Hit the reset button
Aug 12, 2026 · 27 min · 7 segments
The first reset of a European private credit CLO, the rise of CFOs, and the plight of US ABS issuer Extenet
- Speakers
Thomas HopkinsPanelist
Chad Van Estrop
Tom HallHostGeorge SmithHost
Aug 12, 2026 · 27 min · 7 segments
The first reset of a European private credit CLO, the rise of CFOs, and the plight of US ABS issuer Extenet
Thomas HopkinsPanelistChad Van EstropTom HallHostGeorge SmithHost
And yes, despite my pleas in my TV this week in which I argued that CLO managers should definitely take an extended holiday, we have seen a number of deals still going ahead this week.
And then we're actually still getting new issues as well, because Blackstone has done a Lakelands Park CLO new issue, which is remarkable because, you know, So in August, it does tend to tilt sort of towards resets a little bit more than it does new issues because, you know, the leverage to sort of supply of kind of leverage loans in the primary market sort of slows down a bit in August.
You know, obviously resets, you can buy up things in the secondary market.
But we are actually still seeing new issue deals, despite the fact that that tends to slow into August.
And yeah, the expectation from most people I'm speaking to in the market does seem to be that while obviously you will get a slightly slower pipeline in August than in other times of the year, that it doesn't look like the market is actually going to shut or that we'll just have a sort of rather modest slowdown.
But, yeah, I mean, it's interesting because, you know, Acunia actually recently put out, this is Acunia Credit Management, they recently put out their In the Tranches piece.
And what they've actually said, they've directly said in this, that investor holiday patterns have shifted over recent years.
And yes, despite my pleas in my TV this week in which I argued that CLO managers should definitely take an extended holiday, we have seen a number of deals still going ahead this week.
And then we're actually still getting new issues as well, because Blackstone has done a Lakelands Park CLO new issue, which is remarkable because, you know, So in August, it does tend to tilt sort of towards resets a little bit more than it does new issues because, you know, the leverage to sort of supply of kind of leverage loans in the primary market sort of slows down a bit in August.
You know, obviously resets, you can buy up things in the secondary market.
But we are actually still seeing new issue deals, despite the fact that that tends to slow into August.
And yeah, the expectation from most people I'm speaking to in the market does seem to be that while obviously you will get a slightly slower pipeline in August than in other times of the year, that it doesn't look like the market is actually going to shut or that we'll just have a sort of rather modest slowdown.
But, yeah, I mean, it's interesting because, you know, Acunia actually recently put out, this is Acunia Credit Management, they recently put out their In the Tranches piece.
And what they've actually said, they've directly said in this, that investor holiday patterns have shifted over recent years.
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