CLOs

• Manager tiering drives dispersion in US CLO BB cover DMs

  Poh-Heng Tan from CLO Research provides insights into US CLO...

  This article focuses on US CLO BB bonds traded last week, covering bonds with reinvestment periods (RPs) ending in 2029–2030, as well as shorter-dated bonds with RPs ending in 2026.

  News Analysis 24 August 2026 Job swaps weekly: Northleaf hires new asset-based finance global head, Orrick expands US structured finance practice People moves and key promotions in structured credit This week’s roundup of structured credit job swaps sees MidCap Financial veteran joining Northleaf Capital Partners, Barclays appointing co-CEOs of its investment bank and Orrick continuing its structured finance roll-out with the hire of a new partner in New York. Northleaf Capital Partners has hired MidCap Financial veteran JD Gettmann as its new global head of asset-based specialty finance, ....... Market Moves 21 August 2026 MetLife remains constructive as PineBridge CLO platform enters new phase The US$400m Galaxy 37 CLO is PineBridge's 44th issuance and... MetLife Investment Management (MIM) remains constructive on the outlook for the US CLO market over the next 12-18 months, despite tighter loan spreads and limited net new leveraged loan supply constraining the economics of new issue formation. Kevin Wolfson, US CLO and leveraged loan portfolio manager, speaks to SCI following the close (on 13 August) of News Analysis 21 August 2026 CLOs: Q2 shows market resilience as pressures mount Tightening arbitrage and loan market bifurcation weigh on th... The global CLO market remained resilient in the second quarter, despite challenging arbitrage conditions, with US managers leaning heavily on liability management to sustain issuance. US CLO issuance picked up in Q2, with 285 deals printed across April, May and June, according to SCI’s primary market database. Deal flow was around 20% higher, both quarter-on-quarter and ....... News Analysis 20 August 2026 Active management overtakes arbitrage in evolving CLO equity playbook Active portfolio management, credit selection and structural... CLO equity is becoming a test of manager execution rather than arbitrage, as ongoing loan repricing compresses entry-point economics across the European market, according to Alex Roy, managing director and co-portfolio manager of European CLOs at Canyon Partners. Managers are increasingly underwriting transactions with a focus on performance over the four- to five-year life of a ....... News Analysis 19 August 2026 European CLO triple-Bs approach record tights Strong demand continues to compress mezzanine spreads European CLO triple-B spreads continue to edge towards record tights, with increasing demand from yield-hungry investors creating an aggressive valuation squeeze. Pricing across the IG mezzanine in the European CLO market is creeping back toward historic tight levels this summer. Investors tell SCI that heavy demand coming from all directions into the triple-B tranche had wound back ....... News Analysis 17 August 2026 Job swaps weekly: Lazard expands senior team, while Churchill launches capital solutions unit People moves and key promotions in securitisation This week's roundup of securitisation job swaps sees Churchill Asset Management launch a new capital solutions unit. Meanwhile, Lazard has expanded its senior team with three new hires and Simmons & Simmons is building out its fund finance practice. Natalie Sharkey has joined Simmons & Simmons in the fund finance team as a partner. She joins from spending ....... Market Moves 14 August 2026 Ares, Octagon see European CLO issuance shifting as managers weigh new opportunities Managers assess execution conditions across primary activity as issuance mix evolves Ares Management and Octagon Credit Investors say execution in the European CLO primary market is becoming increasingly transaction-specific, as managers weigh opportunities across both existing deals and new issuance. Speaking to SCI, Nicoló Perari, partner and portfolio manager, European liquid credit at Ares says, “We continuously assess market conditions alongside the characteristics and economics of our existing portfolios to determine the most ....... News Analysis 14 August 2026 CLOs outpace banks in transmitting rate changes Floating-rate structures enable faster pass-through of rate... CLOs can transmit monetary policy more efficiently than traditional bank lending due to their floating-rate structure, Rob Reynolds, managing director and head of CLOs at Pemberton Asset Management, tells SCI, as benchmark rate changes are passed through directly to both borrowers and investors. “Central banks set benchmark rates… however, the transmission mechanism contains some rigidities,” Reynolds says, noting that changes are ....... News Analysis 13 August 2026 US and EU CLO BB BWIC: A tale of two markets Poh-Heng Tan from CLO Research provides insights on latest US and EU CLO BB BWICs Yesterday (12th August) saw a relatively long list of US and EU CLO BB bonds on BWIC according to SCI’s BWIC data, providing an interesting comparison between the two markets, particularly in terms of MVOC, extension risk and secondary-market DMs. News Analysis 13 August 2026 US CRE CLO issuance rebounds as bridge lending and back leverage fuel growth US CRE CLO issuance has surged in 2026 as stronger bridge le... US commercial real estate (CRE) CLO issuance has begun a sharp recovery in 2026, with stronger demand for bridge lending, increased bank back leverage, and improving investor acceptance pushing volumes back towards post-pandemic highs. Private label CRE securitisation supply through August is expected to remain comfortably ahead of last year, but the growth has been uneven across sectors. Conduit issuance is projected ....... News Analysis 12 August 2026 J.P. Morgan merges private credit financing and CLO primary units in global structured credit push The US bank is bringing the businesses together as it contin... J.P. Morgan is combining its global private credit financing and CLO primary businesses into a new team called private credit financing and securitisations, as the bank looks to strengthen its platform across structured credit and continues to expand its headcount globally, the firm tells SCI. The move brings together two businesses that have become increasingly connected as private ....... News 12 August 2026 SCI In Conversation Podcast: William Perraudin, Risk Control We discuss the hottest topics in securitisation today... In this episode of SCI In Conversation, Kenny Wastell speaks to Risk Control managing director, William Perraudin, about the emergence of securitisations backed by multilateral development bank (MDB) loans. Perraudin discusses the launch of a recent consultation on the subject, which is being undertaken on behalf of the UK and Swiss governments. He also outlines the motivations and obstacles ....... Market Moves 12 August 2026 Rate hikes prompt deeper look at EU CLO fixed-rate exposure Higher rates could stress certain deals' MVOC ratios, but risk appears limited Renewed volatility in Euro rates could potentially put pressure on CLOs with higher exposure to fixed-rate bonds, research says, although this risk is not as great as previous hiking cycles. After announcing its first rate hike in over two years to 2.25% in June, economists and markets expect another to come in September. Research from Bank of America ....... News 11 August 2026 Fasanara aims for steady expansion in European CLO market The manager plans to issue two to three CLOs a year, priorit... Fasanara Capital is entering the European CLO market with a strategy centred on experienced credit investing, technology and disciplined growth rather than rapid issuance. The London-based alternative credit manager points out that, despite its broader private credit and fintech lending activities, its CLOs will invest in traditional broadly syndicated leveraged loans. Speaking to SCI, Till Schweizer, ....... News 10 August 2026 CLO reset economics thin but volumes hold firm Shrinking liability savings and a jump in junior spread disp... Reset activity across European and US CLO markets continues apace this year even as the underlying economics have thinned, prompting diverging responses among investors on either side of the Atlantic.  The global volume of resets this year to date sits at US$124bn, according to SCI data, which is down 7% compared to the same period last ....... News Analysis 10 August 2026 Job swaps weekly: Fried Frank and Sidley expand US fund finance practice People moves and key promotions in securitisation This week's roundup of securitisation job swaps sees Fried Frank and Sidley strengthening their fund finance teams in New York by appointing new partners. Meanwhile, Tranchify, an AI-enabled operating system for securitisation execution, has named a new ceo and Walkers has appointed a partner in its finance and capital markets team in Dublin. In the legal space, Fried Frank has hired Corinne Musa as a ....... Market Moves 7 August 2026 Fidelity begins search for alternative credit portfolio manager following Curtis exit Alternative credit chief leaves to pursue other opportunitie... Michael Curtis, head of alternative credit at Fidelity Investments, has left the firm after eight years. A spokesperson from the firm confirmed his departure to SCI, stating, “Michael Curtis left Fidelity to pursue other opportunities. His last day at the firm was July 31”. As a result of Curtis’ departure, the spokesperson tells SCI that Camille McLeod-Salmon and Ellie Piper will remain ....... Market Moves 7 August 2026 Transformation and turbulence Readers recall the key events over SCI's first 20 years The first issue of Structured Credit Investor was published this week in 2006 and since then the publication has provided structured credit news and analysis to the buyside through ever-changing times. SCI has documented not only the evolution of the securitisation markets over the last 20 years, but also the broader transformation of risk transfer and capital formation across ....... Talking Point 4 August 2026 European CLO ETFs become mainstream as GPs race to capture demand Asset managers say improving investor awareness and active management are fuelling growth CLO ETFs are becoming an increasingly mainstream fixed income allocation as investor understanding of the asset class improves, according to Jose Aguilar, head of European high yield and long/short credit strategies at BlackRock. The latest entrant is M&G Investments, which has launched the €200m M&G AAA EUR CLO Active UCITS ETF, including €180m raised from external investors. The ....... News Analysis 4 August 2026 Junior risk-off spreads across European securitisation market SCIx fixings show double-B widening turns universal in June, as senior spreads diverge by sector The latest SCI Composite Index (SCIx) fixings show broad-based widening across the stack, a reversal from last month’s broad tightening, with two exceptions among the senior tranches. Today’s monthly figures show junior risk-off sentiment went from isolated to universal across the European public securitisation markets. Last month, double-B widening was limited to the auto ABS sector, while CLO, RMBS, and Consumer ....... 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