CVC Credit prices roughly €400m Cordatus XXXIX, its second European CLO of 2026

CVC Credit priced its second European CLO of 2026, the roughly €400m Cordatus XXXIX, with CVC CLO Equity IV taking the majority of the equity tranche, Alternative Credit Investor reported on 9 October.

CVC said it has been the most active issuer in the European CLO market so far this year, with 13 transactions totalling €4.7bn. Eleven of those were refinancings and resets rather than new issues, according to CVC's breakdown: two new issues, two refinancings and nine resets.

Cordatus XXXIX priced at 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 CLO has a four-and-a-half-year reinvestment period, a non-call period of around 18 months, and roughly 60 per cent of its assets were already sourced at pricing.

The deal follows CVC's first European CLO of 2026, Cordatus XXXVIII, which priced at €406m in May, making the new issue €6m smaller.

“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,” said Guillaume Tarneaud, managing partner and co-head of global liquid credit at CVC.