CVC Credit prices first European CLO of 2026

CVC Credit, the global credit management business of CVC, today announced it has successfully priced Cordatus XXXVIII (38), a new €406m Collateralized Loan Obligation (CLO) vehicle. The transaction marks CVC’s first new CLO issue this year in Europe and the second globally, following Apidos LVI (61) in the US.

Cordatus XXXVIII priced at the tightest running cost of debt achieved for any long-dated European CLO priced since February and was supported by both long-term and new blue chip investors. The vehicle has a four-and-a-half-year reinvestment period and a one-and-a-half non-call. Approximately 60% of the portfolio had already been sourced at the time of pricing. Citi acted as arranger for the vehicle.

Guillaume Tarneaud, a Managing Partner and Co-Head of CVC Global Liquid Credit, said: “Pricing tightly in a market disrupted by major geopolitical events is testament to the resilience of our platform and our consistently strong track record. We appreciate the continued support of our investors and are hyper focused on careful deployment of the capital we manage.”

CVC’s Liquid Credit business manages €32 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in Europe and the US. CVC Credit has 20 years of experience as a successful CLO issuer, liquid credit and active portfolio management, with a proven track record of delivering attractive risk-adjusted performance through credit market cycles. Since inception, no CVC Credit CLO has ever missed a distribution to equity holders.