Thomas Hopkins

New European CLO issuance has shattered records in 2025, already surpassing 2024 deal volumes. The market is showing no sign that it will slow down in 2026 either. Sources note that 160-180 financing warehouses were open in November, compared with 90-100 ... See more

Spreads on triple-A rated European CLO notes have sat stubbornly around the 130bp mark for much of the past year. Partners Group estimates that the weighted average triple-A spread was 129bp in the last two quarters of 2024. It tightened to 121bp in the f... See more

In a shake-up to the Solvency II regime, the European Commission recently proposed paring back the regulatory capital requirements for EU insurers investing in non-STS securitizations like CLOs. In this case, regulatory capital requirements tell insurers ... See more

The CLO ETF market has advanced swiftly, growing to about $30bn since its inception in the US in 2020. Where the US has led, Europe has eventually followed. The first European CLO ETF — the Fair Oaks AAA CLO ETF — was launched a year ago. The ETFs invest ... See more

France’s rating downgrade by S&P will have unwelcome consequences for many European CLO managers. Referring to uncertainty about the state of France’s public finances, the rating agency shunted its unsolicited foreign and local currency long-term and ... See more