CVC Credit, the global credit management business of CVC, today announced it has successfully priced Cordatus XXXIX (39), a new approximately €400m Collateralized Loan Obligation (CLO) vehicle, with CVC’s captive equity fund CVC CLO Equity IV invested in the majority CLO equity tranche.
CVC Credit has been the most active issuer in the European CLO market so far in 2026, with 13 transactions valued at €4.7bn total volume across new issues (2), refinancing (2) and resets (9).
Cordatus XXXIX has been syndicated to 21 distinct investors, including first-time investors and longstanding supporters of the platform. Cordatus XXXIX represents one of the tightest prints year-to-date, with weighted average cost of debt (WACD) at 181 bps over the base rate and the tightest single-A print YTD at 180bps over the base rate. The CLO has been structured with a 4.5yr Reinvestment Period and ~1.5 yr non-call, with approximately 60% of assets already sourced at pricing.
Guillaume Tarneaud, a Managing Partner and Co-Head of CVC Global Liquid Credit, said: “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 in the European CLO market.”
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 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.