January has been much like The Traitors — everyone's side-eyeing each other, wondering when the action will start. Taking this even further, you could say European loan repricing is being viewed as a betrayal for CLO managers (but at least CLO liabilities are moving tighter).

Meanwhile, CLO research desks are predicting another record year in 2025 with all forecasting €45bn-€50bn of new issuance, and €33bn-€60bn of repricings. When the final reveal happens, it’s sure to be dramatic.

Even with a non-existent primary CLO market (for now) the CLO news doesn’t stop. Last week, 9fin reported JP Morgan filled its chief investment office vacancy in the US by hiring Fox Walton from Wells Fargo. Francois Brochard, JPM CIO European lead, had been taking on a global role in the interim.

Elsewhere, Man Group’s European CLOs were sent notices that portfolio management of the deals will be transferring from Jason Late to Joshua Cringle and Jonathan Newman, lead US CLO portfolio managers in New York, effective 15 January.

And Investcorp announced a shake-up in the senior leadership of its liquid credit team with Corey Geis becoming co-head of liquid credit US and Neil Rickard co-head of European liquid credit, with Jeremy Ghose and Tom Shandell stepping down.