Private credit secondaries poised for record year
Deals in the market are only getting larger and volumes are expected to surpass USD 18bn this year, a new Evercore report shows

UK and France dominate European CLO collateral – Fitch Ratings
One-third of the collateral behind European CLOs is issued by UK and French companies, as Fitch warns of French downgrade risk

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

European BB CLO tranches most susceptible to downgrade – S&P Global
Triple-A tranches demonstrate “significant stability,” according to the ratings agency

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Private credit deals in India grow 53% year-over-year
Private credit investments in India hit USD 9bn during the first half of the year, according to a new report from EY

Credit quality of European CLOs improved since start of year – Fitch
A new report from Fitch Ratings points toward higher quality CLO portfolio credit in the year to date, despite a lower default recovery rate

Upgrades outpace downgrades in triple C tranches of CLOs in July – BofA
Despite July's reversal, the pace of triple C downgrades remains significant, BofA said, and is expected to reach 8% for triple Cs

Private debt market fundraising shows shift to Europe – Goldman Sachs
Private credit market fundraising has been pivoting to Europe, while global defaults remain below historical averages, according to new research from Goldman Sachs

Default expectations rise as tariff threats to North America deepen – IACPM survey
Credit portfolio managers across the world see tariff-related headwinds for both the US and Canada

US CLO spreads to widen as uncertainty and tariffs bite – JPMorgan
Higher US tariff levels may lead to CLO spreads widening and pressure US CLO market growth, but new origination has been more resilient than expected, according to JPMorgan analysts in their mid-year CLO outlook report

Some LPs wary of retail capital in private market products— Edelman Smithfield
A new survey from the global financial communications advisory firm shows more than a fourth of LPs want private funds managers to keep their capital separate from retail investors

Mid-market CLO rally unlikely to endure — S&P Global
The positive start to the year has been undercut by uncertainty stemming from the Trump administration’s new tariff regime

European CLO resets expected to continue throughout 2025 – Fitch Ratings
A report from the ratings agency indicates as many as 80 European CLOs from 2022 and after could be viable reset candidates this year 

Euro CLOs' largest single B- credits have little direct tariff exposure but face varying indirect pressures – S&P Global
The wave of global tariffs will have little direct impact on the top 'B-' European CLO holdings, but these credits remain vulnerable to secondary effects, according to research from S&P Global

Expanding investor base and ABL will propel private credit growth says BlackRock
The private credit asset class will continue to grow in 2025 as the underlying investor base diversifies and the definition of private credit expands to include asset-backed finance held by private lenders

Banks predict record-breaking year ahead
Consensus figures generated from outlook reports by five banks suggest 2025 will be another strong year for CLO issuance. But last year, their estimates were well below the actual numbers

Slow and steady wins the day
It’s often thought CLO managers add value to their deals via high volume trading strategies. The data shows this can be true — but on average, top performing CLOs are less actively traded

BNP Paribas sees credit upside in 2025, even amidst Trump-led unpredictability
The bank also sees CLO equity outperforming in 2025 benefiting from resilient loan fundamentals, strong cash flows, and the upside potential from reset activity

Moody’s forecasts robust economic performance underpinning continued strength in CLOs
The ratings agency’s outlook for 2025 is upbeat about the prospects for both the US and European CLO markets, helped by declining leveraged loan defaults

Direct lenders add pricey terms on amend-and-extend deals
Companies negotiating an amendment with direct lenders might find the deal costly as most demand extra fees, payment and security to execute, according to a new survey

Deutsche Bank forecasts record new issuance for European CLOs in 2025
Deutsche Bank Research is forecasting a record EUR 50bn in gross new issue CLO supply for the European CLO market in 2025, with net issuance projected to increase to EUR 25bn

BNP Paribas develops 'call score' for US CLOs
The new feature, dubbed ‘Call Score’, rates deals on a scale between 0 and 100, with the aim of identifying CLO deals that are imminent call candidates

Triple C assets and capital preservation
In the US and Europe, better performing CLOs tend to hold fewer triple C assets. But even so, a third of top performing CLOs in the US have more than 6% of their assets in the triple C bucket.

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer