European Securitization

Unparalleled European CLO market activity in 2025 compressed spreads and raised the possibility of a bigger standard for benchmark size. But, as Thomas Hopkins reports, leveraged loan market volatility will increasingly lead to tiering in the pricing different managers can achieve

The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall

EU politicians talk enthusiastically about making the bloc more competitive, but so far, its capital markets have struggled to match the efficiency of the US. Whether it can meet the booming demand for data centres will be a defining test of its ambitions, write George Smith, Chadwick Van Estrop and Thomas Hopkins

Deal appeared on screens after its first book update

Reset for 2023 deal follows refinancing earlier this year, as Sona reprices all liability tranches

Senior capital provided by HSBC, supported by AB CarVal and LendInvest

Pricing tightens across capital stack as manager retains majority of the equity

Park Street Global structures its first lease-backed deal, qualifying for the portfolio interest exemption

Bank issuance is underwhelming despite supportive conditions

First CRR and Securitization Regulation amendments were released sooner than expected

David Carmalt returns to the bond market after stints at two AI firms

European and high yield chiefs to take the reins