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European CLO resets expected to continue throughout 2025 – Fitch Ratings
2 days ago
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
11 days ago
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
4 months ago
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
4 months ago
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
4 months ago
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
4 months ago
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
5 months ago
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
5 months ago
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
5 months ago
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
5 months ago
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
5 months ago
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
6 months ago
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 -
Static deals stand out in Europe
6 months ago
European CLO equity in redeemed deals has delivered excellent returns. But managers might be surprised to discover that static deals are the region’s stars -
European CLOs see jump in triple-C exposure, says Fitch
6 months ago
European CLOs have seen their exposure to assets rated triple-C or below increase sharply, reaching an average of 5.0% -
European distress remains muted but trouble is brewing in Industrials
6 months ago
European Industrials rose to be the second most distressed sector in August, according to a new report based on the Weil European Distress Index -
LBOs on the rebound: How leveraged loans are stealing the spotlight from direct lenders in 2024
7 months ago
2024 has seen a resurgence in LBO activity, with many of the largest deals opting for leveraged loans over direct lending for financing -
Defaults hit 5% YTD for US private debt-backed companies according to Fitch
7 months ago
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals -
Reset or refinancing?
7 months ago
The CLO market is expecting another strong half year for both resets and refinancings. But what factors are leading equity investors to prefer resetting deals over refinancing them? -
JP Morgan revises CLO spread target upwards as recession fears mount
9 months ago
Off the back of renewed recession fears JP Morgan has revised its end-of-year AAA CLO spread target upwards to 150bps for both the US and Europe -
European managers struggle to add alpha
9 months ago
Before the COVID pandemic, European CLOs comfortably outperformed the Morningstar European Euro-Denominated Loan Index. Since then, alpha has declined for many managers -
New survey explores middle-market CLO operations
10 months ago
S&P Global Market Intelligence, in collaboration with Creditflux, conducted a study of middle-market CLO managers to assess how specialists are adapting their operations to tap this burgeoning opportunity -
Barclays sees record European CLOs for 2024
10 months ago
Barclays expects a record year for CLO deals in Europe, raising its issuance forecast to EUR 40-45bn in a report released this week -
Older CLOs show they’ve still got it
10 months ago
The CLO primary market is vibrant — but some older vintages are still performing very well. We look at the equity performance of US BSL CLOs that have exited their reinvestment period -
Bank holdings of CLOs drop by nearly 3% in first quarter
11 months ago
US bank holdings of CLOs fell 2.93% to USD 199bn in the first quarter, as repayments outweighed purchases of the securities -
Technical strength drives primary US CLOs spreads below historical norms
11 months ago
Triple As are now pricing on top of historical levels, and other investment-grade CLO tranches are already pricing much tighter than historical trends, thanks to the technical strength observed in the primary US BSL CLO market
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