CVC prices its second European CLO of 2026 at €400 million
What's the deal? CVC CreditDealroom has a profile for this one. Try Dealroom →, the credit arm of CVC Capital PartnersDealroom has a profile for this one. Try Dealroom →, has priced Cordatus XXXIX, a European collateralised loan obligation (CLO) worth around €400 million. Its in-house equity fund, CVC CLO Equity IV, took the majority of the CLO's equity tranche.
Why now? The deal is CVC's second European CLO of 2026, following Cordatus XXXVIII, which priced at €406 million in May. CVC said it has been the most active issuer in the European CLO market this year, with 13 transactions totalling €4.7 billion.
By the numbers: Those 13 deals comprised two new issues, two refinancings, and nine resets. Cordatus XXXIX has a four-and-a-half-year reinvestment period and a non-call period of around 18 months, with roughly 60% of its assets already sourced at pricing.
What's the endgame? CVC called the deal among the tightest-priced of the year, citing a weighted average cost of debt of 181 basis points over the base rate. Its single-A tranche priced at 180 basis points over, which CVC said was the tightest for that rating so far in 2026.
"The pricing of this latest Cordatus CLO is further evidence of the strength and track record of CVC's liquid credit platform, with new investors coming into the product alongside many of our longstanding partners at some of the tightest pricing seen this year," said Guillaume Tarneaud, managing partner and co-head of global liquid credit at CVC.
The signal: Tight pricing and fresh investor demand point to a buoyant European CLO market. CVC's liquid credit business now manages €32 billion across more than 70 funds in Europe and the US.
Read more: alternativecreditinvestor.com
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