European CLO issuance kicks into gear as spreads tighten in
European triple A spreads tightened this week to a new low of 124bps, with new issues hitting the market from Blackstone, Palmer Square, Apollo, Spire and ICG

M&G launches European CLO ETF with EUR 200m
The actively managed M&G AAA EUR CLO Active UCITS ETF will provide exposure to AAA CLOs

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults

New European Partners Group CLO prices with delayed-issuance single B tranche
Both the triple As and double As were split across note and loan tranches, with the triple As issuing at the current market benchmark of 130bps over Euribor

CLO equity price decline represents compelling buying opportunity — CIFC
Over the next 12 to 24 months, CLO equity could generate returns comparable to those seen in 2023-2024, CIFC believes

Euro CLO market perks up to close out week, as LGT and Capital Four price deals
A new issue from LGT Capital Partners and a reset from Capital Four came after a tepid week of issuance, impacted by the ongoing disruptive impacts of AI on software loans, allied to uncertainty stemming from the war in Iran

European CLO market predicted to double in size within five years
At the FT Live Euro CLO conference in London, managers have predicted rapid growth in the European market over the next five years

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 

TwentyFour AM favours European CLO equity going into 2026
In comparison, US CLO equity faces more challenges related to LMEs and refinancing activity, the asset manager said

Further lawyer moves predicted as competition for legal CLO talent intensifies

EXCLUSIVE: Shortage of talent amongst legal CLO specialists has fuelled speculation of more moves unless law firms prioritise staff retention

European CLO market weakens on shock US tariffs and trade war escalation
EXCLUSIVE: Traders in "price discovery mode" with CLO BBs down about 25bps points, and BBBs a point or more, while others see less of a decline in morning

Fund performance
August returns were largely positive for credit hedge funds, as 88% of those listed in the Creditflux database reached into the black

Fund performance
CLO funds dominate again as they take 18 spots in top 30 list

Golub prints tightest new middle-market CLO of 2024
Golub Capital, working with RBC Capital Markets, has priced a new middle market CLO with the tightest senior and mezz spreads so far this year

Fund performance
Q4 has kicked off with structured finance funds leading the way in the Creditflux league tables, as the category index reached 0.61%, and all but one fund made positive returns.

Fund performance
Positive August for credit sees CLO funds on top again

CLO round-up: blinded by the tights
Secondary CLO spreads continued to grind tighter this week and, at last, the primary market began to follow in both the US and Europe

CLO round-up: secondary market rallies amid increased primary supply
CLO primary activity increased across the board this week, with US new issue supply amounting to $1.8 billion - up 48.7% on the week prior - while in Europe supply increased 208.8% to €1.2 billion

Question your assumptions
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Sound Point becomes 5th largest CLO manager as Assured deal completes
Sound Point announced the completion of its partnership with Assured Guaranty yesterday jumping Sound Point into position as 5th largest CLO manager in the world.

Global CLO league tables - May 2023 YTD
Global CLO league tables - May 2023 YTD

CLO and structured credit PM parts ways from Hildene
An experienced CLO and structured credit specialist has left Hildene Capital Management

Rope-a-dope brings knock-out returns
Post-pandemic US and European CLOs delivered mid-teen equity returns in 2022, despite a barrage of weak macroeconomic news and what could have been a heavyweight Libor mismatch