Software loans carried July BSL returns
When one sector supplies the month's tailwind, CLO investors should read concentration, not breadth.
August 22
The Wrap Desk 7 stories this week · 52 total
The Credit Week
Hayfin's CLO sale talks mark the reset wave's exit trade
The CLO reset wave is now producing platform sales and equity-layer secondaries as arbitrage compresses.
Hayfin weighs sale of US CLO unit
The choice between a full US exit and a CLO-only sale will tell other platforms with marginal CLO books what their own are worth.
The Credit Open
Private credit's new frontier is the balance sheet
PGIM's GreenSky facility and Crestline's European fund are two versions of the same trade: financing asset pools, not corporate cash flows.
NAIC and Moody's mark the perimeter of private credit's leverage
A fast-track Apollo ruling and Moody's concentration-limit analysis turn fund-level leverage into a regulated asset class.
NVIDIA's $500 billion compute push picks six incumbents
A first list of six asset managers puts AI infrastructure credit in the hands of balance-sheet incumbents.
Leveraged loan sentiment sours as February tariff worries bite
Secondary prices tumbled and opportunistic borrowers pulled back even as new-issue spreads held near decade tights.
Private credit caught between an oil shock and an AI boom
Fitch's 2026 forecast splits between an oil shock and an AI boom, and private credit feels both.
Private credit finds its liquidity valve in CLOs
Managers are resetting and securitizing seasoned direct-lending portfolios, and a retail ETF is providing the bid that makes the math work.
Carlyle, CVC, Golub lead Creditflux's July CLO rankings
Creditflux's July tables show Carlyle near $10bn in US BSL, CVC first in Europe, and Golub at 10% in private credit.
Mountain Point prices second CLO, keeps BofA as arranger
A second CLO six months after its debut starts to build a repeatable track record for the new manager.
Private-credit managers turn to selling as direct lending halves
Palmer Square weighs a sale while BlackRock TCP sells half its BDC portfolio into a continuation vehicle.