The Wrap: archive
Every The Wrap story in Private Credit, newest first. 79 stories
4 stories
Europe's CLO shelf clears faster than its loan pipeline
Second euro CLOs from Carlyle and Cross Ocean, plus Voya's sub-EUR 310m print, say the binding constraint is collateral, not liability demand.
PGIM's Peters says the credit crowding has barely started
Two rate-insensitive borrowers, the AI buildout and government spending, point the next wave of private credit demand at asset pools rather than sponsor loans.
MSP Capital's £350m line is not the constraint
A £10 million ticket cap and a named Midlands hire show direct lending competition has moved from capital to boots-on-the-ground sourcing.
Europe's CLO top is pricing an insurer bid that hasn't landed
Two AAA prints and a debut at 124 have put a price on the 24-point hole in European life books before the money moves.
3 stories
ICE builds private credit's master file before the tape
Reference data looks like back-office housekeeping until a market wants a second bid; then the identifier becomes the toll booth.
Fasanara’s debut CLO tests Europe’s loan-only pricing
No track record, same 124bp market: Fasanara’s debut CLO next week will show whether European buyers underwrite assets or brands.
Rithm hires a bank IR chief to sell the integrated story
The appointment puts a shareholder-desk operator in a role most platforms staff from the fundraising side, a tell about which audience the integrated model has to satisfy first.
1 story
Private credit's bottleneck moved from origination to the shelf
Amundi, CIFC, SVP and HarbourVest paid for allocator access in four currencies this week, as insurance balance sheets and UK pension defaults became the buyers worth reaching.
1 story
Private credit moves past property into data and tranches
Fina and BlueOrchard are importing data underwriting and securitization into new asset classes, while Hayfin's €15bn close forces origination beyond conventional lending.
2 stories
August's loan rebound came from software, the year's worst corner
Private credit's nearest public proxy for software marks improved in August, and the reset economics of direct lending portfolios depend on whether the bid persists.
Europe's direct lending record rests on a hedge
Hayfin's €15bn close is being bought as American diversification while European deal flow shrinks.
1 story
Private credit splits into originators and exposure buyers
Qupital's receivables round and Ares's Asia arranger mark the two sides of that funding trade.
2 stories
Carlyle wrote a cheque, and the CLO reset stopped being free
Fresh equity is now the price of clearing vintage collateral, and Golub's second pass at the same 2020 book shows why.
PIMCO puts its alternatives operator in the legal chair
Rick LeBrun's move from running alternatives business management to general counsel puts fund structuring and private credit at the center of PIMCO's law department.
2 stories
A 25-basis-point gap now separates private credit's two senior funding markets
A seasoned CLO reset at SOFR plus 120 and a new-issue print at 145 set the spread; Ares Capital's unsecured notes will test what the balance-sheet route costs on the other side.
France makes private credit the default lender; football shows the scarcity premium is gone
A six-point gain in French deal share and a mid-single-digit football book mark the end of the scarcity premium in European private credit.
1 story
Blackstone’s October hybrid CLO will test the cost of private credit’s opacity
Sona’s second all-credit print and Eagle Point’s infrastructure move broaden the question of how far the CLO structure can stretch beyond broadly syndicated loans.
1 story
Europe's CLO New-Issue Shelf Is Open, and KKR Is Staffing for It
New European CLOs are pricing alongside a second Fair Oaks reset, and the hires that follow are aimed at sourcing collateral, not just trimming funding costs.
1 story
Direct lending finally prices manager selection
Ares reports the first real dispersion in years, and origination and distribution become the premium beta buyers cannot buy.
1 story
First-loss CBO risk becomes a standalone product
The CLO funding valve now trades the liability side of managers' own funds, with repriced feeders and new-issue shelves still open.
1 story
The CLO reset wave hits infrastructure
Eagle Point tests the structure on real-asset debt while Victory Capital buys the platform to fund its own private credit book.
2 stories
Private credit secondaries start delivering
CVC's debut fund, Arrow's legacy-book haul and Velocity's Toorak takeover show seasoned loans are a deliberate strategy, not a distress trade.
The CLO complex runs two ways now
Symetra's new-issue print and Crescent's doubled equity fund show resets are not the only game in town.
1 story
Private credit finds a door into 401(k)s
Principal's CIT shelf puts fourteen private credit managers in front of default-fund assets as BDC books contract and CLO issuance strains.
1 story
BDC books shrink while CLO managers print $1.8bn
A 3.4% non-accrual rate and deliberate balance-sheet contraction have not slowed structured-credit issuance; the separation is the new funding reality.
1 story
NAIC fast-tracks decision on Apollo CLO variants
The outcome will determine whether insurers can treat private credit securitizations as bonds, and how deep the buy-and-hold bid for the reset wave runs.
1 story
Partners Group monetizes Gong cha, funds $1bn Asia mandate
A 2019 sole-lender exit feeds a fresh $1 billion senior-and-junior Asia mandate while the core direct-lending market stays crowded; Park Square's selection-over-exposure pitch says the next vintage will separate the managers.
1 story
Software loans carried July BSL returns
When one sector supplies the month's tailwind, CLO investors should read concentration, not breadth.
3 stories
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.
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.
1 story
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.
4 stories
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.
2 stories
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.
1 story
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.