Mid-market CLO rankings – September 2025
Golub and Wells Fargo maintain their respective leads in Creditflux's YTD mid-market CLO manager and arranger rankings, as the curtain comes down on the third quarter

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

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

News in brief
M&A outlook turns positive after EA deal

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

Dimon warns of double leverage risk in CLOs
JPMorgan CEO Jamie Dimon suggested there may be additional risks in CLOs during a downturn

Arini underlines aggressive US issuance schedule with third US CLO in seven months
Arini US CLO III priced on Tuesday as a USD 403.65m transaction via Bank of America, following on from the manager’s initial US print in April and its second deal in July

US BSL CLO rankings – September 2025
Blackstone heads Carlyle by just over USD 2bn in overall year-to-date issuance in Creditflux's US BSL CLO manager rankings to the end of September, in front of Apollo, Neuberger Berman, CIFC and a hard-charging AGL. In the arranger rankings, meanwhile, Bank of America maintains its lead ahead of Citi and JPMorgan

Raymond James acquires CLO arranger GreensLedge
The deal is intended to strengthen Raymond James’ capital markets and advisory platform

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

BDC stock sell off could impact CLO BBs – BofA

BofA Securities warned of the possibility of a tactical sell off in CLO BBs in response to the BDC stock sell off

Blackstone matches 120 floor for AAAs
The BSL deal saw its triple As and mezz match BlackRock’s Magnetite LI that also priced last week

HPS resets, upsizes private credit CLO
The debt tranches in the deal were upsized by USD 255m, to a total of USD 578m, in an issue arranged by Bank of America

Golub sets new mid-market tight with new issue
The manager's latest new mid-market CLO has priced at the tightest level for such deals since mid-March

Sixth Street prices US reset with tight triple Bs
Sixth Street is the latest manager to price a US CLO reset with triple A spreads in the low 120s, in a USD 368m reworking of Sixth Street CLO XXIII

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 

Cadwalader starts to rebuild with trio of partner promotions
EXCLUSIVE: Cadwalader has appointed three new partners, after losing 37 members of its CLO and asset-backed lending team to rival law firm Orrick

Orrick hires 37-lawyer team from Cadwalader, headlined by Quirolo
The experienced CLO specialist headlines a major recruitment of CLO and ABF lawyers across both European and US offices

Private credit shop Corinthia mulls entry into CLO issuance
EXCLUSIVE: The firm has begun deploying the USD 5bn of capital it raised for direct lending and eyeing next step to kick-start middle market CLO issuance 

US CLOs hit SOFR plus 120bps benchmark as BlackRock prints tight
Magnetite LI also issued particularly tight in the lower mezz, with all tranches including single Bs pricing at par

US CLO AAAs edge down to SOFR plus 121bps as Palmer Square issues new deal
The triple As priced at the tightest level for a standard-duration CLO since New York Life’s Flatiron CLO 30 printed in late March

DWS resets third infra CLO this year
The manager reset its 2021-vintage RIN IV on Wednesday as a USD 366m offering, including a USD 6m equity injection

Eagle Point adds head of CLO issuance and originations
The CLO equity investor promoted principal Daniel Wohlberg to the new position

US reset issuance hits over USD 15bn for September as PGIM, Fidelity and Barings print deals
The trio of repriced transactions, together worth USD 1.4bn, featured similar sizes and capital structures

BSL Golub reset incorporates reissued equity tranche
The third reset of Golub Capital Partners CLO 19(B) priced as a short-dated print via Santander, with the senior triple As pricing at SOFR plus 115bps