauren Law, PineBridge's Laila Kollmorgen and Ropes & Gray's Shona Ha

Latest new Euro CLOs from HPS and Ares showcase significant spread widening from mid-February lows
The triple As for both HPS' Aqueduct European CLO 17 and Ares’ European CLO XXIV priced at Euribor plus 127bps, while the overall cost of debt has also widened out some 20bps from the levels seen in February

European investors in waiting mode as CLO spreads widen amid Iran conflict
EXCLUSIVE: European CLO investors are taking a ‘wait-and-see’ approach with spreads starting to widen as geopolitical risk hits the market 

MUFG expands European leveraged finance business with new DACH hire
Former Crédit Agricole managing director Mario Hatzinger has been appointed as MUFG’s head of leveraged finance for Germany, Austria, and Switzerland 

New York Life Investment Management and Candriam increase Kartesia stake to 80%
The two firms previously held 33% of the ownership of the private debt company, which is expected to enter the European CLO market soon

Royal London issues upsized second CLO
The European asset manager priced the EUR 509.5m Hambridge Euro CLO 2, following its debut as a CLO issuer last September

US managers to gear up European private credit CLO market
EXCLUSIVE: A slew of European private credit CLOs are set to come to market this year, with US-based managers leading the charge

Golub lines up private credit CLO for European market debut
The US asset manager is set to price Golub Capital Partners Euro CLO 89(M) as its first CLO issue on the continent; it comes as the firm is simultaneously ramping up a BSL CLO platform in the region

Elmwood and Diameter price inaugural European CLOs
The senior triple A notes for Elmwood’s first European CLO priced at a notably tight level for a debut manager, issuing at Euribor plus 122bps

Software sell-off leads to improved CLO equity arb – BNPP
BNP Paribas is currently bullish on H2 2024 CLO equity in the US, largely due to its low NAV and low software exposure

Private credit CLOs gather steam in Europe as Ares prices its first euro/sterling deal
The transaction follows the pioneering euro/sterling transaction from Barings last October, which also priced via BNP Paribas, and is the second private credit CLO for Ares in Europe

New Euro CLOs price from CIFC, Investcorp, and CQS
CIFC and Investcorp have issued new European CLOs with triple-A paper priced at 120bps over Euribor, while CQS priced its first new Euro deal of the year on the same day as its first US issue 

Software sell-off weighs on growing share of European single-B CLO tranches
Around 7%-8% of single-B tranches no longer covered on MVOC basis; manager tiering re-emerges

European CLO rankings – January 2026
Apollo and Bank of America take an early lead in 2026 European CLO issuance, according to Creditflux’s January rankings

Onex, AXA, Five Arrows and Serone print new Euro deals
Onex priced its first new European CLO issue of 2026, one of four new Euro CLOs that issued toward the close of last week