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Euro CLO Q2 pipeline — Strong warehouse tally, welcome back third-party equity and the great deleveraging

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News and Analysis

Euro CLO Q2 pipeline — Strong warehouse tally, welcome back third-party equity and the great deleveraging

Michelle D'Souza's avatar
  1. Michelle D'Souza
•13 min read

Things are looking up in the CLO world. After stellar performance for CLO funds in 2023, the European CLO market achieved a new record in Q1 with the highest quarterly volumes in the history of the CLO 2.0 market.

And if 9fin’s Q2 European CLO pipeline is anything to go by, alongside warehouse figures (see section below), we’re facing a busy rest of the year.

The loan market has all the signs of a strong Q2 and sources indicate the CLO arbitrage could get better with many expecting CLO triple-A notes to tighten. Equity investors, meanwhile, are eyeing the primary market again after taking a back seat to captive CLO equity funds.

Market sentiment remains largely positive, despite the fallout from Altice France (more on that below).

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