European reset highlights weakness in mezz despite robust senior demand
Partners Group priced its second European CLO of the year last Thursday – a EUR 406m reset of the 2022-vintage Penta CLO 12

Cheyne returns to SRT market with eye-catching hire
Cheyne Capital has re-entered the significant/synthetic risk transfer (SRT) market, bringing on an industry veteran to act as portfolio manager

European WAL test language is getting a little looser finds Dealscribe
The latest quarter has seen some loosening of WAL test laguage for European CLOs, according to document analysts Dealscribe

Strong run helps CLOs shrug off Altice downgrade
It may be the largest triple C downgrade in years, but the CLO market is relatively unperturbed by Altice’s fall from grace.

CIC aims to join list of new European CLO managers
After last year’s eye-catching European debuts from seven new managers, attention has turned to this year’s impending crop of debutants.

Triple A delayed-draw structure helps European CLOs beat negative carry
The first quarter of this year saw a trio of unusual deals in the European market: new issues that include delayed-draw options on triple A coupons. It is the first time this facility has been seen on CLO triple A notes.

Milbank staffs up after slew of London lawyers follow Goldfinch to Allen & Overy
Milbank has reacted quickly after five attorneys — including veteran European CLO lawyer John Goldfinch — moved to rival law firm Allen & Overy.

Private credit firms chase opportunities in asset based lending as US banks withdraw
Lending against assets is becoming the fastest growing part of private credit. The market is expected to grow from roughly USD 787bn in 2024 to more than USD 1.26trn in 2028, according to a report by Research and Markets, a data and statistics firm.

US regulatory capital deals are increasing — and not just for big banks
US regulatory capital deals are increasing — and not just for big banks

EU managers seeking retail investors roll out first ELTIF 2.0 credit funds
EU managers seeking retail investors roll out first ELTIF 2.0 credit funds

2022 vintage deals score again as COLF is called with 49% gross IRR
2022 vintage deals score again as COLF is called with 49% gross IRR

Fund performance
In February, CLO funds once again claimed the majority of top positions in our fund ranking — this time taking eight of the top 10 spots (see table below).

Credit hedge funds
Credit hedge fund performance

Credit funds at a glance
Credit funds at a glance

CLOs at a glance
CLOs at a glance

The Last Tranche with Christine Ferris
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market.

Private credit is the regulatory fix that became an asset class
Institutional investors have pushed private credit to greater scale than either loans or bonds

Unveiling our shortlist for the best performers of 2023
The 16th edition of Creditflux’s annual celebration of the best CLOs, CLO funds and CLO managers, in Europe and the US, will be held on 15 May at the Landmark Hotel in London

Neuberger Berman keeps it tight for new European CLO
The European market saw another deal print at this year’s record tight of 147bps yesterday, when Neuberger Berman priced its first Euro deal of 2024

Sculptor launches CLO captive equity platform
Sculptor Capital Management launched its new CLO captive equity platform today, anchored by a commitment from Rithm Capital

Billion-dollar Adams Street CLO is private deal for single investor
New details have emerged of the unusual billion-dollar middle market “CLO” that Adams Street Partners closed last week

ELFA names Rinaldi as co-Chair of CLO investor committee
The European Leveraged Finance Association (ELFA) has named Elena Rinaldi as the new co-chair of its CLO Investor Committee

European resets return as Carlyle reworks 2022 vintage deal
This week’s latest European CLO reset from Carlyle Group maintained the market’s trend so far this year for sub-150bps pricing levels

Allianz gears up to launch European credit impact investing fund
Allianz Global Investors filed regulatory documents in Luxembourg this week for a new impact investing fund, the latest in a string of similar strategies

Pensions specialist Broadstone snaps up credit risk shop
Broadstone has acquired credit and analytics firm Vestigo Partners Limited for an undisclosed amount, as the UK-based pensions, investments and employee benefits specialist expands its credit risk capabilities