CLOs
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SCI CLO 100: Market matures as equity returns compress and captive capital dominates
Struggling equity, bifurcation, and software risk were some...
Last week CLO managers and investors gathered in London’s historic Plaisterer’s Hall in an event organised by SCI, to discuss the current state of the CLO market. Over the course of the day’s action attendees participated in a revolving series of roundtables around key topics playing on managers’ and investors’ minds at the moment.
Across these topics, .......
News Analysis 13 March 2026
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BNP Paribas to be selective with CLO issuance in 2026 after US$4bn year
The firm will prioritise portfolio quality, liquidity and investor diversification in 2026
In the wake of nearly US$4bn in CLO issuance across its Adagio and Allegro platforms last year, BNP Paribas Asset Management Alts is entering 2026 with confidence, but not complacency.
For Francois Touati, head of leveraged loans at BNP Paribas Asset Management Alts, the past two years have marked a turning point. After a “challenging” 2022 and 2023, markets .......
News Analysis 11 March 2026
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PineBridge returns to European CLO market
Manager ends seven-year primary issuance hiatus as new Europ...
PineBridge Investments has re-entered the European CLO market with the latest instalment in its Euro-Galaxy franchise, recommitting to the market following a seven-year hiatus.
Euro-Galaxy VIII is a €356mn BSL deal which priced last month via Jefferies and is expected to close on 25 March.
The deal features a €213.50mn triple-A tranche rated by .......
News 10 March 2026
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International Women's Day: Finding my voice, one deal at a time
Jinisha Patel, partner at Cadwalader, argues that this year'...
When I entered the legal industry and started working in the structured finance space, there were very few women in the rooms where decisions were being made. I observed early on that in order to navigate these environments, I had to do so persistently through excellent performance, thereby building trust and earning credibility one deal at a time. I .......
Talking Point 9 March 2026
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Job swaps weekly: CIFC names CLO heads and ABF run persists
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees CIFC Asset Management name its new global co-heads of CLO portfolio management. Meanwhile, DWS has hired Barbara Richter to lead its ABF business, and New York Life Investment Management and its European affiliate, Candriam, have increased their ownership stake in Kartesia to around 80%.
CIFC Asset Management has named Ira .......
Market Moves 6 March 2026
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CLO and ABS trends from SFVegas
Panellists discuss the CLO & ABS market at the annua...
In discussions held on the CLO market at SFVegas, one theme panellists agreed on is that liability costs and continued supply are compressing pricing. In an increasingly crowded market, the arb is increasingly tight for managers and the space is becoming dominated by manager-raised funds.
Those managers that can raise capital to satisfy risk retention requirements via .......
News Analysis 5 March 2026
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Royal London AM launches second EU CLO
Hambridge CLO II is the largest CLO issued in Europe in the last year, according to the firm
Royal London Asset Management (RLAM) has priced its second-ever CLO in Europe, Hambridge CLO II.
Worth €500mn, the second iteration in the Hambridge series is the largest European CLO in the last year and comes just five months after Royal London’s inaugural €425mn transaction - Hambridge CLO I - in September last year.
Piercing these transactions in quick succession, RLAM is moving quickly to .......
News 3 March 2026
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Ares prices second European direct lending CLO
Ares looks to establish itself in the European middle-market...
Ares Credit Funds, affiliates of Ares Management Corporation has priced its second European Direct lending CLO at over €300mn, signaling further growth for the European private credit market.
Ares European Direct Lending CLO II (EDL CLO II) is an actively-managed direct lending cash flow CLO comprising 70 loans to middle-market obligors in ‘resilient industries’ and predominantly in Western Europe, the firm says.
Arranged by .......
News 2 March 2026
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Job swaps weekly: Fitch promotions and ABF moves lead busy week for securitisation
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Fitch launching a new division in response to the evolving demands of institutional investors in private credit, which has acted as a catalyst for a number of senior promotions within the agency. Meanwhile, Scope Ratings has appointed a London-based senior director for structured finance ratings, and AB CarVal has hired an ABF-focused director from .......
Market Moves 27 February 2026
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Northern Trust adds compliance and waterfall tools to CLO platform
Bolstered middle office services will help asset managers st...
Financial services firm Northern Trust has announced it is upgrading its Omnium technology platform with two new features to streamline asset managers’ compliance and operational workflows.
Tapping into growing investor interest in the CLO market and increasing complexity for managers, the expanded middle office services will include indenture monitoring via a ‘rules-based framework’ that will enable them .......
News 26 February 2026
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CLOs: Fourth-quarter data shows strengthening issuance amid reset wave and rising private credit activity
Inaugural SCI Analytics CLO quarterly report underlines stru...
The global CLO primary market surpassed US$600bn in gross supply last year, according to data compiled in the inaugural SCI Analytics quarterly CLO report, with US$197bn in newly issued paper placed as of 1 December. The fourth quarter marked a particularly strong finish to the year, as issuance rebounded and CLO managers accelerated reset activity to optimise funding costs .......
News Analysis 24 February 2026
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CLO equity facing tougher tests in Q1 says Deutsche Bank
Higher liability costs and tighter loan spreads lead to seve...
CLO equity investors are facing a more difficult arbitrage environment at the start of 2026, as elevated funding costs and tighter loan spreads weigh on returns, according to Deutsche Bank’s latest US CLO quarterly equity distribution report.
The median quarterly distribution for the first quarter across all deals reporting fell to 2.4%, the lowest since 1Q2023 and the .......
News 19 February 2026
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UMB Bank closes US$400m BSL CLO warehouse, marking milestone expansion
Transaction represents a step in UMB's evolution from a priv...
UMB Bank’s corporate trust team has acted as collateral administrator on a US$400m broadly syndicated loan (BSL) CLO warehouse, marking the platform’s first such mandate in the syndicated market and underscoring its ambition to expand further into middle market, private credit and bespoke structured finance.
While warehouses backed by broadly syndicated loans are well established across the market, .......
News 18 February 2026
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UK consultations call for streamlined securitisation rules
FCA and PRA focus on proportionality and flexibility
The UK FCA and PRA have published parallel consultation papers (CPs) on reforming the securitisation rules, building on earlier consultations and subsequent policy statements. The proposals aim to make the existing requirements more proportionate and less prescriptive, while maintaining appropriate prudential and general safeguards.
The PRA considers that the proposals would facilitate lower compliance costs and align .......
News 17 February 2026
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UK insurers to drive next wave of triple-A CLO demand
Solvency 2 tailwinds and ETF innovation expand investor acce...
UK insurers could emerge as a major new source of demand for triple-A and double-A CLO bonds as Solvency 2 reforms reduce capital charges and push investors toward higher-yielding, high-quality assets, according to Reckoner Capital Management, as the firm simultaneously expands its CLO ETF platform to capture growing institutional and retail demand.
Solvency 2 reforms - expected to .......
News 16 February 2026
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US BSL CLO BWIC hits $56bn led by triple-A supply
Poh-Heng Tan from CLO Research shares US BSL CLO market insi...
Over the last twelve months, according to SCI BWIC data, around US$56.2 billion of US BSL CLO tranches were placed on BWIC. AAA tranches accounted for close to US$29.0 billion of notional, followed by equity tranches at US$8.3 billion and BB tranches at US$7.2 billion, as shown in the table below. Single-B tranches remain the least liquid segment of .......
News Analysis 16 February 2026
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Loan market bifurcation drives wider CLO portfolio dispersion
CLO market experts join SCI's webinar to discuss how manager...
Bifurcation in the leveraged loan market has become a defining theme for CLO participants over the past two years, presenting managers with growing challenges as they navigate an increasingly K-shaped credit universe across both the US and Europe.
In a webinar hosted by SCI on February 3, experts from KBRA, Pearl Diver Capital, and Palmer Square Capital Management .......
Talking Point 11 February 2026
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Infrastructure CLOs move to the fore
Barings' debut points to repeat issuance as the infra CLO pipelines build this year
Infrastructure CLOs are emerging as an area of growing interest within the structured credit market, as managers and investors seek diversified infrastructure exposure through familiar securitisation formats.
While the concept is not new - with private US transactions led by managers such as Starwood and DWS in the last decade - infrastructure CLOs have, until recently, attracted .......
News Analysis 9 February 2026
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US CLO double-B BWICs show wide pricing dispersion
Poh-Heng Tan from CLO Research provides insights on US CLO d...
Monday’s BWIC activity highlighted a wide dispersion in pricing across seasoned US CLO double-B tranches with 2026–2027 reinvestment end dates, with traded and indicated bids spanning a broad 605–799 DM range. This dispersion appears to be driven by a combination of MVOC, perceived manager tiering, liquidity, and WAL.
News Analysis 4 February 2026
Job swaps weekly: CVC acquires Marathon
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees CVC wholly acquiring Marathon, with senior Marathon management continuing to spearhead existing strategies. Elsewhere, Franklin Templeton has consolidated its US and European alternative credit businesses – Benefit Street Partners and Alcentra – under one brand, while Eagle Point Credit Management has committed capital to Pasadena Private Lending as part of a .......
News 30 January 2026
Lower-rated loan trading rises as CLO reset activity peaks
Extended reinvestment periods give managers more flexibility to trade lower-rated assets
CLO trading activity in lower-rated and distressed loans intensified in 2025, driven by record reset volumes and a large cohort of deals exiting non-call periods, according to a recent analysis by JPMorgan.
US CLOs currently hold around US$193bn of lower-rated loans, including US$63bn of triple-C rated assets and US$138bn of B3/B- exposure. In the bank’s ‘Liquidating Loans’ report released .......
News 26 January 2026