CLOs

  • Smaller triple-C buckets belie increased risk in EU CLOs

    As older deals struggle to reset, shrinking triple-C buckets...

    Declining equity NAV among aging European CLOs are making resets increasingly difficult, with those that are able to extend often doing so at the cost of a leaner, but riskier triple-C bucket, according to market participants. 

    Resets have long served as a release valve for CLOs allowing managers to extend risk and avoid terminal stress, some of which .......

    News Analysis 15 July 2026

  • Aegon AM deepens Lakemore partnership to support US CLO issuance as demand shifts to senior debt

    Expanded alliance gives Aegon AM committed CLO equity capita...

    Aegon Asset Management has expanded its partnership with Lakemore Partners, with the alternative investment firm committing to make material equity investments in Aegon AM's future US CLOs, a move the manager says will support a more consistent issuance pipeline as the market increasingly favours platforms with reliable access to equity capital.

    The expanded partnership, announced on 30 June, .......

    News 14 July 2026

  • SCI analysis reveals risk differences among triple-A CLO ETFs

    SCI analysis finds portfolio construction, rather than headl...

    CLO exchange-traded funds (ETF's) with the same headline rating are showing materially different risk profiles, with portfolio construction rather than fund labels emerging as a key driver of performance.

    SCI's analysis of selected triple-A CLO ETFs found senior triple-A exposure ranging from 79.15% to 98.87%. While the JPMorgan CLO triple-A Index holds 97.99% in senior triple-A tranches, one .......

    News Analysis 13 July 2026

  • EU CLO secondary market resilient amid heavy supply

    Market participants say strong technical demand continues to...

    European securitisation markets continue to benefit from strong investor demand despite a heavy pipeline of new issuance, with market participants telling SCI that strong technical demand, particularly for investment-grade paper, is keeping spreads well supported across both the primary and secondary markets.

    Barclays head of US CLO research Gavin Zhu tells SCI that secondary CLO trading .......

    News 13 July 2026

  • Job swaps weekly: Alvarez & Marsal raid KPMG talent, Man Group shake-up

    People moves and key promotions in structured credit

    There have been some significant shifts  in personnel across structured finance this week, but leading the pack is the news that Alvarez & Marsal has augmented its financial services practice by securing the services of Alec Innes, former md at KPMG, as reported by SCI this week.

    Market Moves 10 July 2026

  • Top-tier EU CLO managers lead tighter single-B BWIC prints

    Poh-Heng Tan from CLO Research provides insights on EU CLO single-B BWIC colour

    This week saw 22 line items of longer-dated EU CLO single-B bonds, totalling EUR 66.8 million, trade with released cover levels, according to SCI’s BWIC data. All of the bonds have reinvestment periods ending in 2029 or 2030. DMs ranged from a tight 870 to 973.

    In particular, PENTA 2021-2X FR (managed by Partners Group) and AVOCA 21X .......

    News 10 July 2026

  • Isolated single-B losses emerge in European CLOs

    First class F write-down tests European CLO market as second deal follows suit

    Two European CLOs have run into trouble with their junior-most debt tranches as class F noteholders are set to take a haircut on their principal in what has been described as an “inflection point” for the European CLO market.

    Bain 2018-1 made history last month becoming the first European CLO in the 2.0 era to confirm a principal .......

    News Analysis 9 July 2026

  • Man Group's CLO operations head departs

    Departure follows a series of changes across the firm's European CLO investment team since 2023

    Man Group’s head of CLO operations, Niels van den Ouweland has stepped down after 19 years in the role, SCI has learned.

    Based in Zug, Switzerland his next move is yet to be confirmed.

    His departure follows other recent changes in Man Group’s European CLO investment team including Elise Evans senior credit analyst – CLOs who .......

    Market Moves 8 July 2026

  • Luxembourg securitisation reforms strengthen CLO and ABS appeal, says A&O Shearman

    Draft legislation aims to remove structural constraints, mak...

    Luxembourg is taking another step to strengthen its position as a leading European securitisation hub, with proposed legislative changes that will make the jurisdiction "more usable" for CLOs, ABS and increasingly complex structured finance transactions, according to Frank Mausen, partner at A&O Shearman. 

    A new bill (No. 8761) introduced last month builds on Luxembourg's 2022 .......

    News 7 July 2026

  • Job swaps weekly: Citi hires trading head, while Hogan Lovells Cadwalader adds global head of SRT

    People moves and key promotions in structured credit

    This week's roundup of structured credit job swaps is led by the newly combined Hogan Lovells Cadwalader naming New York-based partner Jed Miller as global head of SRT. Elsewhere, Lakemore and Aegon have expanded their strategic partnership to support the growth of their CLO platforms.

    The newly combined Hogan Lovells Cadwalader has named New York-based partner Jed Miller global .......

    Market Moves 3 July 2026

  • KBRA sees EU middle-market CLO market broadening as issuance and multicurrency structures grow

    Golub's debut European middle-market CLO underscores growing...

    The European middle-market CLO sector is set to continue expanding as established private credit managers bring more transactions to market and issuers increasingly adopt multicurrency structures, according to KBRA.

    Following the agency's preliminary ratings on Golub Capital Partners Euro CLO 89(M) - Golub’s inaugural European middle market CLO - Gabriele Gramazio, md - structured credit at .......

    News 3 July 2026

  • NAIC vote pulls private credit CLOs into new risk-based capital regime

    NAIC IRE working group votes to adopt the new ratings-based RBC proposal

    The National Association of Insurance Commissioners’ (NAIC) has voted to adopt new risk-based capital (RBC) factors governing the capital treatment of insurance companies’ CLO holdings.

    In the latest meeting of the Risk-Based Capital Investment Risk and Evaluation (E) Working Group (IRE), the working opted to approve the implementation of the framework proposed by the Academy of American Insurers at the NAIC national .......

    News 2 July 2026

  • European CLO triple-B spreads tighten to pre-war levels as demand squeezes value

    Investors say heavy buying has made new-issue triple-B paper...

    European CLO investors are facing an increasingly difficult challenge finding value in triple-B tranches, with spread compression near all-time tights in some cases, according to market sources.

    Amid broader tightening across the capital stack, triple-B spreads have tightened notably.

    European CLO spreads widened sharply during the second quarter as the outbreak of the war .......

    News Analysis 1 July 2026

  • European securitisation seniors tighten

    SCIx benchmarks show narrowing at the top of the stack in most sectors

    Today’s monthly figures from SCI’s family of indices covering the European ABS, CLO and RMBS markets – the SCI Composites Index (SCIx) – show an overall tightening trend from end-May to end-June. However, there are some exceptions.   

    For example, the SCIx AUTO EU AAA index level edged in 1.2bp month-on-month to 67.8bp, SCIx CLO EU AAA moved .......

    News 1 July 2026

  • EU CLO market unlikely to see major structural shift despite UK securitisation reforms, says Dechert

    UK reforms offer incremental benefits, but dual compliance k...

    The European CLO market is unlikely to experience significant changes in execution practices or regulatory compliance despite the UK’s proposed securitisation reforms, according to Sushila Nayak, partner at Dechert, who notes that the continued need for dual EU and UK compliance will limit the practical impact of the changes.

    Speaking to SCI following her move .......

    News Analysis 30 June 2026

  • SCI In Conversation Podcast: Derek Dubois, Deerpath Capital

    We discuss the hottest topics in securitisation today...

    In this episode of SCI In Conversation, Derek Dubois, md and treasurer of Deerpath Capital, joins SCI US editor Simon Boughey, to discuss low to middle market CLOs.

    Private credit manager Deerpath has US$9bn under management, and for almost two decades has funded senior, cash-flow based lending to sponsor-backed firms valued between US$50m and US$250m, chiefly through the CLO .......

    News Analysis 26 June 2026

  • The risks of paying a premium and the rewards of buying at a discount

    Poh-Heng Tan from CLO Research analyses the realised IRRs of...

    Purchase price has a significant influence on realised IRRs when EU CLO bonds are called at par. While opportunities to acquire discounted bonds that are subsequently called are relatively scarce, they can generate substantially higher returns through pull-to-par, particularly for lower mezzanine tranches. Conversely, paying above par can reduce realised IRRs when bonds are redeemed early.

    Over the .......

    News Analysis 26 June 2026

  • Job swaps weekly: Aon and Carlyle make key hires

    People moves and key promotions in structured credit

    This week's roundup of structured credit job swaps is led by The Carlyle Group's appointment of James Dunn to head European liquid credit. Elsewhere, Aon, Standard Chartered and several firms across the ratings, legal and servicing sectors have announced senior hires and promotions.

    The Carlyle Group has appointed James Dunn as partner and head of European liquid credit. .......

    Market Moves 26 June 2026

  • Sona AM sees opportunity in EU CLO equity as volatility creates 'compelling entry point'

    Credit expertise and NAV protection are becoming increasingl...

    European CLO equity could be approaching a compelling entry point despite ongoing concerns about higher credit losses and market volatility, according to a new white paper from Sona Asset Management.

    The report titled 'European CLO Equity: Framing the Investment Case' argues that while investor scepticism toward CLO equity has increased amid pressure on net asset values (NAVs) and .......

    News Analysis 24 June 2026

  • CLO manager consolidation set to accelerate, says Clearlake

    Following its acquisition of LCM's CLO business, Clearlake s...

    The global CLO market could be ripe for widespread consolidation, according to private investment firm Clearlake Credit, with the market saturation ratcheting up competition among smaller managers.

    Speaking to SCI, Philip Braner, md at Clearlake Credit, explains the CLO market could see market consolidation moves from larger asset managers accelerate as smaller firms contend with a number of .......

    News 23 June 2026

  • MVOC emerges as key driver of EU CLO single-B pricing

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

    The technically strong loan market, with around half or more loans trading above par, has resulted in a relatively active month-to-date secondary market for EU CLO single-B tranches. A total of 27 single-B tranches have traded on BWIC with trading colour available.

    For deals with reinvestment periods ending between late 2028 and 2030, discount margins (DMs) based on .......

    News Analysis 22 June 2026
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