Creditflux
CLOs, credit funds and structured credit markets.
Morgan Stanley Alum Joins as SMBC Managing Director
SMBC has hired a former Morgan Stanley executive as a managing director in its securitized products and capital solutions division. The new hire will oversee the bank's expanding global securitization platform, adding depth to its CLO and structured finance capabilities. SMBC aims to leverage the alumnus' experience to capture market share in a competitive CLO environment. The appointment underscores the bank’s commitment to growing its structured credit franchise worldwide.
US BSL CLO Rankings – March 2026
Bain topped the US BSL CLO market in the first quarter of 2026, pricing just under $4 bn of transactions, according to Creditflux data. Among arrangers, Bank of America captured the largest slice, holding a 17.64% market share for Q1. The...
Adams Street Raises USD 7.5bn for Senior Direct Lending
Adams Street Partners closed its Private Credit III fund at the full $7.5 billion target, marking a major capital raise for senior direct lending. The middle‑market‑focused alternatives firm will deploy the capital through senior loans to established companies, emphasizing cash‑flow stability...
King Street Wins Saudi Backing for New Middle East-Focused Private Credit Fund
King Street Capital Management has secured backing from a Saudi sovereign investor to launch a new private credit fund focused on the Middle East and North Africa (MENA) region. The vehicle will provide asset‑based lending and bespoke capital solutions to...
First Brands Adequate Protection Fight with Evolution Yields Appellate Court Ruling Friendly to Allegedly Secured Lenders – Legal Analysis
An appellate court in the Southern District of Texas ruled that a creditor’s prima facie showing of a security interest entitles it to adequate protection under Chapter 11, remanding the First Brands‑Evolution dispute back to the bankruptcy court for further...
Janus Launches Higher Risk-Return CLO ETF for Institutional Investors
Janus Henderson has launched a new CLO exchange‑traded fund that targets AA to A‑rated CLO tranches, offering a modestly higher expected return than its existing AAA‑focused CLO ETF. The product is designed specifically for institutional investors seeking greater yield without...
Inflows for Nontraded BDCs Slow While Redemptions Rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs
Software Selloff Hits CLO Equity, BB MVOCs – Barclays
Barclays reports that a sharp software‑sector selloff has dragged down collateralized loan obligation (CLO) equity and BB‑rated medium‑volatility obligations (MVOCs). At the same time, the share of U.S. loans trading above par fell to just 27%, a steep decline from...
CalPERS, Other Large Investors Embrace a Strategy that May Send More Cash to Private Markets
CalPERS and several other large institutional investors are shifting to a Total Portfolio Approach (TPA), a holistic allocation framework that treats cash as a flexible resource rather than a static buffer. The new methodology lets firms dynamically allocate capital to...
US BSL CLO Rankings – January 2026
Creditflux’s January 2026 US BSL CLO league table revealed a surprise shift, with SMBC Nikko climbing to the second‑place slot in the arranger rankings. The move displaces traditional leaders and reflects SMBC Nikko’s aggressive issuance strategy during the first quarter...
BSP Is Latest to Issue US CLO AAAs at 115bps, as New Mountain and CQS Also Price New Deals
Benefit Street Partners (BSP) has launched its second U.S. CLO of 2024, a $502.6 million transaction arranged by Bank of America. The CLO received a AAA rating and was priced at a 115‑basis‑point spread over LIBOR, matching the tightest pricing seen...
Software Sell-Off Weighs on Growing Share of European Single-B CLO Tranches
Around 7%-8% of single-B tranches no longer covered on MVOC basis and manager tiering re-emerges.
Lending Giants Invade Lower Mid-Market in Search of Deals – Private Credit Comment
Lending giants such as major banks and asset managers are expanding into the lower mid‑market, traditionally dominated by smaller private‑credit funds. This surge in competition is compressing pricing and forcing boutique lenders to chase riskier deals or exit the segment....
Securitisation Market Pushes Back on Key Elements of Commission Reform
The European Commission’s draft reform of the EU securitisation framework has encountered strong resistance from market participants. A European Parliament rapporteur has introduced industry‑friendly amendments aimed at softening the proposal’s most contentious points. Respondents are particularly opposed to the Commission’s...
Schroders, InPost Deals Boost 2026 Takeover Pipeline by EUR 19bn
Asset manager Schroders and parcel‑delivery specialist InPost have signed deals that together add €19 billion to the projected 2026 European takeover pipeline. InPost’s transaction, valued at €7.8 billion, involves Advent International and FedEx and is being executed at a modest premium. Schroders’...