CLO markets enter “new regime of volatility” – BNP Paribas research

Donald Trump’s tariffs could make CLOs more volatile, while potential oversupply and weakening fundamentals could hit spreads. Primary triple-As, IG mezz, and quality long-dated CLO equity “attractive”

Golub prints mid-market CLO with tightest triple As since April
The USD 1.15bn transaction priced its senior triple A paper at SOFR plus 163bps

Oak Hill goes short for newest US CLO
The 1Y/3Y issue priced its senior triple As at 133bps above SOFR

Napier Park prices second new issue in eight days
The triple As for Regatta 34 Funding priced five basis points inside the manager's previous deal from a week beforehand

Apollo Debt Solutions BDC prices its debut CLO
The private credit transaction from the fund, which is run by Apollo Credit Management, is the market’s second debut CLO pricing in three days

Nuveen surpasses USD 2.3bn in year-to-date issuance with 2023 US reset
Symphony CLO 38 priced its triple As at SOFR plus 145bps

Elmwood follows up print-and-sprint with second new issue in eight days
The deal takes the manager’s total CLO issuance in 2025 to over USD 4.1bn

Audax prices unusual mezz-only mid-market refi
The deal saw the double As price 90bps narrow of the untouched triple As

Onex soars past USD 3bn of US CLO issuance in 2025 with latest offering
OCP CLO 2025-42 is the manager’s seventh US deal of the year

Steele Creek resets most recent new issue with third pricing of the year
After a quiet couple of years in the primary market, the North Carolina manager has reset a 2022-vintage US CLO

Sculptor prints first new CLO for 2025
The US BSL deal included three fixed-rate tranches

AGL resets 2020-vintage CLO a second time
The reset substantially altered the structure of what had been a vanilla deal

Steele Creek refis second deal this year after long period of pricing inactivity
This is the second time the manager has refinanced Steele Creek CLO 2019-1

New issue from Oak Hill sets fresh US market tight for triple As
The US BSL CLO lowered the existing tight by three basis points  

KKR prints two US CLO repricings on same day
The two deals, both priced via BNP Paribas, totalled some USD 886m

M&G prices third new European CLO in post-crisis era
While spreads for the deal were generally fairly tight, there was some evidence of emerging weakness in the single As  

Apollo's Redding Ridge refinances 2022 vintage US BSL CLO
RR 20 is the first deal to be refinanced by the manager this year 

Blackstone is seventh this year to print a new US BSL CLO at current market tights
Lake George Park CLO is the first new issue BSL-backed deal from the manager this year

Aegon, CVC and Anchorage price BSL CLO resets
Aegon, CVC and Anchorage all reworked US CLOs, with the triple As printing between 120bps and 123bps over SOFR  

Octagon prints partial refi of 2019-vintage US BSL CLO
Octagon Credit Investors, working with BNP Paribas as the arranger, has printed a USD 492m partial refinancing 

BNP Paribas forecast about USD 200bn of new CLO issuance in US and around EUR 50bn for Europe
BNP research analysts anticipate that CLO spreads will tighten over the first half next year, ahead of potentially widening in the second half  

Monroe knocks 103bps off triple-As in refinancing of middle-market CLO
Monroe Capital Partners has refinanced its Monroe Capital MML CLO XIV, a middle-market deal from two years ago, tightening the spread at the top of the stack dramatically

Antares resets largest middle-market deal in 2.0 era a second time
Antares Capital has printed a second reset of its legendary Antares CLO 2017-1, which holds the record as the largest middle-market deal in the 2.0 era

US CLO spreads trend narrower as new deals in pipeline aim for mid-120s
The US CLO market is seeing rapidly narrowing triple-A spreads, with multiple deals currently in market with triple-A spreads heading towards 125bps over SOFR

AGL prints new low-levered CLO with triple-As at 128bps
AGL has priced a new US BSL deal sized at USD 303m  with the lowest leverage seen this month